PRACTISING IN INCOME TAX AND GST SINCE 2006
PRACTISING IN INCOME TAX AND GST
COMPLETED CA IN 2005
Important points to remember to avail the benefits under this scheme1. Demands covered under this scheme related to Section 73of CGST ACT - Non-Fraud cases- FY 2017-18, FY2018-19, FY2019-20-Non-Payment of tax -Short payment of Tax -ITC wrongly availed -ITC wrongly utilised 2. Erroneous refund u/s 73 CGST Act not covered under this scheme.3. Section 128A (1)-(a) Notice /statement issued u/s 73 ......
Hello readers, Today I will discuss 15 important changes as recommended by the GST Council in the meeting held yesterday- 1.One of the most important changes is the insertion of Section 128 A for waiving interest and penalties on tax demands for FY 2017-18 to FY 2019-20- New section 128A is recommended to provide a waiver of interest or penalty or both relating to demands raised ......
Issue: What will be the time limit to avail of input tax credit (ITC) by the recipient on the tax paid by him under reverse charge mechanism (RCM) in respect of supplies received from unregistered persons? Clarification – Taxe an example- Mr A received services from un-registered supplier –B during FY 2018-19 on which he is liable to pay tax under RCM but no invoice is issue......
Hello readers, after a long time today I will discuss important points to keep in mind before filling out ITR- 1. Firstly, don’t rush to file the ITR, as AIS (Annual Information Statement) is not yet fully updated on the Income Tax Portal so wait till 15th June as there might be any information that will be updated later, and you have to face serious consequences for that i.e Income......
Hello readers, as we all know the financial year 2023-24 is going to end so let’s discuss today's New Tax regime and old tax regime in a simplified manner- As we all know up to last year-Old Tax regime was Default Scheme and if the assesses has to opt for the new scheme, he can do so by filling out form 10IE but from FY 2023-24 and onwards New Tax Regime will be a default scheme and if asse......
Hello readers, Today I will discuss changes in GST in Union Budget 2023 in simplified manner- Amendments in CGST ACT 2017- 1. Section 10- Composition Levy - Suppliers of goods through E-commerce operators will now be eligible to opt for the composition scheme- Now Unregistered suppliers and composition taxpayers can now opt for the composition scheme to make intra -state supply of goods through......
Hello readers, Today I will discuss changes in rates of Income tax proposed in Finance Bill 2023 for A.Y 2024-25 in simplified manner- One of major change proposed in Union Budget 2023 is that New Tax regime (Sec 115BAC ) is now Default Tax Regime from A,Y 2024-25 …Now what do you mean by Default Tax regime ….It means in case assessee has not exercised any option ,he will automatica......
Circular-No -183/15/2022-GST--Simplified- Clarification to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for FY 2017-18 and 2018-19: Hello readers --- Today I will discuss how to deal with ITC not reflected in GSTR-2A –for F.Y 2017-18 & 2018-19 in simplifed manner- Different scenerios where ITC not reflected in GST......
Hello readers, In my previous article I have discuss Time of supply of Goods ........Now let us discuss Time of supply of services- Time of supply of services is prescribed as earlier of - Date of issue of Invoice Date of receipt of payment Date of issue of Invoice – As per provision of Section 31 of CGST ACT 2017 – Tax Invoice should be issued within 30 days from the dat......
Hello readers.... Today I will discuss Time of Supply of Goods in very simplified manner- Section 12 – Time of Supply of goods Meaning of Time of supply – Time of supply of goods means ‘’occasion when we are liable to pay tax on goods as per provisions of law ’’ Time of supply – Forward Charge Time of Supply will be earlier of – ......
Hello readers, we all know The Hon?ble Supreme Court of India vide order dated 22.07.2022 in the matter of Union of India vs. M/s. Filco Trade Centre Pvt. Ltd., SLP(C) No. 32709-32710/2018 have allowed the aggrieved taxpayers to file form TRAN-1/TRAN-2 or revised the earlier filed TRAN-1/TRAN -2 so I have noted down important points to remember while filling TRAN-1- New process of filling TRA......
As we know due date of filling GSTR-9 -31ST December 2022 so request of readers I have noted down some points to remember while filling GSTR-9- 1. Who have to file GSTR-9- Registered Taxpayers having aggregate turnover more than Rs 2 crore mandatory required to file GSTR-9. 2. Amendment in Tables of GSTR-9 – I. Table No 4- Details of outward supply on which tax is payable Earlier ......
As we all know GST registered businesses with annual turnover of ? 10 crore or more will have to generate e-invoices for B2B transactions from October 1, the finance ministry said. Now, large number of taxpayers will be required to generate e-invoices w.e.f 01.10.2022 but in this busy schedule we all want to know some important points related to e-invoices. So, Today I will discuss som......
Hello readers, Today I will explain my views relating to circular in respect of transactions involving fake invoices- Issue No 1- In case where a registered person “A” has issued tax invoice to another registered person “B” without any underlying supply of goods or services or both. Clarification as per circular- As per circular –There is only issuance of tax in......
Circular No. 170/02/2022-GST-Mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B and statement in FORM GSTR-1-Simplified Hello readers, Due date of GSTR-3B approaching so at request of my friends I will try to explain changes in GSTR-3B in simplified manner- 1. Furnishing ......