Offences and Penalties under GST
Offences will be classified into cognizable (non-bailable) and non-cognizable (bailable) offences. A person with fraudulent intention to evade tax payment will be subjected to higher penalty in comparison to a relatively lower penalty for non-fraudulent offences. Penalty for certain offences There are 21 offences for which a taxable person may be held liable to penalty. […]
GSTR 9 & 9C
GSTR 9 is an annual return filed i.e., summary return of all the returns (GSTR 1 & 3B) filed during the financial year, whereas GSTR 9C is a reconciliation statement between returns and books. We need to address mainly on the applicability of GSTR 9 and 9C along with the important requirements to duly comply […]
Assessment & Audit under GST
Introduction Assessment means determination of tax liability under GST Act and includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgement assessment. Audit means the examination of records, return and other documents maintained or furnished by the registered person under the Act or rules prescribed to verify turnover declared, tax paid, refund claimed, ITC availed, […]
Advance Ruling under GST
Advance ruling means a decision provided by the Authority or the Appellate Authority or National appellate authority to an applicant on matters or on questions specified in relation to the supply of goods or services or both being undertaken or proposed to be undertaken by the applicant. Applicant means any person registered or desirous of obtaining […]
