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Primarily both the sections seem similar. However, whenever Section 194Q becomes applicable, Section 206C(1H) will not be applicable. Section 194Q is a priority section over Section 206C(1H).
Under Section 194Q the buyer deducts an amount equal to 0.1% of such sum exceeding Rs 50 lakhs in case the supplier of goods provides the buyer with its valid PAN details.
GSTR 2A and GSTR 2B are purchase-related auto-populated statements while GSTR 3B is a self-declaration summary return for both inward and outward supplies in a consolidated manner.
To minimize the drawbacks of 2A, a new statement was launched i.e GSTR 2B. It is a static, month-wise auto-populated statement reflecting details of all the purchase-related details.
Fraud and non-fraud cases are different from one another, and hence the tax and penalty amount with its provisions are also different. Let' s find out what are the implications of both fraud and non-fraud cases in GST.
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