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Rule 59(6) of CGST Rules,2017 providing for restriction in the filing of GSTR-1 has been inserted by CBIC which will be implemented on the GST Portal from 1st September 2021.
A taxpayer should reconcile the purchases with sales shown by the seller i.e. Party wise reconciliation of all purchase transactions with GSTR-2A should be made.
An officer may scrutinize the return furnished by registered persons to verify the correctness of the return and inform them of the discrepancies noticed and seek their explanation thereto.
CBIC has decided again to resume the blocking of the EWB generation facility on the EWB portal, for all the taxpayers in terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, from 15th August 2021 onwards.
Earlier GST Audit was to be conducted and GSTR-9C was to be certified by a CA, but this requirement has been removed, so the same is to be self-certified by the client along with a reconciliation.
After the launch of the new portal, due to technical glitches, the functioning of the portal was affected. Various problems are being faced by the taxpayers, professionals, and other stakeholders.
The validity of notices issued after 31.3.2021 has been challenged as these were issued under the old provisions, even though the provisions of section 148 were substituted by the Finance Act, 2021 w.e.f. 01-04-2021.
The GST Council announced the GST Amnesty Scheme in its 43rd GST Council Meet. However, there are certain issues in it, that have been addressed in this article.
TDS/TCS is to be deducted/collected u/s 194Q/206C(1H) respectively, if purchase/sales to a single party exceed Rs.50 Lacs. Whether the amount of GST is to be included in the calculation of the above limitation? Let us understand.
Section 194Q - A purchaser will be liable to deduct TDS if his turnover during the last year exceeds Rs.10 crores and he purchases goods of value exceeding Rs.50 lacs in the current year from a seller.
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