Articles by CA Umesh Sharma
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Changes in GST rates of various goods and services
CBIC has issued Notification No.06/2021–Central Tax (Rate) to Notification No.12/2021–Central Tax (Rate) to amend the existing notifications which will be effective from 1st October 2021.
Important Care to be taken before filing Sept 21 GST Return
Once the return of September 2021 is filed, no changes or rectifications can be made further. Thus, taxpayers must reconcile their books and returns & make the final adjustments.
Now non-filing of GSTR-3B for two months restricts filing of GSTR-1 / IFF
Rule 59(6) of CGST Rules,2017 providing for restriction in the filing of GSTR-1 has been inserted by CBIC which will be implemented on the GST Portal from 1st September 2021.
Raksha Bandhan: Relation between seller and buyer under GST
A taxpayer should reconcile the purchases with sales shown by the seller i.e. Party wise reconciliation of all purchase transactions with GSTR-2A should be made.
GST Scrutiny Parameters
An officer may scrutinize the return furnished by registered persons to verify the correctness of the return and inform them of the discrepancies noticed and seek their explanation thereto.
Non-filing of GST returns restricting independence of taxpayers
CBIC has decided again to resume the blocking of the EWB generation facility on the EWB portal, for all the taxpayers in terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, from 15th August 2021 onwards.
GST Annual Return (GSTR-9 & 9C)
Earlier GST Audit was to be conducted and GSTR-9C was to be certified by a CA, but this requirement has been removed, so the same is to be self-certified by the client along with a reconciliation.
New Income Tax Portal - Kabhi Khushi Kabhi Gham
After the launch of the new portal, due to technical glitches, the functioning of the portal was affected. Various problems are being faced by the taxpayers, professionals, and other stakeholders.
Issues of Re-Assessment Proceedings u/s 148 of Income Tax Act
The validity of notices issued after 31.3.2021 has been challenged as these were issued under the old provisions, even though the provisions of section 148 were substituted by the Finance Act, 2021 w.e.f. 01-04-2021.
Issues of GST Amnesty Scheme
The GST Council announced the GST Amnesty Scheme in its 43rd GST Council Meet. However, there are certain issues in it, that have been addressed in this article.
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