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Fake ITC Claims
Blog
CA. Sachin Jindal

Fake ITC Claims: CGST Departments Has Started Blocking Fake Claims

The Office of Directorate General of GST Intelligence has released a new notification to take actions against fake ITC claims. The DGGI  issued the notification in the interest of Principal Chief Commissioners and Chief Commissioners, CGST, asking them to block Input Tax Credit under the 86(1)(a) of CGST Rules 2017. As the rule suggests, the Zonal Chief Commissioners can block or unblock Input Tax Credit availed against fake invoices. The Principal DG has released the notification to take action against the ITC claims issued without the proper receipt of Goods or services. However, the notification suggested some implementation to proceed

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Changes in Income Tax Return
Blog
CA. Khushboo Khaityan

Changes in Income Tax Return Forms for AY 2020-21: Know About major key changes

The Central Board of Direct Taxes has brought some significant changes to the Income Tax Return filing system. Very unlikely to other financial years where the changes in taxation policies used to take place in the month of April. This year we are noticing the updates in return filing process a bit earlier. As the changes suggest, this year’s return filing is not only about informing the Income Tax Department about your earnings and investments. But also about all the major expenses you made throughout the year. Apparently, the detailed disclosure is only to bring more transparency to our country’s

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2nd National GST Conference
Blog
CA. Kapil Mittal

The 2nd National GST Conference: Decisions Made on Streamlining The Goods and Service Tax System

The 2nd National GST Conference of the State Tax Commissioners and the Chief Commissioners of Central Tax held on 7th January 2020 in Delhi. Under the chairmanship of Dr. Ajay Bhushan Pandey, Revenue Secretary, Ministry of Finance, the main motto of this conference was to discuss and streamline the Goods and Service Tax system. The key focus of the conference was to find out and plug revenue leakages. 1. A Brief of The National GST Conference This was only the 2nd edition of all India Conference. Both central and states’ tax administrations were present to build the synergy by sharing their inputs

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Impact of GST on Post sales Discount
Blog
CA. Kapil Mittal

IGST Refund to exported| Mismatch between GSTR-1 & GSTR-3B

“Export” is considered as a major contributor to any economy and therefore, government makes all possible efforts to increase it. For this purpose, exports are kept free from any kind of taxes including Goods and Service Tax. To substantiate such principle, export of goods or services or both has been classified as “Zero Rated Supply” under Integrated Goods and Service Tax, 2017 (“IGST Act”) and accordingly, such supply is not liable to Goods and Service Tax (“GST”). To claim benefit of such “zero rated supply”, GST law provides for either of the following options: Exporter may export goods without payment

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Turnkey project under GST - Composite supply vs Works Contract
Blog
CA. Sachin Jindal

AAR rules on classification of Turnkey project under GST – Composite supply vs Works Contract

Classification of large infrastructure projects involving both goods and services portions is a complex task. There has been a debate on classification of turnkey projects as composite supplies as against works contracts.  The Hon’ble Authority for Advance Ruling, Maharashtra (‘AAR’) in the case of In Re: Ms/ Jalaram Feeds (GST-ARA-83/2018-19/B-03) vide order dated 8 January 2019 had an opportunity to examine such a factual situation.  On facts, the AAR ruled that the turnkey project should be classified as composite supply of naturally bundled goods and services and not as a works contract. 1. Facts of the case M/s. NR Energy

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GST Impact on Sales Promotion scheme
Goods and Service Tax
CA. Sachin Jindal

Impact of GST on Sales Promotion schemes

Applicability and Impact of Goods and Services Tax (‘GST’) on sale promotion schemes has always been a contention of litigation since the start of GST. Every business has a marketing and sales plan in order to increase sales volume, attract new customers and achieve its business objectives.  Sales promotion schemes are the key drivers to supplement, co-ordinate and achieve functional objectives.  With a diverse collection of incentive and innovative ideas, sale promotion schemes stimulate consumer purchasing behaviour. However the problems and many industries related issues arises due to the provision contain in section 17(5)(h) of CGST Act 2017. As per

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gst amendment act 2018
Goods and Service Tax
CA. Sachin Jindal

GST Amendment Act, 2018 & Its Impact: 20 Major Changes

THE CENTRAL GOODS AND SERVICE TAX (AMENDMENT) ACT, 2018 With the approval from the GST council in the meeting held on January 10 2019, the changes made by the CGST (Amendment) Act, 2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and GST (Compensation to States) Amendment Act, 2018 along with the corresponding changes in SGST Acts will be applicable from 1sr February 2019. Keeping in view the implementation of the amendments made in the GST taking place from 1st Feb 2019, it is highly recommended that you must be aware of the changes that have been made in order

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CBDT Identifies Non-Filers Through Non-Filers Monitoring System (NMS)
Blog
CA. Kavit Vijay

CBDT Identifies Non-Filers Through Non-Filers Monitoring System (NMS)

1. CBDT Identifies Non-Filers Through Non-Filers Monitoring System (NMS) Based on the following source of information, Non-Filers Monitoring System (NMS) identify / monitors the persons who enter into high value transactions and have potential tax liabilities, however, the tax return of such person are still not filed such as – Statement of Financial Transaction, Tax Deduction at Source, Tax Collection at Source, Information about foreign remittances, Export and imports data etc. With a view to reduce the compliance cost of the taxpayer, the department has enabled e-verification of all these Non-Filers Monitoring System (NMS) cases. Information relating to the Non-Filers

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