June 29, 2021
After a gap of more than six months, the 43rd GST council meeting was held on 28th May 2021. The meeting was conducted, via video conferencing, under the Chairmanship of the Finance Minister Smt. Nirmala Sitharaman. One of the major outcomes of the meeting was the announcement of the ‘Amnesty Scheme’ for late filing of pending
May 21, 2021
The wide meaning of the word ‘Refund’ simply means an amount of money that is received back by the person on happening/ occurring of some specific event. Similarly, under taxation, ‘Refund’ means reimbursement of the amount of taxes, or any other relevant amount to the taxpayer, when the taxpayer pays more than they owe. Accordingly, the provisions
May 13, 2021
GST audit or Audit, as defined under section 2(13) of the Central Goods and Services Tax Act, simply means an examination of returns; records; and relevant other documents. There are following two types of audits under GST-Type of GST auditGoverning sectionRemarksAudit based on threshold limit (popularly known as GST audit)Section 35(5) of the CGST ActThe registered
May 7, 2021
GSTR 3B Form is a self-declaration return to be furnished on GST portal by all the normal taxable person under GST. It is to be filed either on a monthly or quarterly basis.The present article summarizes the due dates (both monthly and quarterly) of GSTR-3B filing and figures out the general as well as return
April 26, 2021
GST follows a trust-based mechanism. Accordingly, the registered person himself assess the tax liability; pay the taxes and files GST returns. Hence, GST audit is important to ensure the correctness of the self-assessment done by the registered person.The present article discusses details from the GST Audit checklist necessary for a GST departmental audit.Audit and types
April 17, 2021
Table of Contents Preliminary Investigation for Supplier Verification GSTIN Verification of the supplier Verification of the genuineness of the supplier via the GST portalFacility to search by GSTIN/ UIN of the supplierFacility to search by PAN of the supplierSynopsis-File your GST returns in minutes, not hours! Tax evasion via bogus firms; fake invoices or claiming fraudulent input tax credit
