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Compulsory GST Registration

Compulsory GST Registration Section 24 CGST Act 2017  1. As per section 24(1) of the CGST Act 2017, the following categories of persons are required to be registered, even if their aggregate turnover is below specified threshold limit and are exempt from registration under section 22(1). 2. Section 24(i): Inter-State Supply of Goods:  …

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raudulent claims of ITC and cash refund of around Rs. 61 crore

An intelligence was developed by the officers of DGGI that few exporter companies were engaged in fraudulent availment of Input Tax Credit (ITC) on the invoices of non-existing and fictitious firms or such firms which apparently do not have any purchases themselves. The ITC so availed was utilized to pay …

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Annual Return (GSTR-9)and Reconciliation Statement (GSTR 9C) for FY 2018-19

Vide notification No. 69/2020 – Central Tax, dated 30.09.2020, the due date for furnishing of the Annual Return for the FY 2018-19 has been extended till 31.10.2020. Certain representations have been received stating that the auto populated GSTR 9 for the year 2018-19 (Tables 4, 5, 6 and 7) also …

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Point of the 42nd GST Council Meeting

The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior …

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foreign investment in indian company

COMPANIES INCORPORATED OUTSIDE INDIA Application of Act to foreign companies. 379.[(1) Sections 380 to 386 (both inclusive) and sections 392 and 393 shall apply to all foreign companies: Provided that the Central Government may, by Order published in the Official Gazette, exempt any class of foreign companies, specified in the Order, …

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Aatma Nirbhar Bharat Package – Progress So Far

Finance Minister Smt. Nirmala Sitharaman reviews implementation of Aatma Nirbhar Bharat Package pertaining to Ministries of Finance & Corporate Affairs Hon’ble Prime Minister Shri Narendra Modi on May 12th, 2020, announced the Special economic and comprehensive package of Rs. 20 lakh crore – equivalent to 10% of India’s GDP – …

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GST taxpayers get relief in implementation of e-invoice

सरकार ने दिसंबर 2019 में निर्धारित किया था कि उन जीएसटी करदाताओं को, जिनकी किसी भी पूर्ववर्ती वित्तीय वर्ष में 100 करोड़ रुपये से अधिक का वार्षिक कारोबार है, सभी व्यवसाय से व्यवसाय (बी 2 बी) आपूर्ति के लिए 1 अप्रैल, 2020 से प्रभावी सीजीएसटी नियम, 2017 के नियम 48 (4) के तहत निर्धारित तरीके से ई-चालान जारी करना आवश्यक होगा। …

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GST E – invoice

GST taxpayers get relief in implementation of e-invoice The Government had in December 2019 prescribed that the GST Taxpayers having aggregate annual turnover more than Rs. 100 crore in any preceding Financial Year will be required to issue e-invoice for all the Business to Business (B2B) supplies, in the manner prescribed …

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GST-IMPG SEZ Table of GSTR-2B

Taxpayer can view auto-drafted details of inward supply received from SEZ units / developers on bill of entry. DOCUMENT DETAILS – In document details, you can view document wise details of auto-drafted IMPGSEZ. If the total number of documents across all tables is more than <<1000>> documents, then taxpayers can either …