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Disputes in businesses are inevitable, notably on account of tax-related disputes. The 7 years long safari of Goods and Services Tax (GST) since its implementation has demonstrated that GST is no exception, as it has been riddled with interpretational challenges, absurdity of provisions, frequent amendments, etc.  Amidst of all this, the trade and industry has adopted diverse practices concerning the tax rates, exemptions and more, often due to differing interpretations of rate &...

Section 51 of the Central Goods and Services Tax Act, 2017 (Act) is the provision relating to Tax deduction at Source (TDS) under GST, as per which certain recipients (‘customer’), as mentioned in the said provision and also notified vide various notifications, are required to deduct 1 % from payment made or credited to supplier of taxable goods or services and remit to the Government exchequer. This provision has come into force w.e.f. 01-10-2018[1].

However, there is a confusion in...

Introduction

Action of departmental audits ma impact the landscape of annual return filing. Considering the various changes in the GST law in the past year, this article aims to provide clarity on the filing of annual returns (Form GSTR 9) and reconciliation statement (Form GSTR 9C) along with required reconciliations, best practices, advanced issues & solutions and tips as applicable for financial year (FY) 2023-24.

Due date – 31^st December 2024. The due date is not expected to be...