Assessments & Scrutiny

Books of Accounts
Assessments & Scrutiny
CA. Kapil Mittal

Books of Accounts under different Acts| Company Law| Income Tax Act| GST law

Maintenance of books of accounts in any business is one of the most crucial things as it records each and every transaction of company and reflects financial position of the company such as whether company is making profit or incurring losses, assets held by company, liabilities of the company etc. Therefore, for every statutory compliance purpose such as Companies Act, 2013, Goods & Service Tax Act and Income Tax Act, books of accounts is a pre-requisite. In this article, we will have a look at the requirement of different laws related to the maintenance of books of accounts. 1. Books

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Document identification number DIN
Goods and Service Tax
CA. Sachin Jindal

Document Identification Number (“DIN”) to be quoted on all communications from CBIC

Various communication such as notices, assessment orders, summons etc. are issued by Central Board of Indirect Taxes (“CBIC”) to taxpayers. However, as there is no online tracking of trail of such communications, taxpayer faces various issues such as issuance of notices on back date, reply or response by taxpayers are not considered by department officers in their records, unable to check genuineness of notice etc. Therefore, CBIC is introducing concept of mentioning Unique Document Identification Number (“DIN”) on every communications from CBIC to taxpayers andother concerned persons. To keep objective of transparency and accountability, vide circular No. 122/41/2019-GST dated 5

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FIR under IPC for offence committed under GST Law
Assessments & Scrutiny
CA. Sachin Jindal

Sustainability of First Information Report (FIR) under IPC for offence committed under GST Law

Judgment of Hon’ble Allahabad High Court in the matter of M/s Govind Enterprises Vs. State of U.P. and other has analyzed sustainability of FIR lodged for prosecution under Indian Penal Code for an offence committed under Central goods and Service Tax Act. Hon’ble high court has held that Section 131 of GST law impliedly save provisions of Indian Penal Code. Further, an offender can be prosecuted for same offence under two enactments; however, he can’t be punished twice for same offence. Therefore, impugned FIR and proceedings are maintainable. Hon’ble High Court further held that granting of stay from arrest will

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All about assessment under GST
Assessments & Scrutiny
CA. Kapil Mittal

All about assessment under GST

“Assess” is an English term which is used in common parlance also, apart from Goods and Service Tax (“GST”). Meaning of “assess” in common parlance is to evaluate or estimate something e.g. price, nature, quality etc. Accordingly, Assessment under GST term is used to determine GST liabilities of GST payable. Such process of assessment can be carried out by assessee himself or any by any officer designated by Central Goods and Service Tax Act, 2017 (“CGST Act”). Provisions related to GST have been given under section 59 to 64 of the CGST Act read with Rule 98 to 100 of

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