A stich in time saves nine! In this present landscape where distrust begets distrust, it is better than the taxpayer has ensured his compliance well in advance of possible departmental interventions in the future which could ultimately lead to a SCN or harassment.
In this article we have highlighted 50+ GST checkpoints that one may consider for the financial year end, i.e. March 2023 as a safeguard.
With the increasing trend of electronic commerce, the use of prepaid vouchers and gift cards has increased exponentially not only in B2C transactions but also in B2B transactions. Vouchers are instruments which are redeemable on its face value against supply of goods or services. For example, multi-brand retailers supply gift cards to its customers which can be redeemed against purchase of merchandise of their brand of value equal to the face value as printed on such gift card....Read more
In the last few months, the number of departmental audits under GST has skyrocketed. 50,000 notices have been raised after scrutinising 1,00,000 taxpayers for the period ranging between FY 2017 to 2021. This is one more broken promise of trusting the taxpayer with promise of audits %age coming down. This has increased!! The compliant industries need to represent on basis of promissory estoppel.
We of course expected this earlier, a useful and brief article was...Read more