GST and JOHNNY- UPDATE No.70

There is good news for every taxpayer who has felt a need of revision facility of GST returns. Few days back, government has provided a new facility on GST portal to file amendment in returns. This facility can be accessed using Services>Returns Dashboard >File Amendment Return. This facility has been introduced after the pronouncement of … Read more

GST and JOHNNY- UPDATE No.64

This Papa:  In order to limit the exporters from claiming the refund on the basis of ineligible documents or fraudulently, customs department has marked few exporters as “risky exporters”. Whereby based on the based on a certain criteria as well as artifical intelligence, the system identify the “risky exporters” and send such list to respective … Read more

GST Update on e-Sanchit for paperless processing

The Government has launched e- Sanchit. e-Sanchit is an electronically storage and Computerized Handling of Indirect Tax Documents for paperless processing, uploading of supporting documents, to facilitate the trading across Borders. It has already been made available to importers and exporters in the country and as a next step, CBIC is extending this facility to … Read more

GST Update: Taxpayers can now avail transitional credit up to 30th June 2020 as per Delhi High Court decision

This update seeks to discuss about the transitional credit which was entitled to be carry forward by the taxpayers while migrating to GST from the erstwhile regime. The time limit for availing the benefit of carry forward of transitional credit is prescribed by Rule 117 which is being amended from time to time. The time … Read more

GST Update on whether Rajasthan AAR competent to decide on registration requirement in another State?

The present update intends to discuss the Advance Ruling given in the case of M/s T & D Electricals. The question placed before the Advance Ruling was the requirement of separate registration for executing works contract in another State and leviability of tax-whether CGST/SGST or IGST if separate registration is not taken in Karnataka and … Read more

GST Update on landmark decision that interest cannot be recovered without adjudication proceedings

The delay in retrospective amendment regarding computation of interest liability under GST regime has led to flood of writ petitions in High Courts seeking relief from recovery proceedings initiated by the government. The revenue authorities have consistently held that interest liability gets automatically attracted as soon as there is delay in payment of taxes on … Read more

GST Update on Statement Taken During The Course Of Investigation Proceedings

In our earlier update, we discussed about the importance of panchnama in the investigation proceedings. In the present update, we will discuss another important document, i.e. statement taken during the course of investigation proceedings and the situations wherein the said statement cannot be considered as sufficient evidence in particular case. At the outset, we submit … Read more

GST and JOHNNY- UPDATE No.40

This papa: – In erstwhile Excise regime, export under bond or LUT, there was requirement to maintain the balances. The amount is debited as soon as export goods are cleared from factory and afterwards credit is granted as and when the proof of export is submitted in Annexure 19. A proper account was maintained. However, … Read more