Central Board of Indirect Taxes and Customs has provided a slew of relief measures to GST taxpayers on 2nd May 2021.

The claim of Input Tax Credit (ITC) is crucial in indirect taxes and forms a large part of the GST laws in the country in terms of compliances, restrictions, reversals and refunds. False claim of ITC is rampant and poses a major hurdle in curbing tax evasion. Hence, it’s not a surprise that the GST department has introduced a new law restricting ITC claim further by taxpayers.

The GST department, in its efforts to simplify compliance burden of taxpayers, has decided to introduce a new system of return filing from January 2021 onwards. This is applicable to those taxpayers whose aggregate turnover in India does not exceed Rs. 5 Crores in preceding financial year and is optional to the taxpayers. This scheme is called as ‘QRMP’ or Quarterly Return and Monthly Payment

E-invoicing is not a new concept. It’s an idea that has been around since the early 90’s which saw the
advent of internet and web-based apps that facilitated users in sharing invoices electronically. But what defines and distinguishes E-invoice from Invoice?
The standardized format of invoice which is crucial for an E-invoice that is not required for regular invoices.

Refund of taxes is a common feature of any tax law.Refund in direct tax cases may be due to excess
payment or deduction of taxes while refund of indirect taxes may be due to excess input tax credit
(ITC) or wrong payment of output taxes.

COMPLIANCE (COMPLICATIONS) UNDER SECTION 16(2)(D) OF CGST ACT, 2017
Input Tax Credit (ITC) under GST is the GST credit paid and subsequently availed by taxpayers to be setoff against their GST payable. However, not all ITC is available to a taxpayer. Some ITC is ineligible for claim
from the time it’s incurred by the taxpayer while other ITC become ineligible after availment by way of reversal by the taxpayer.

MSME Ministry has come out with a consolidated notification in the form of guidelines for
classification and registration of MSME’s vide notification dated 26th June 2020.

Central Board of Indirect Taxes and Customs has provided a slew of relief measures to
GST taxpayers on 24th June, 2020.

Interest and penalties form the first tool to bring discipline in compliance amongst taxpayers. It forms an important component of any revenue law as a stick to the erring taxpayers. They also encourage proper compliance amongst taxpayers as it can be very expensive to them if tax payments are not made with the prescribed time limit.

Frequently Asked Questions (FAQ) on Guaranteed Emergency Credit Line of Rs. 3
lakh crore

The Reserve Bank of India Governor Shaktikanta Das on May 22, 2020 announced various measures to tackle the devastating economic impact of the ongoing coronavirus-induced crisis.

Union Finance Minister Nirmala Sitharaman on Sunday announced measures taken by the government to boost economic activity in 7 sectors amid COVID-19 outbreak situation in the country. Following are the key highlights announced to boost the economy

Union Finance Minister Nirmala Sitharaman on May 16, 2020 addressed the media and shared the details of Policy Reforms to Fast-Track Investment – Effort towards Atmanirbhar Bharat. Following are the key highlights announced to boost the economy…

Exports are an important activity for any country as it brings in the very crucial Foreign Currency needed for international trade and to balance the current deficits of the country. It’s the primary mode of earning foreign exchange followed by foreign investments and remittances. Hence, it’s a known fact that the activity is one of most regulated in the country right from compliances and regulations by customs authorities to benefits and relaxations in taxes.

Union Finance Minister Nirmala Sitharaman on May 13, 2020 addressed the media and shared the details of INR 20 lakh crore economic stimulus package that was announced by Prime Minister Modi on May 12, 2020 to battle the coronavirus crisis. Following are the key highlights announced to boost the economy.

MSME is abbreviated as Micro, Small and Medium Enterprise and classified as such based on the investment made in the entity’s plant & machinery by a manufacturing entrepreneur and in equipment (except land and building and furniture, fittings and other items by a service entrepreneur.

As we all know, every person is liable for registration whose aggregate turnover in Financial Year exceeds Twenty Lakhs rupees and file return. Returns are required to be filed for all the tax periods irrespective of supply is made or not and section 39(10) of CGST Act, 2017, does not allow to file return for subsequent period if any previous period return is not filed.