Central Board of Indirect Taxes (CBIC) has come across certain cases where taxpayers are getting fake GST summons and GST Notices. Some persons are involved in these kind of activities with fraudulent intent. Notices are sent to taxpayers who may or may not be covered under the DGGI.
During the year of the Central Election, Our present government has come up with an Interim Budget for FY 2024-25. All the financial schemes or Plans proposed in the Interim Budget are temporary until the final budget is presented by the new Government post elections.
Ministry of Corporate Affairs have unlocked a global opportunity for Unlisted Public Company and Listed public Company to get their equity shares listed on international stock exchange in permissible foreign jurisdiction.
For the last many years the government has provided various benefits for MSME (Micro, Small and Medium Enterprises) to boost their business. A separate portal is provided for the entities to register themselves as MSME. MSMEs are encouraged through various benefits such as collateral free loans, subsidy on patent registration, Free ISO certification etc. To take data of dues outstanding to MSME, The Companies Act also introduced Form MSME-1 wherein every company is required to disclose funds outstanding to MSME for more than 45 Days.
Concept of revision of Tax returns is a very usual and vital part of the tax system as it allows taxpayers to rectify unintentional errors made while filing tax returns. Every tax system including income tax provides a facility to revise tax returns upto specified time period. Under pre-GST regime as well, taxpayers were available with the option file revised VAT, Central Excise and Service Tax return. However, Goods and Service Tax has not yet provided that facility to revise GST returns to the taxpayers.
The Kohler India Corporation Private Limited (“The Applicant ”) was mandatorily required to provide a canteen facility to the workers. The Applicant entered into a contract with Canteen service provider wherein invoice is raised by the CSP in the name of the applicant. Cost of CSP is borne by the applicant partially and the balance amount is recovered from the employees by way of deduction from salary. The amount is collected by the applicant from the employees without any commercial objective, i.e., without any profit markups. The question before Hon’ble AAR is Whether the subsidized deduction made by the applicant from the employees would be considered as ‘supply’ under CGST Act. Further, whether the applicant is entitled to claim ITC on invoice raised by the CSP.
The petitioners are the legal heir of Mr. M K Grish, who was running a business under name of M/s M. K. M. & Sons. However, Mr. M K Grish passed away on 25th Feb, 2021 and same are intimated to the respondent by way of online application.
Assessments under GST are going on and businesses across the countries are immersed with Show Cause Notices being issued on various grounds. Show Cause Notice under GST are issued in Form DRC-01 and the process is going on from the last 2-3 years. However, what has triggered the issuance of SCN at such a large scale in the last 4-5 months? Reason for the same is Section 73(10) of CGST Act, 2017. Section 73(10) specifies time line for determination of tax not paid or short paid or Incorrect ITC Claimed.
Finance Act, 2020 requires e-commerce operators to deduct TDS @ 1% on transactions made through e-commerce platforms. E-commerce operators are required to make such deduction at the time of credit of such amount to the account of e-commerce participant or at the time of payment, whichever is earlier. The Central Board of Direct Taxes has earlier issued Guidelines for deduction of TDS under section 194-O(4) vide Circular no.17 of 2020 dated 29th September, 2020 and vide Circular No. 20 of 2021 dated 25th November, 2021.
The Department has showered the Industries with Show Cause Notices, issued in Form DRC-01, as the last date of issuance of SCN was 30th September, 2023 for FY 2017-18 and 31st December, 2023 for FY 2018-19. One of the major grounds on which thousands of MNCs were served with Show Cause Notice was the taxability of Secondment of employees in Indian Company by Foreign Holding Company.
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