GST Articles
Can GST officers directly visit your premises to collect GST without notice?
After reading such news items what I understood was that from 1st January 2022, the GST officers can initiate recovery proceedings without any show-cause notice against taxpayers who under-report sales in GSTR-3B compared to GSTR-1.
Guidance Note- Claim of ITC as per GSTR 2B
Through this write-up, we intend to cover the intricacies of claim of ITC from practical and accounting perspective working a ready reference for your business....
Concept Of "Bill To" And "Ship To"
First of all, we need to understand the place of business, place of supply and Principal place of business.
Does The Invoice on Your GSTR 2B Matter?
Taxpayers would only be able to claim ITC on invoices that have been uploaded by the supplier in GSTR 1 / IFF and reported to the registered person in Form GSTR 2B.
Whether ITC in Dec 2021 GSTR 3B is mandatorily required as per GSTR 2B?
When the transactions were done on December 21 then at that point of time old rule 36(4) was in force. Therefore, in our view, it would be in order if the ITC of December is availed by referring to GSTR 2A.
Interest Calculator introduced in GSTR 3B
As a facilitation measure for taxpayers and for assisting the taxpayers in doing a correct self-assessment, a new functionality of interest calculator is being released in GSTR-3B.
Valuation of free of cost supplies under GST
We know that the value of a taxable supply is the taxable base on which the rate is applied. It is important to understand and calculate the value of supply for ascertaining GST liability. GST will be applicable in the value of the goods and services supplied.
When recovery will be initiated on difference between GSTR-1 & GSTR-3B?
If the taxpayer is able to justify the differences between GSTR 1 and GSTR 3B, then there may not be any requirement to initiate proceedings for recovery under section 79.
Guidelines for recovery for self-assessed tax (GSTR 1 vs GSTR 3B)
Central Government introduced amendment to Section 75 (12) of the CGST Rules, 2017 by inserting an explanation thereby paving way for recovery of self-assessed tax without having to resort to proceedings u/s 73 or Sec 74 of the Act.
Summary of GST changes w.e.f. 1st January 2022
GST regime will see a host of tax rate and procedural changes coming into effect from January 1, 2022. In this regard, some of the important changes have been mentioned for your reference.
Popular Articles
- Individual Income Tax Return Filing Due Dates for FY 2025-26 (AY 2026-27)
- Due Date Extended: Check Which Return Filing Gets More Time?
- New Column in ITR For AY 2026-27: "Receipts Not in Nature of Income" - What Is It?
- PNB FD Interest Rates 2026 for 444 days: Maximize Your Returns Without a Long Lock-In
- AIS Income Tax Transactions: What to Report and What to Skip in AY 2026-27?
- Pensioner ITR for AY 2026-27: Guide to Reporting Pension Income and Claiming Your Tax Refund
- ITR Processing Time 2026: Know How Long Will It Take and What Each Status Message Means
- Income Tax Update: How to Transfer TDS From Wife to Husband's ITR?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
