Fake invoicing under the GST- a bigger challenge ahead

  • Category: GST Updates
  • Date: 02-08-2022
  • Writer: CA Anil Kumar Bezwada

GST has completed 5 years now. Issuance and circulation of fake invoices among companies without actual supply of goods and irregular transfer of input credit to originating companies for payment of GST is contemporary & burning issue. One of key challenges in GST is devising a mechanism to identify & curb issuers of fake invoices at the time of GST Registration itself. Huge amount of public money misappropriated under this scam every year. I am sure it will not be possible for the...

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Tour Operators – Changes vide 47th GST Council meeting and way forward

  • Category: GST Updates
  • Date: 19-07-2022
  • Writer: CA Spudarjunan S

Demystifying Supreme Court decision - No GST on Ocean freight under RCM in CIF contract

  • Category: GST Updates
  • Date: 21-05-2022
  • Writers: Bhavesh Mittal, CA Venkata Prasad

Analysis of GSTR-9&9C

  • Category: GST Updates
  • Date: 12-02-2022
  • Writer: CA Akshay M Hiregange

COVID Relief Measures – Reduction in GST rate of specified items – Impact on Rate of Tax, ITC and MRP

  • Category: GST Updates
  • Date: 17-06-2021
  • Writers: CA Spudarjunan S, CA Venkata Prasad

Introduction

Coronavirus (COVID-19), a virus that grew stealthily from the end of 2019 has become one of the deadliest viruses that is killing people worldwide. The normal life in India was disrupted due to lockdown, restrictions on commutation etc. due to covid. It affected almost all the industries in India and the second wave of COVID-19 in India (during 2021) has an increased death rate comparing to the previous. Further, more than the infection from the disease, the financial burden...

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Recent amendment to rule 21 of the CGST Rules - Side Effects of GST Revenue Shortfall – Industry to Face the Music

  • Category: GST Updates
  • Date: 25-03-2021
  • Writer: Shilpi Jain

The Union expected better tax revenues with the introduction of GST. The States though were divided on this, with some of them expecting better revenues whereas the others expecting a fall due to the consumption-based accrual of revenue. However, with the introduction of GST, the revenues were not very encouraging and many reasons could be attributed to this, both controllable and inevitable reasons. The inevitable reasons could be the economic condition, pandemic situation, etc. The...

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All you need to know about QRMP Scheme under GST w.e.f. 01.01.2021

  • Category: GST Updates
  • Date: 10-03-2021
  • Writers: Bichitra Bijoy, CA Ashish Chaudhary, CA Mannu Kashliwal

Introduction

Taking another step towards the goal of increasing “Ease of doing business” in India and providing relief to small taxpayers; the GST Council in their 42nd Meet on 5th October 2020 proposed a quarterly return filing system for small taxpayers to be implemented w.e.f. 1st January, 2021. QRMP or Quarterly Return Monthly Payment Scheme is an optional scheme that CBIC has rolled out for small scale businesses having aggregate turnover up to 5 crore rupees to furnish return on...

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Summary of Notifications/Circular issued under GST/Customs

  • Category: GST Updates
  • Date: 26-02-2021
  • Writer: Hiregange Team

Rule 36(4) – Impact & Validity

  • Category: GST Updates
  • Date: 23-12-2020
  • Writers: CA Akshay M Hiregange, CA Madhukar N Hiregange

Input Tax Credit (ITC) matching – GSTN- not ready- A thorny issue for the department and the assessees. It has been 3 years and 3 months since the inception of GST, one would expect the early teething problems were overcome, and the new radical indirect tax regime would be up and running! Although, due to various factors, including the recent pandemic, we are seeing continuous amendments, delays in implementation and lack of a dependable infrastructure. Rule 36(4), i.e. the ITC matching...

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Summary of Notifications& portal updatesissued on 14th December and 15th December 2020

  • Category: GST Updates
  • Date: 16-12-2020
  • Writer: Hiregange Team