Blogs

What should be the ultimate goal of articleship? However, does every article set his own goals for articleship and take best out of it? Majority of articles go with the flow and learn whatever is served to them or in fact overlook the learning opportunity completely. It is not their mistake because they have also this mammoth task of clearing the CA final exams. The most challenging task in the articleship is to manage between the two i.e. Learn best out of the practical training and keep an...

In the pandemic and earlier due to confusion in GST, the revenue officers have been instructed not to harass the tax payers. However, the need to follow up for non or short payment of tax is an ongoing activity which is necessary. Therefore, it is expected that come 2021, the revenue officers activity would be at full speed. Tax payers would need to reply to the emails / letter promptly explaining the factual position if incorrect in the communication. The fact that in case of dispute one...

What is e-invoicing?

e-invoicing refers as per Rule 48(4) of CGST Rules, notified class of registered persons have to prepare invoice by uploading specified particulars of invoice (in FORM GST INV-01) on Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN)

Notified persons: A registered person, other than an SEZ unit*, Insurance Company, banking company, financial institution including non-banking financial institution, GTA, supplier of passenger...

There is a saying in Hindi from the famous Kabir ke dohae “Kal kare so aaj kar, aaj kare so ab, Pal mey pralay hoyegi Bahuri karego kab.” and to that effect, in English, “tomorrow never comes”. The word “procrastinate” comes from the Latin word meaning “belonging to tomorrow.” Procrastination is an exercising of choice i.e. not to do something now and pushing it to the backburner. Studies have found that even the procrastinators who feel bad about their habit, procrastinate...

We are at the flag end of filing the annual return and audit certification (GSTR 9 & 9C) For FY 2018-19 (courtesy of multiple extensions) i.e. on 31^st December 2020.

Taxpayers have an option to pay additional liability not declared in GSTR-1 or GSTR-3B, in GSTR-9 through Form DRC-03 based on Para 4 of GSTR-9 instructions for FY 2017-20.

This article enumerates utilization of ITC against GST liability for payment through DRC-03 during GSTR-9 filing which would be beneficial to many...

1) Input tax credit of CGST & SGST is availed instead of IGST – A judicial view on how to Rectify:

To err is human and to make human err are the tax laws. CGST & SGST credit wrongly availed as IGST or vice-versa has been a common error by many taxpayers (Thanks to GST Common portal). Now, the law when read literally puts taxpayer in a fix in so much so that the incorrectly availed ITC is required to be reversed with no recourse of availing back the correct ITC due to time restriction...

1. Interest for delayed payment – Tolerance of an Act Vs. Addition to Consideration

The Maharashtra Appellate Authority For Advance Ruling in Bajaj Finance Ltd 2020-TIOL-64-AAAR-GST has ruled the additional/penal interest recovered by the appellant from customers against delayed payment of monthly instalments of the loan extended to the customers would be exempt from GST.

Issue: Schedule II of the CGST Act, 2017 provides “agreeing to the obligation to refrain from an act, or...

Analyzed of Causes of Differences

The sharing of the income tax returns with the service tax, central excise and VAT authorities has been a long drawn exercise with last arrangement agreed in 2015, however lately CBIC and CBDT have entered into a MOU in 2o14 and again in 2020 to facilitate exchange of data on a regular and automatic basis.

This arrangement should have enabled the respective tax departments to look at the differences between taxable turnover reflected in service tax...