Finance Act, 2022 introduced various amendments under GST Law. However, most of the amendments were not implemented till date. Now, with effect from 1st October 2022, the following amendments are made applicable.
With effect from January 01, 2022 mismatches between GSTR 1 and GSTR 3B can have an impact on your working capital. GST officers can initiate various measures such as withholding your GST refunds, reaching out to your debtors to pay them instead of paying you, etc.
On 11th November 2021, vide F.No.12 (142)/02/MW/VIII/Part file 4456, the Government of National Capital Territory of Delhi had revised the rates of minimum wages which shall be applicable w.e.f 1st October 2021. The revised rates in respect of unskilled, semiskilled, skilled and clerical and supervisory staff categories in all schedules employment.
Under Goods and Service Tax (“GST”), refund is admissible on various grounds. Refund application is filed in form GST RFD-01 and different supporting documents are required to be filed along with refund application for different type of refund applications. Any deviation in supporting documents can lead to rejection of a refund application.
Form GSTR-2A is a form of a dynamic statement. Its input tax credit is updated on a continuous basis. On the other hand, Form GSTR-2B is a form of a static statement. It is updated on a constant basis.
Central Goods and Service Tax Act, 2017 provides power to attach property of the defaulting taxpayer to protect the interest of the revenue. However, in many cases such power is exercised by the government official in undue cases or property is kept attached for a long time causing undue hardship to the taxpayers.
IFF facility is provided which allows dealers, who have opted for quarterly filing of return under QRMP scheme, to file their B2B transactions on a monthly basis.
GSTR-1 is a monthly/quarterly return that is required to be filed by every registered dealer in India. The GSTR-01 return contains details about outward supplies. Based on your turnover, the due dates of filing GSTR-1 vary. Industries with aggregate turnover more than Rs. 1.5 crore, will have to file the GSTR-01 return on a monthly basis. However, businesses with aggregate turnover up to 1.5 crores have an option to file the return on quarterly basis.. 1. Features of GSTR-1 Form All the registered taxpayers need to file the Form GSTR-1 to fill the sale details of their business irrespective of
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