News and Announcements

File GSTR-3B Returns in staggered manner
News and Announcements
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

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Fake ITC Claims
Orders
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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2nd National GST Conference
News and Announcements
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 was to find 2nd National GST Conference out and plug revenue leakages. 1. A Brief of The 2nd 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

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Impact of GST on Post sales Discount
GST Refund
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
Goods and Service Tax
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 related to the

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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 Amendment Act (Compensation to States), 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)
News and Announcements
CA. Kavit Vijay

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

[toc] 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

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