What is the penalty for issuing incorrect invoices? The issuance of incorrect invoices under the Goods and Services Tax (GST) framework is a violation of GST laws and attracts penalties under the Central Goods and Services Tax (CGST) Act, 2017. Below is a comprehensive analysis of the penalties, legislative provisions, constitutional framework, and landmark cases […]
What is the penalty for issuing incorrect invoices? Read More »
How is GST evasion detected? Goods and Services Tax (GST) evasion refers to deliberate actions to avoid paying the rightful amount of tax by engaging in activities like issuing fake invoices, under-reporting turnover, claiming wrongful Input Tax Credit (ITC), or misclassifying goods/services. Detection of GST evasion is a high priority for tax authorities in India,
Who is required to register under GST? The scope of GST audits is to ensure that taxpayers comply with the provisions of the Goods and Services Tax (GST) law, identify discrepancies, and detect tax evasion. Audits are conducted by either the taxpayer themselves, a professional auditor, or tax authorities, depending on the type of audit.
What are the consequences of tax evasion under GST? Tax evasion under the Goods and Services Tax (GST) is a serious offense that attracts a range of consequences, including penalties, interest, imprisonment, and other punitive actions. GST laws aim to ensure compliance and discourage fraudulent activities through stringent provisions under the Central Goods and Services
What are the consequences of tax evasion under GST? Read More »
What is the process for rectifying mistakes in GST returns? The process for rectifying mistakes in GST returns allows taxpayers to correct errors or omissions in previously filed returns, ensuring accurate tax compliance. The provisions for rectification are governed by the Central Goods and Services Tax (CGST) Act, 2017, and related rules. Below is a
What is the process for rectifying mistakes in GST returns? Read More »
What are the recent changes in GST rates? The GST Council, which governs tax rate revisions, has recently updated rates for various goods and services. These changes aim to promote specific economic sectors, streamline compliance, and address revenue concerns. Here’s a summary: 1. Key Changes in GST Rates 2. Constitutional Provisions Governing GST 3. Landmark
What are the recent amendments in GST concerning exports? The Goods and Services Tax (GST) in India has seen significant amendments over time, especially concerning the export of goods and services. These amendments aim to streamline processes, ensure compliance, and boost exports by providing certain tax reliefs. Recent Amendments in GST Concerning Exports: Provisions in
What are the recent amendments in GST concerning exports? Read More »
Has the GST threshold for small businesses changed? Yes, the GST threshold limit for small businesses in India has seen changes over the years, and these changes aim to ease the tax burden on small businesses while encouraging compliance. Below is a detailed explanation of the recent changes, provisions in the Indian Constitution, and landmark
Has the GST threshold for small businesses changed? Read More »
What are the recent GST provisions for the construction sector? The construction sector in India is a major contributor to the economy, and the Goods and Services Tax (GST) has specific provisions designed to regulate the taxability of construction-related activities. Over the years, there have been amendments and clarifications to the GST rules applicable to
What are the recent GST provisions for the construction sector? Read More »
What is the latest amendment regarding the filing of returns? The Goods and Services Tax (GST) system in India has undergone several amendments since its implementation in July 2017. These amendments have impacted various aspects of GST compliance, including the filing of returns. As of 2023, there have been significant changes to make the return
What is the latest amendment regarding the filing of returns? Read More »
