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Understand the GST applicability on SEZ transactions, including exemptions, compliance requirements and recent updates for businesses operating in Special Economic Zones
GST was introduced 8 years ago with an intention to simplify the business activities in India. Government and CBIC are now coming up with multiple mechanisms to facilitate the taxpayers with smooth compliance of law.
Considering the various changes in the GST law in the past year, this article aims to provide clarity on the filing of annual returns (Form GSTR 9) and reconciliation statements (Form GSTR 9C) along with required reconciliations, best practices, advanced issues & solutions and tips as applicable for the FY 2023-24.
In this article, we have highlighted 70 GST checkpoints that one may consider for the financial year end, i.e. March 2024 as a safeguard.
The Government has notified certain changes in Table 4 of Form GSTR-3B to enable taxpayers to report correct information regarding ITC availed, ITC reversal, ITC re-claimed, and ineligible ITC through Notification No. 14/2022 - CT. Circular 170/2022-CGST also was issued to clarify disclosure practices that can be followed.
The 52nd GST council has recommended clarity w.r.t personal guarantee given by a director and Corporate Guarantee including GST taxability on the same. This has been a long pending issue.
The department has started issuing notices and requesting for information by comparing data disclosed in GSTR 9/9C Vs GSTR 3B.
In this article we aim to bring out the clarifications, applicable timelines and also way forward for taxpayers under GST.
In this article we understand the implications of the larger bench decision of Dharmendra M. Jani in the Hon’ble Bombay High Court and the way forward for such service providers.
In this article we focus on certain advantages taxpayers can obtain through pre-departmental audits conducted by competent professionals.
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