Simplifying Credit Assessment: GSTN to Go Live on Account Aggregator Platform Before July 1, 2023
An Account Aggregator (AA) is a cross-sectoral framework that plays a crucial role in enabling Open Finance and facilitating financial inclusion. It acts as an intermediary between users and financial institutions, allowing individuals to securely aggregate and access their financial data from various sources in a consolidated manner. By providing a unified view of financial […]
Deadline to opt for Forward Charge Mechanism (FCM) for Transporters for FY 2023-24
This article aims to shed light on the options available to GTAs, namely Reverse Charge and Forward Charge, along with the associated implications and requirements. Meaning of GTA: GTA means any person who provides service in relation to transport of goods by road and issues consignment note. If no consignment note is issued then those […]
Communication with Taxpayers through the GST Portal
Introduction: In today’s digital era, the use of technology has transformed the way taxpayers interact. The Goods and Services Tax (GST) system is providing a user-friendly seamless communication between taxpayers on GST portal. This article explores the communication features available on the GST portal, focusing on the ability to notify suppliers regarding pending invoices and […]
Land Value Deductions under GST: The Battle between Notional and Actual
Madras High Court held that methodology of deeming fiction set out under notification 11/2017-Central Tax (Rate) dated 28.06.2017 (70:30 formula) attributable to construction services and cost of land will not apply in cases where the assessee is in a position to supply the actual amount of the consideration received towards construction services and land cost. […]
KARNATAKA High Court’s Judgment: Skill-Based Games Get Green Light
Case Law: Gameskraft Technologies Private Limited Vs Directorate General of Goods Services Tax Intelligence (Karnataka High Court) The petitioner in this case operated an online platform for playing skill-based games, particularly Rummy. The tax department issued a Show Cause Notice (SCN) alleging that the petitioner was involved in “betting/gambling” and evading GST by misclassifying the […]
New Update: GSTN now allows filing of GSTR-9 and GSTR-9C for the financial year 2022-23
Mark your calendars! The due date for filing GSTR-9 and GSTR-9C for the financial year 2022-23 is December 31, 2023. The Goods and Services Tax Network (GSTN) has now enabled the option to file the Annual Return and Reconciliation Statement, specifically Form GSTR-9 and GSTR-9C, on the GST portal for the Financial Year 2022-2023. Disclaimer: […]
Game-Changing Tech: AI Revolutionizes Tax Compliance in GST
The implementation of the Goods and Service Tax (GST) system has simplified the indirect taxation system also known as “one nation, one tax” system. The curiosity inspired me to explore this topic in depth and write the article on how AI can be companion to us when it comes to the compliance work. Introduction of […]
CBIC rolls out Automated Return Scrutiny Module for GST returns in ACES-GST backend application for Central Tax Officers
Empowering Central Tax Officers with Efficient Compliance Review: CBIC has rolled out the Automated Return Scrutiny Module for GST returns in the ACES-GST backend application for Central Tax Officers this week. This module will enable the officers to carry out scrutiny of GST returns of Centre Administered Taxpayers selected on the basis of data analytics […]
GST E-Invoicing Limit will be reduced to Rs. 5 Crore from 1st August, 2023
CBIC has made the e-invoicing system mandatory for all registered persons with a turnover of more than Rs.5 crore from 1st August ,2023. (Turnover exceeds in any FY from 2017-18 and onwards). The threshold limit for e-invoicing has changed as per CBIC Notification No. 10/2023-Central Tax dated May 10, 2023. Once E-invoicing is implemented, it will be implemented for all subsequent financial years. As a result, once E-invoicing is implemented, […]
Guidelines for GST Special All-India Drive against fake registration
Issue of unscrupulous elements misusing the identity of other persons to obtain fake/ bogus registration under GST, with an intention to defraud the Government exchequer was deliberated during the National Co-ordination Meeting of the State and Central GST officers. Such fake/ non-genuine registrations are being used to fraudulently pass on input tax credit to unscrupulous […]
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