ITC Reversal Circumstances in #GST

ITC Reversal Circumstances in #GST

Many provisions for cash transactions-

Many provisions for cash transactions-

* 40(A)(3)- 10K exp. limit

* 44AB- 95% audit criteria

* 44AD- Profit 8%, not 6% 

* 80D- Not allowed

* 80G- 2K limit

* 80GGB/GGC- Not allowed

* 80JJAA- Not allowed

* 194N- TDS on withdrawal

* 269SS/T- Loan 20K limit

* 269ST- Receipt 2L limit

Cash deposit more than 10 lakh (saving)

Cash withdrawal more than 10 lakh (saving)

Cash deposit more than 50 lakh (current)

Cash withdrawal more than 50 lakh (current)

FD made in cash more than 2 lakh

Credit card bill paid more than 1 lakh

'GTA' V/s 'Renting - Leasing of Vehicle' DECODED - Ca Deep Koradia

'GTA' V/s 'Renting - Leasing of Vehicle' DECODED 

When something is Transported from Point A to Point B, it's called 'Transportation Service'

WHEREAS

When the vehicle is Given On Time basis, that's Renting / leasing.

Here is exhaustive Comparison: ⬇️

Passenger Transport V/s 'Renting - Leasing of Vehicle'

Unlike the Goods Transportation, for passenger Transportation / renting of vehicle, ITC to recipient is restrictive. 

Here is the exhaustive summary ⬇️

Share it with someone who may need it!

Circular No.04/2023 CBDT1:Each year the employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New u/s 115BAC) and deduct tax accordingly

Circular No.04/2023 CBDT

1:Each year the employer shall seek information from each of its employees regarding their intended Tax Regime (Old or New u/s 115BAC) and deduct tax accordingly

2:If intimation is not made by an employee then the default tax regime is the new regime u/s 115BAC

3:This intimation would not amount to the exercising option, it means a person can select any regime at the time of filing ITR u/s 139(1)

LIMITATION OF ISSUING SCN AND ORDER UNDER GST EXTENDED -u/s 73

LIMITATION OF ISSUING SCN AND ORDER UNDER GST EXTENDED:

Yesterday, Via NN 09-2023 CT, Time limit to Issue Show Cause Notices u/s 73 has been Extended for the FY 17-18, 18-19 & 19-20. Here is the exhaustive Chart till date

AMNESTY for Deemed Withdrawal of Order u/s 62(Non Filer) serviced till 28th feb,if return could not be filed within 30days

NNo. 06/2023!

AMNESTY for Deemed Withdrawal of Order u/s 62(Non Filer) serviced till 28th feb,if return could not be filed within 30days:-

👉File return till 30th Jun23

👉Along with Payment of Int. due u/s 50 & late fee payable u/s 47

Whether Appeal filed or not/decided or not!

Extended the time limit specified u/s 73(10) for issuance of order u/s 73(9) of the CGST Act, for recovery of tax not paid or short paid or of ITC wrongly availed or utilised, relating to the period as specified below

Extended the time limit specified u/s 73(10) for issuance of order u/s 73(9) of the CGST Act, for recovery of tax not paid or short paid or of ITC wrongly availed or utilised, relating to the period as specified below 

Notification ⬇⬇

Compensation Cess (Rate) on Pan masala, Gutkha and Chewing Tobacco.

Govt. issued Notification No. 2/2023-Compensation Cess (Rate) on Pan masala, Gutkha and Chewing Tobacco. 

If GSTR-10 was not filed within the due date then Maximum Late fee for Final Return GSTR 10 will be Rs.1,000 if filed between 01/04/23 to 30/06/23

Notification No.08/2023 Central Tax

If GSTR-10 was not filed within the due date then Maximum Late fee for Final Return GSTR 10 will be Rs.1,000 if filed between 01/04/23 to 30/06/23

Reduction in Late Fee for annual return from FY 2022-23 onwards

Notification No.07/2023 Central Tax

Reduction in Late Fee for annual return from FY 2022-23 onwards

Maximum Late fee for annual return for FY 2017-18, 2018-19, 2019-20, 2020-21 or 2021-22 is Rs.20,000 if it will be filed between 01/04/23 to 30/06/23