The Finance minister has announced certain new provisions in GST. According to Clause 124 of the Finance Bill 2020 Section 122 of the CGST Act, 2007 is being amended by inserting a new subsection 122(1A) to make the beneficiary of the transactions of passing on or availing fraudulent Input Tax Credit liable for penalty...
Continue readingSection 61 Scrutiny of GST Return
According to Section 61 of the CGST Act, 2007 Dealt with the provisions relating to scrutiny of returns Section 61 is divided into three subsections:- As per section 61 Sub-Section (1): The proper officer may scrutinize the return and related particulars furnished by the registered person to verify the correctness of the return and...
Continue readingAmendment of registration
Where there is any change in any of the particulars furnished in the application for registration in FORM GST REG-01 or FORM GST REG-07 or FORM GST REG-09 or FORM GST REG-10 or Unique Identity Number in FORM GST-REG-13, either at the time of obtaining registration or Unique Identity Number or as amended from...
Continue readingCancellation or Suspension of Registration
Application for cancellation or suspension of registration A registered person, seeking cancellation of his registration shall electronically apply FORM GST REG-16, including therein the details of inputs held in stock or inputs contained in semi-finished or finished goods held in stock and of capital goods held in stock on the date from which the...
Continue readingCognizable and non-cognizable offense and power to arrest under GST
Meaning of cognizable offense. Generally, cognizable offense means a serious category of offenses in respect of which a police officer has the authority to make an arrest without a warrant and to start an investigation with or without the permission of a court. Meaning of non-cognizable offense. non-cognizable offense means relatively less serious offenses...
Continue readingCHANGE IN RATE OF TAX IN RESPECT OF SUPPLY OF GOODS OR SERVICES
When the rate of tax is changed, and a transaction of supply of goods or services is not yet completed in all its documentary and financial aspects, the law makes specific provisions for fixing the time of supply of the goods or services for the purpose of payment of tax. The three markers for...
Continue readingPreparation, Practices & Planning under GST audit
Audit means the examination of records, returns and other documents maintained or furnished by a registered person under Goods and Services Tax Act are the rules made thereunder any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claim and input tax credit availed, and...
Continue readingThe approach of audit under GST
Audit means the examination of records, returns and other documents maintained or furnished by a registered person under Goods and Services Tax Act are the rules made thereunder any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claim and input tax credit availed, and...
Continue readingAudit under GST
Audit means the examination of records, returns and other documents maintained or furnished by a registered person under Goods and Services Tax Act are the rules made thereunder any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claim and input tax credit availed, and...
Continue readingSPECIAL AUDIT [SECTION 66]
When Special Audit may be directed and from whom? If at any stage of scrutiny, inquiry, investigation or any other proceedings before him, any officer not below the rank of Assistant Commissioner, having regard to the nature and complexity of the case and the interest of revenue, is of the opinion that – the...
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