CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases Tue, 02 Apr 2024 04:58:07 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://www.nyca.in/wp-content/uploads/2022/08/9060CA_logo_icai-1.jpg CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in 32 32 Madras High Court Invalidates GST Assessment Over ITC Disparity https://www.nyca.in/madras-high-court-invalidates-gst-assessment-over-itc-disparity/ https://www.nyca.in/madras-high-court-invalidates-gst-assessment-over-itc-disparity/#respond Tue, 02 Apr 2024 04:58:07 +0000 https://www.nyca.in/?p=8163 In a significant ruling, the Madras High Court addressed the validity of a GST assessment order in the case of Sri Lakshmi Silvers versus The State Tax Officer, Gugai Circle, Salem.

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In a significant ruling, the Madras High Court addressed the validity of a GST assessment order in the case of Sri Lakshmi Silvers versus The State Tax Officer, Gugai Circle, Salem. The case centered on the adherence to procedural guidelines and principles of natural justice in GST assessments, particularly concerning disparities between GSTR-3B and GSTR-2A returns.

Facts of the Case:

  • The petitioner, engaged in the supply of base metals, faced a GST assessment order pertaining to the tax demand arising from differences between the Input Tax Credit (ITC) claimed in GSTR-3B returns and that reflected in the auto-populated GSTR-2A returns for the year 2019-20.
  • Despite receiving a notice and show cause notice, the petitioner, relying on their accountant, remained unaware, resulting in no response from their side.
  • The central issue revolved around the validity of the assessment order, particularly concerning principles of natural justice and adherence to specific circulars regarding GST return discrepancies.

Petitioner’s Argument:

  • The petitioner contended the lack of opportunity to contest the tax demand, citing non-adherence to circulars issued by the Central Board of Indirect Taxes and Customs concerning handling disparities between GSTR-3B and GSTR-2A returns.
  • As a condition for remanding the case, the petitioner offered to remit 10% of the disputed tax demand.

Department’s Argument:

  • The tax demand was based solely on the disparity between the ITC claimed in GSTR-3B and GSTR-2A returns, without evidence indicating non-genuine transactions.

Held:

  • The Madras High Court quashed the impugned assessment order, subject to the petitioner remitting 10% of the disputed tax demand.
  • It granted the petitioner the opportunity to respond to the show cause notice, directing the assessing officer to provide a reasonable opportunity for a hearing and to issue a fresh assessment order in accordance with the law.

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]]> https://www.nyca.in/madras-high-court-invalidates-gst-assessment-over-itc-disparity/feed/ 0 Interim Budget Updates to Goods and Services Tax https://www.nyca.in/interim-budget-updates-to-goods-and-services-tax/ https://www.nyca.in/interim-budget-updates-to-goods-and-services-tax/#respond Sat, 16 Mar 2024 12:18:54 +0000 https://www.nyca.in/?p=7551 The announcement of GST Amendments in the Interim Budget brings forth significant changes in the taxation landscape, marking a pivotal moment for both businesses and individuals.

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The announcement of GST Amendments in the Interim Budget brings forth significant changes in the taxation landscape, marking a pivotal moment for both businesses and individuals. As Budget Day approaches each year, the anticipation surrounding potential benefits and programs heightens among the populace. This year, in light of the upcoming elections, the Interim Budget for 2024 has replaced the traditional full budget, with the Finance Minister, Smt. Nirmala Sitharaman, unveiling a slew of schemes and welfare programs aimed at pleasing the masses. Dubbed the “Developed India Budget 2024,” the central focus of this budget aims to propel India towards economic advancement.

Key Changes in GST as per Interim Budget:

  • Expansion of Input Service Distributor (ISD) Scope:
  • In a notable move, invoices issued under the reverse charge mechanism and from various sources for distribution have been incorporated into the ambit of Input Service Distributors (ISD).
  • This modification aims to ensure fair distribution of Input Tax Credit (ITC) across branches, fostering smoother business operations.
  • Mandatory Implementation of ISD Mechanism:
  • The ISD mechanism, previously non-obligatory, is now mandated following the replacement of section 20.
  • Individuals receiving tax invoices with ITC from other branches are required to obtain separate registration under clause (viii) of section 24, thereby disallowing them from issuing invoices to other branches.
  • Introduction of Penalties for Pan Masala and Gutka Producers:
  • Section 122A of the CGST Act, 2017, has been introduced to penalize non-compliance in registering specific production machines.
  • Non-adherence to the guidelines outlined in the document titled "30/2023" may lead to penalties, seizure, and confiscation of unregistered machines.

Key Considerations:

  • The additional penalty imposed will be in conjunction with penalties stipulated in Chapter XV or XIX of the CGST Act, 2017.
  • A penalty of INR 100,000 per unregistered machine will be enforced, with provisions for seizure and confiscation in case of non-compliance.

In Summary:

The GST Amendments in the Interim Budget signify a concerted effort by the government to streamline compliance and extend support to targeted industries. Emphasizing the adoption of digital solutions, these measures aim to instill stability and foster investment amid uncertain times, ultimately contributing to a resilient economy that benefits all stakeholders. While these changes are temporary, further developments are anticipated in the upcoming full budget, with the current focus geared towards bolstering businesses and driving growth.

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  • In a notable move, invoices issued under the reverse charge mechanism and from various sources for distribution have been incorporated into the ambit of Input Service Distributors (ISD).
  • This modification aims to ensure fair distribution of Input Tax Credit (ITC) across branches, fostering smoother business operations.
  • In a notable move, invoices issued under the reverse charge mechanism and from various sources for distribution have been incorporated into the ambit of Input Service Distributors (ISD).
  • This modification aims to ensure fair distribution of Input Tax Credit (ITC) across branches, fostering smoother business operations.

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]]> https://www.nyca.in/interim-budget-updates-to-goods-and-services-tax/feed/ 0 SEBI notifies Index Providers Regulations, 2024 to enhance transparency and accountability in Index Governance https://www.nyca.in/sebi-notifies-index-providers-regulations-2024-to-enhance-transparency-and-accountability-in-index-governance/ https://www.nyca.in/sebi-notifies-index-providers-regulations-2024-to-enhance-transparency-and-accountability-in-index-governance/#respond Tue, 12 Mar 2024 06:37:24 +0000 https://www.nyca.in/?p=7417 SEBI has notified SEBI (Index Providers) Regulations, 2024. These regulations aim to provide a regulatory framework for Index Providers in the securities market to foster transparency and accountability in the governance and administration of Indices.

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SEBI has notified SEBI (Index Providers) Regulations, 2024. These regulations aim to provide a regulatory framework for Index Providers in the securities market to foster transparency and accountability in the governance and administration of Indices. The new norms include various definitions, provisions w.r.t registration of Index Providers, governance and conflict of interest, Index Quality and Methodology, accountability and disclosures etc. Further, it outlines miscellaneous provisions.

Source: NOTIFICATION NO. SEBI/LAD-NRO/GN/2024/167

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