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Centre is going to send out lakhs of GST recovery notices to taxpayers pan-India. Here are some details

• Centre sends out lakhs of GST recovery notices to 2.62 lakh taxpayers pan-India; Rev Sect. calls urgent revenue augmentation meeting

• Centre to assess taxpayers with mismatch of declared & paid liability; centre identifies Rs 36,000 cr worth due to Centre on account of mismatch

• Centre to ask taxpayers to refund Rs 37000 cr where credits were taken on invoices for FY18 & FY19 but were time-barred

• Centre To reach out the taxpayers for claiming more than 10% of credit due in GSTR2A; estimates Rs 46,000 cr of extra credit already availed by taxpayers

Wednesday, February 26, 2020 Read More

The indirect tax department has issued notices to thousands of companies that had claimed input tax credit under the goods and services tax framework after missing the deadline to do so, and asked them to reverse the transaction. These companies had claimed the input tax credit for fiscal 2018 and 2019 after missing the September deadline. The tax department has asked them to reverse the transactions and pay interest on the wrongly claimed credit, people in the know said.

Input tax credit is a mechanism whereby companies can set off GST paid on raw materials or input services against future tax liabilities. “It is noticed that you have filed returns after the due date specified for availing (of) input tax credit for discharging your tax liability. You shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date for furnishing of returns,” a tax notice seen by ET reads.

Wednesday, February 26, 2020 Read More

CBIC seeks to amend notification No. 1/2017- Central Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery

Monday, February 24, 2020 Read More

Revenue Department instructs field formations to attach bank accounts of #GST non-compliant taxpayers

Non Compliance includes:

1. Pending GSTR3B of more than 3-4 months

2. Non payment of taxes

Friday, February 14, 2020

Govt plans GST lottery offers of Rs 10 lakh-Rs 1 cr for encouraging customers to ask for bills

The government is planning to introduce lottery offers between Rs 10 lakh and Rs 1 crore under the GST to encourage customers to take bills while making purchases.

Central Board of Indirect Taxes and Customs (CBIC) member John Joseph said every bill under the goods and services tax (GST) regime will provide a chance to the customers to win a lottery and that would act as an incentive for them to pay the tax.

"We have come with the new lottery system. Every bill under GST is supposed to be a price-winning lottery ticket. It will go for a draw and price are so high that people will say that by not saving 28 per cent, I have a chance of winning Rs 1 crore or Rs 10 lakh. It is a question of changing the consumer behaviour," Joseph said at an Assocham event.

As per the plan, the purchase bill would be uploaded on a portal and a draw would be held automatically and the winners would be informed.

Wednesday, February 5, 2020

The CBIC vide Notification No. 07/2020 – Central Tax dated February 03, 2020, which notified the due dates for filing of monthly outward supply return i.e. GSTR – 3B for the period January 2020, February 2020 and March 2020, in the following manner as described in the below table:-

Sr. No Particulars A registered person, whose principal place of business is in Due Dates

1. Annual Turnover of Rs. 5 Crore and above in the previous financial year.

(Rs. 5Cr and > above) -- 20th of Every Month without late fees.

2. Taxpayers having an aggregate turnover of up to Rs. 5 Crore in the previous financial year.

(Up to Rs. 5 Cr) Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union Territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman, and the Nicobar Islands and Lakshadweep. For Jan 2020:-February 22, 2020

For Feb 2020:- March 22, 2020,

For March,2020:-April 22, 2020, respectively

Taxpayers having an aggregate turnover of up to Rs. 5 Crore in the previous financial year.

(Up to Rs. 5 Cr) Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh, and Delhi. For Jan 2020:-February 22, 2020

For Feb 2020:- March 22, 2020,

ForMar2020:- April 22, 2020, respectively

Wednesday, February 5, 2020 Read More

The CBIC vide Notification No. 06/2020 Central Tax dated February 03, 2020, which extends the time limit for furnishing of the Annual Return

i.e. GSTR – 9 and GSTR – 9C, specified under section 44 of the said Act read with rule 80 of the CGST rules, 2017, electronically through the common portal, in respect of the period from the July 01, 2017, to the March 31, 2018, i.e. F.Y 2017-18, for registered class of person as described below in the table.

SL. No. A registered person, whose principal place of business is in Due Dates

1. Chandigarh, Delhi, Gujarat, Haryana, Jammu and Kashmir, Ladakh, Punjab, Rajasthan, Tamil Nadu, Uttar Pradesh, Uttarakhand. February 05, 2020

2. Andaman and Nicobar Islands, Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Dadra and Nagar Haveli, and Daman and Diu, Goa, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Lakshadweep, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Puducherry, Sikkim, Telangana, Tripura, West Bengal, Other Territory. February 07, 2020

Tuesday, February 4, 2020 Read More

Key Highlights of Union Budget 2020-21

Monday, February 3, 2020 Read More

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