Taxation & Accounting

Category: Gst (page 2 of 167)

Group busted for supplying fake GST invoices worth Rs 1,000 crore: Finance Ministry

Prima facie fraudulent input tax credit of about Rs 140 crore has been misappropriated by using invoices involving an amount of Rs 1,040 crore, it said. The Goods and Services Tax (GST) authority in New Delhi has unearthed a racket involved in tax evasion through fraudulently transporting goods either without invoices or raising fake bills […]


20% GST ITC, 100% Tension to taxpayers

Courtesy: CA Umesh Sharma Arjuna (Fictional Character): Krishna, a circular was issued on 11/11/2019, which restricted ITC claim, maximum ITC that can be claimed now is 20% above the ITC as appearing in GSTR-2A as per new rule 36(4) w.e.f. 09/10/2019 onwards.  So, what is it? Krishna(Fictional Character): Arjuna, taxpayer can now claim 120% of ITC as appearing […]


Big change in GST| New 20% ITC Circular| GST Taxpayers in Big Problem| When 20% ITC Rule not apply|


Summary of Circular No. 123/42/2019-GST

Summary of Circular No. 123/42/2019-GST Ahead of due date of GST-3B, CBIC has resolved queries on provisional credit @ 20% through Circular No. 123/42/2019-GST Following is the list of clarifications issued: Restriction is not imposed through the common portal hence the taxpayer can avail credit on self-assessment basis for sub-rule (4) of rule 36 Taxpayers […]


The ‘landmark’ Calcutta Club verdict changes GST norms for clubs

The Supreme Court has said that service tax need not be charged by clubs for services to its members. The same should hold true for the GST, which replaced service tax. Under tax laws, every now and then, a decision is delivered which gets the “landmark†prefix. Names such as BC Srinivasa Shetty, Bacha F […]


Nine important changes in GST in “Navratri”

“Nine†important changes in GST in “Navratri†                                                                                           Courtesy:  CA Umesh […]


Centre looks to cut GST rates on cars amid sharp decline in sales

Finance Minister Nirmala Sitharaman kindled hopes of a GST rate cut on the same day that several leading auto players announced dismal sales figures for August. The auto industry has long called for a reduction in the GST rate from 28 per cent to 18 per cent to accommodate the downturn. Against the backdrop of […]


How to tally GST Annual Return and Audit in one go. BY UMESH SHARMA

Courtesy : CA Umesh Sharma



Karneeti Part 301:  “GST- GANESHA… SAVE TAXPAYERS†By  CA Umesh Sharma Arjuna (Fictional Character): Krishna, “Vighnaharta†Lord Ganesha’ is arriving in the month of September to resolve all the “Vighnas†of all the devotees. The month of September is the most important month which the Taxpayers should take care of. What are “Vighnas†that taxpayers […]


Rs 70 crore GST scam: Chandigarh to scan transactions of 20 bogus firms

CHANDIGARH: The UT excise and taxation department has decided to scan transactions made by 20 bogus firms in neighbouring states including Punjab, Haryana, Himachal Pradesh and Delhi. The department in its ongoing investigation into the Rs 70 crore tax credit scam, will also seek the help of excise department to unearth the large spread scam. […]


Older posts Newer posts


Theme by Anders NorenUp ↑