This article will ponder upon the different views of the Court's decisions which would not only clarify the definition of 'goods' under the GST Act but also underscore the necessity for goods to be liable for confiscation under the law.
This article unravels the case's legal complexities and probable customs repercussions.
This tax will be applied to the funds collected by gaming companies from consumers, leading to increased costs for players. As a result, consumers will bear the burden of this tax. This is likely to discourage consumers from participating in online gaming, thereby negatively impacting the industry's overall growth.
In any accounting system, there is a need to see that all transactions are accounted completely, accurately and in a timely manner. Under GST, the need to capture the transactions which constitute a "supply" and exclude those which are not supply, is an added requirement.
50 Important Practical FAQs on GST Annual Returns
Today's technologically advanced times are posing more challenges for the audit disclosures that need to be made through the Annual Returns.
The key foundation based on which the GST law is structured is that the tax is to be levied and collected only on the value-added portion. In India, we have a method by which the tax suffered at an earlier point of time is allowed to be reduced from the tax payable on the subsequent supplies made.
Filing of the annual return is not entirely a new phenomenon for taxpayers who were required to file annual return and submit reconciliation certificate by the specified persons including Chartered Accountant under the State VAT laws.
Special Valuation Branch is a special unit of the Customs department which is specializing in investigating the transactions which are entered into by importer based out in India and a supplier based in foreign country who have relationship like joint ventures, partnerships, holding-subsidiary etc. which could possibly influence the price of the transaction entered.
As we mark end of the financial year 2021-22 with respect to GST laws as next month we all would filing GST Annual returns normally called GSTR 9 & GSTR 9C wherever applicable, before filing the annual return it is very important to consider the major amendments that have been brought in Financial year 2021-22
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