GST Articles

Beware! No Entry for false entry in Income Tax and GST!!

CA Umesh Sharma 25 February 2020 at 10:19

Several cases of fraudulent claim input tax credit (ITC) have been caught by the GST authorities. Considering the same, in Union Budget 2020 it has been proposed to take massive steps to curb issuance of fake invoices. To curb issuance of fake invoices, New penalty section 271AAD has been proposed to be inserted in the Income Tax Act through Finance Bill, 2020.

Who can avail Letter of Undertaking under GST?

Charmi Doshi & Co. 25 February 2020 at 10:05

Any registered person availing the option to supply goods or services for export without payment of integrated tax shall furnish, prior to export, a bond or a Letter of Undertaking in FORM GST RFD-11 to the jurisdictional Commissioner.

Request to PM to stop collecting interest on Gross GST Liability

Guest 24 February 2020 at 15:34

The FM in the Union Budget 2020 announced to amend section 50 of the CGST Act and collect interest on the Net GST Liability. However, a few days ago CBIC issued a clarification that the interest will be collected on the effect of such amendment will be prospective and not retrospective.

GST on Supply of Lottery Tickets

CA Amit Harkhani 22 February 2020 at 10:40

What is Lottery Tickets 'Lottery tickets', is actionable claim and is classified as 'Goods', under GST. However as per Schedule III Actionable Claim is neither supply of Goods nor Supply of Service, but Lottery Tickets is exception.

Memorandum for GST problems faced by Trade and Industry and some suggestions to solve them to give relief to Trade and Industry

CA Sudhir Halakhandi 20 February 2020 at 13:05

Memorandum for GST problems faced by Trade and Industry and some suggestions to solve them to give relief to Trade and Industry

Steps to be taken before implementation of 'E-invoicing and new GST return'

CA Nilesh Mahajan 19 February 2020 at 10:17

Followed by our presentation on 'New GST return and E-invoicing' held on 07 Feb 2020, we would also like to highlight a few points regarding the e-invoicing and new GST return system which will help in taking appropriate steps for being ready on 1 April 2020

Madras HC: GST Interest on Net Tax Liability

Bimal Jain 19 February 2020 at 10:17

Madras HC Rules Interest Liability Arises Only on Cash Remitted for Discharge of Tax Liability

Understanding composition scheme under GST

Shrijay Sheth 19 February 2020 at 10:16

GST registration enables small taxpayers to either pay the Goods & Service Tax under composition scheme or a regular scheme.

GST Taxpayers!! - Arise and Fight against Injustice of Interest Charged

CA Umesh Sharma 17 February 2020 at 10:05

CBIC asked the tax officers to collect tax on the Gross Tax Liability. Post this the taxpayers raised concerns that the interest should be calculated on the net tax liability as proposed in the Union Budget by the FM by way of amendment in Section 50 of the CGST Act, however, the CBIC clarified that the effect of such amendment will be prospective.

What is GST Audit?

ANJANA MURALEEDHARAN 13 February 2020 at 10:18

GST audit will apply every year for those GST registered business having turnover more than 2 Cr. Every taxable person whose turnover during the financial year exceed prescribed limit( 2 Cr).