GST me Naya Saal, Aur Taxpayer Behaal!

CA Umesh Sharma | Last updated: 29 December 2020

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Quick Summary

From January 1st, 2021, significant changes to GST law have been implemented to combat tax evasion and malpractices. These updates affect taxpayer registration, including Aadhaar authentication and physical verification timelines. The rules for cancelling registration have been tightened, and the allowable Input Tax Credit (ITC) from GSTR-2B has been reduced. Furthermore, restrictions are now in place for filing GSTR-1 and GSTR-3B based on previous filings, and a new rule mandates paying at least 1% of GST liability in cash for certain taxpayers.

Arjun (Fictional Character): Krishna, massive changes have been made in the GST law to take effect from 1st January 2021. What is the need for such changes? Krishna (Fictional Character): Arjuna, the year 2020 has seen a large number of false transactions malpractices of the taxpayers. Hence in the new year 2021, to curb malpractices used by taxpayers for tax evasion, the GST department is now implementing its new tools to brush out anomalies in the system. Arjun (Fictional Character): Kr

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1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

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About the Author

CA Umesh Sharma

Partner

Name: - UMESH RAMNARAYAN SHARMA. Residential Address: - 16, Motisagar, Samarthnagar, Aurangabad. Ph :- 2332846. Mobile:9822079900. Head Office Address: - R.B.Sharma Co. Chartered Accountants. Block No 7-10, 2nd Floor, Shangri-La Complex, Samarth Nagar, Aurangabad. Ph :- 2332511,2338388. Email:- rbsha ... Read more

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