One of the most common and critical GST notices relates to alleged excess input tax credit (ITC) claims, which may result in additional tax demands along with applicable interest and penalties. This case study relates to a notice issued under Section 73 of the CGST Act, 2017, proposing an excess [...]
Input Tax Credit According to the model GST Law, a taxable person can accumulate credits of taxes paid and carry them forward in a return. With the introduction of the GST, the last set of credits will have to be transferred. To do this, you must satisfy the conditions mentioned [...]
Are you struggling to get your GST refund? Losing thousands in tax credits that rightfully belong to you? Every year, businesses across India miss out on significant refunds simply because they don’t understand the GST refund process. The complicated paperwork, strict timelines, and technical requirements often leave business owners confused [...]
The implementation of GST has had a tremendous impact on the Hospitality Sector. This significant industry is expected to rise to over Rs 32.05 lakh crore by 2028. The major reasons behind this growth are that the GST has helped the hospitality sector, by cutting costs for customers, harmonizing taxes, [...]
1. What is GST Audit? As per Section 65 of CGST Act 2017, The Commissioner or any officer authorized by him may undertake an audit of any registered person for such period, at such frequency and in such manner as may be prescribed. Audit means the examination of records, returns [...]
The implementation of GST has had a tremendous impact on the Hospitality Sector. This significant industry is expected to rise to over Rs 32.05 lakh crore by 2028. The major reasons behind this growth are that the GST has helped the hospitality sector, by cutting costs for customers, harmonizing taxes, [...]
GST extension notifications No. 8/2021-Central Tax to 14/2021-Central Tax issued by CBIC on 01.05.2021 by which relaxation has been provided in respect of Various GST Returns and GST Compliances. [...]
The Central Board of Indirect Taxes and Customs issued a notification on Wednesday amending the rules for claiming Input Tax Credit (ITC) under the Goods and Services Tax (GST). [...]
Introductory Implementation of ‘Goods and Service Tax’ has resulted in vast procedural and provisional changes. One of such new provisional change is the introduction of the GST audit. Present article highlights the different types of audit under Goods and Service Tax. Types of GST Audit Bifurcating into simple terms, the [...]
What is a GST Annual Return? GST returns comprises of two types of return – periodic and annual returns. Periodic returns are monthly or quarterly returns for reporting transactions during the month or quarter, while annual return is for reporting the summary of the periodic returns filed during a financial [...]