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Hon’ble High Court held that the word “inquiry” written under section 70 and word “proceedings” written under section 6(2) are different in meaning and cannot be intermixed.
1. New Income Tax Return filing due dates for FY 2019-20, AY 2020-2021 Compliance Period Earlier extended Due Date* Extended Due Date No. of days extended Income Tax Return- Who is required to get his account audit AY 2020-21 31st January, 2021 15th February, 2021 15 Days Income Tax Return- Partners Whose firms are liable to get his account audit AY 2020-21 31st January, 2021 15th February, 2021 15 Days Income Tax Return- Companies AY 2020-21 31st January, 2021 15th February, 2021 15 Days Income Tax Return- Who is required to furnish report in respect of international/specified domestic transactions AY
Goods and Service Tax (“GST”) is the major source of revenue for both center and state governments and any non-compliance on part of the taxpayer may result in huge losses to the government. Government keeps various checks to ensure that taxpayers are complying with the provisions and all transactions are genuinely entered such as Reconciliation ITC appearing in GSTR-2A with ITC availed in GSTR-3B, Assessment by departmental officer, Audit by specified professional etc. Audit is defined under Section 2(13) of CGST Act as “examination of records, returns and other documents maintained or furnished by the registered person under this Act
Vide press release dated 24th October, 2020, CBIC has extended the due date of filing of GST Annual return (GSTR-9/GSTR-9A) and Reconciliation Statement (GSTR-9C) for FY 2018-19 from 31st October, 2019 to 31st December, 2019.
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 the filing of Form GST RFD-01 (Application of Refund). To resolve the issues faced by taxpayers, the department has made various amendments in its 7th Amendment Rules
Considering various issues being faced by industry, Central Board of Indirect Taxes and Customs (“CBIC” or Department”) is coming up with various clarifications very frequently on different issues of GSTR-9 & GSTR-9C.
The GST authorities have rolled out the GST audit plan and strategy for FY 2019-20 in respect of the GST audit to be conducted for FY 2017-18. The objective of rolling this strategy plan is to standardise the procedure among all GST Audit Commissionerate(s) pan-India and provide guidance to the audit teams on the entire workflow and related processes. The Directorate General of Audit, Indirect Taxes (‘DG Audit’) has rolled out an internal communication in this regard. The GST audit plan and strategy have been designed in a way to target high-risk Taxpayers and avoid causing any inconvenience to small
The last date for filing of Annual return in FORM GSTR-9 is 30th June 2019. The trade and industry have raised certain queries with respect to the filing of this Annual return which is being clarified as follows: Clarification in filing form GSTR-9 Information contained in FORM GSTR-2A as on 01.05.2019 shall be auto-populated in Table 8A of FORM GSTR-9. Input Tax Credit on inward supplies shall be declared from April 2018 to March 2019 in Table 8C of the same GSTR_9 form. Particulars of the transactions for FY 2017-18 declared in returns between April 2018 to March 2019 shall be declared in Pt. V of FORM GSTR-9.
Department has instructed vide circular 90/09/2019-GST dated 18th February, 2019 that all registered taxpayers are required to mention place of supply and name of state on tax invoice while making inter-state supply. Contravention will lead to invocation of penalty proceedings against taxpayer under section 122 or 125 of CGST Act.
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