Consider the situation where the input product was chargeable only at the rate of 5% and assesses supplier mistakenly charged higher rate of 18% GST on input for final product, which is chargeable to lower rate of GST of 5%
Let us take the case of Tvl.Kavin HP Gas Gramin Vitrak vide Order No. W.P.(MD).Nos.7173 and 7174 of 2023 and W.M.P.(MD)Nos.6764 and 6765 of 2023 dated 24.11.2023 to understand the impact of the unavailability of Form GSTR-2 on the Input Tax Credit (ITC) reversal and the analysis of Section 16(4) regarding the time limit for belated ITC claims.
The government is looking for a significant change in the Goods and Services Tax system by considering the introduction of the option for taxpayers to file updated or revised returns.
Forensic Audit represents an area of finance that combines detective skills and financial acuity.
An IPO, or Initial Public Offering, is a fancy way of saying a company is selling shares of itself to the public for the first time. This is a big deal because it raises money for the company and makes it "public," meaning its ownership is no longer private.
Geo-coding is a mandatory procedure for address verification under the Goods and Services Tax (GST) system in India.
23 December 2023 at 14:31
This article guides you through the process, ensuring accuracy, efficiency, and compliance.
The officers are conducting on-site visits to entities and shops to purchase products and inspect the issued invoices. If the invoices are fake or incorrect, they issue notices under section 122 (1) (i) of the CGST Act, 2017.
The objective of this discussion is to decode the legal complexities, address the challenges and suggest sensible strategies to maximise profits while minimising the risks in these transactions.
A recent press release from the Income Tax Department reveals a major crackdown on a business group operating in Odisha, Jharkhand, and West Bengal.
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