Blog

Browse Categories
Standard Operating Procedure
Blog
CA. Kapil Mittal

Standard Operating Procedure in case of alerts in IGST Refund

On 23rd January 2020, the Central Board of Indirect Taxes and Customs (CBIC) has published Circular No.131/1/2020-GST regarding the Standard Operating Procedure (SOP). This new procedure is for those exporters whose refund has been stuck due to alerts in IGST refund at custom. In June 2018, the CBIC has noticed instances of fraudulent ITC claims using ineligible documents and subsequent utilization of the credit for the purpose of payment of IGST exports. In addition, there were substantial variations between the FOB value declared in the Shipping Bill and the Taxable Value declared in the GST returns, with the intent of

Read More »
File GSTR-3B Returns in staggered manner
Blog
CA. Sachin Jindal

Taxpayers Are Allowed to File GSTR-3B Returns in a Staggered Manner from Now On!

On 22nd January 2020, the Finance Ministry announced that taxpayers are now allowed to file GSTR-3B returns in a staggered manner. After taking the hassle of return filing into account, the Government has decided to ease the process for trade and industries. Hence they have introduced different measures. Here you are going to get a complete overview below. Therefore, go through the post now and understand all the changes that are going to come. Parameters for filing GSTR-3B Returns Before the release of the latest notification, every taxpayer used to have a deadline of the 20th of every month to

Read More »
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

Read More »
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

Read More »
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

Read More »
Circular can not prevail over the statute, HC allows IGST refund where higher rate of drawback claimed
Blog
CA. Sachin Jindal

Circular can not prevail over the statute, HC allows IGST refund where higher rate of drawback claimed

Several goods exporters across the country could not avail their ITC refund for a period of July 17 to September 17. The reason being the claim of a higher rate of drawback, this has been a major concern for the whole exporter community. Already many have faced losses as the GST department rejected the refund claim relying on the 37/2018 circular. Several cases have been registered by exporters on the same. In one of such cases, the Madras High Court has given their verdict in favour of the exporter. In the case of M/S. PRECOT MERIDIAN LIMITED VERSUS THE COMMISSIONER

Read More »
SOP of GST 3B
Blog
CA. Kapil Mittal

Action against taxpayers fails to furnish GSTR-3B within Due Date

Standard Operating Procedure to be followed in case of non-filers of returns includes best judgement assessment by proper officer for nonfillnig of GSTR 3B with in due dates. Every taxpayer is liable to make payment of Goods and Service Tax (“GST”), alongwith filing of return in form GSTR-3B, on monthly basis by 20th of the following Month. If taxpayer fails to furnish GSTR-3B by such due date then he is mandatorily required to pay late fee of INR 20/INR 50 per day. GST Portal will auto-populate the penalty for late filing in GSTR-3B of following month. Further, if taxpayer fails

Read More »
CGST 7th Amendment Rules- Amendments in refund forms and GSTR-9
Blog
CA. Kapil Mittal

CGST 7th Amendment Rules- Amendments in refund forms and GSTR-9

Under Goods and Service Tax (“GST”), Annual return is required to be furnished in form GSTR-9 and Reconciliation statement and certificate is required to be furnished in form GSTR-9C. As these forms are getting filed for the first time and considering the various issues faced by taxpayers, due date of filing of GSTR-9 and GSTR-9C has been extended till 30th November, 2019 for FY 2017-18. Similarly, taxpayers are also facing various issues in filing of form GST RFD-01 (Application of Refund).  To resolve the issues faced by taxpayers, department has made various amendments in form GST RFD-01 and also liberalize

Read More »
E-Invoicing-under-GST
Blog
CA. Kapil Mittal

Electronic Invoice (“E-Invoice) under GST- Detailed Discussion

Electronic Invoice or E-invoicing under Goods and Service Tax (“GST”) is in discussion since long time and GST Council has decided to implement e-invoicing system in a phased manner with effect from 1st January, 2020 on Voluntary Basis. In this article we have made an attempt to discuss concept of electronic invoice in detail and we will cover various topics such as what is the need of electronic invoice? What is the process of generation of electronic invoice? Benefits of e-invoicing mechanism, etc. 1. Requirement of e-electronic Invoice One may come up with a question that what is the requirement

Read More »
Out-reach Program by CBIC under Sabka Vishwas Legacy Dispute Resolution Scheme, 2019
Blog
CA. Kapil Mittal

Out-reach Program by CBIC under Sabka Vishwas Legacy Dispute Resolution Scheme, 2019

Mid of the year 2019, Central Board of Indirect Taxes & Customs (“CBIC”) introduced “Amnesty Scheme” by the name of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (“SVLDRS” or “Scheme”)” vide Chapter V of Finance Act, 2019 wherein Government has provided option to resolve litigation pending under Central Excise Act, Finance Act, 1994 and other notified acts by way of granting partial waiver from liability of tax, interest, and penalty. Accordingly, Scheme provides an option to taxpayer to resolve pending dispute by way of paying partial liability of applicable taxes. Taxpayer was eligible to opt benefit of scheme only where

Read More »



Want to talk to us

Leave your Name, email, Phone number along with what you are looking for in message box or you can call us at 011-41715118

V J M & Associates LLP

Contact Us

X