Exemption Notification- The notification you mentioned, Notification No. 12/2017-Central Tax (Rate)

 The notification you mentioned, Notification No. 12/2017-Central Tax (Rate), was issued by the Central Government of India on June 28, 2017, under the powers conferred by sub-section (1) of section 11 of the Central Goods and Services Tax Act, 2017.

The purpose of this notification is to provide an exemption from a portion of the central tax on certain intra-State supplies of services. It states that the services mentioned in column (3) of the Table in the notification will be exempted from the central tax, to the extent that the tax payable exceeds the rate specified in column (4) of the Table.

In simpler terms, if the rate of central tax applicable to a particular service is higher than the rate mentioned in the notification, the excess tax above the specified rate will be exempted.

The exemption is subject to certain conditions specified in column (5) of the Table. These conditions outline the requirements that need to be fulfilled in order to avail the exemption. The details of these conditions can be found in the corresponding entry in column (5) of the notification.

Please note that the specific details, services, rates, and conditions mentioned in the notification are not provided in your query. If you require further information or specific details from the notification, please provide the relevant entries from the Table for a more detailed explanation.

अगर बिना GTA के माल का परिवहन हुआ है तो आरसीएम मे टैक्स नहीं जमा होगा ।

अर्थात अगर हमने या हमारे supplier ने किसी ट्रक /वाहन को माल ढोने के लिए उसे हायर किया है तो RCM मे टैक्स नहीं जमा होगा ।

संगठित रूप से दिये गए नोटिफिकेशन No. 12/2017-केंद्रीय कर (दर) नई दिल्ली, 28 जून 2017, निर्धारित धारा 11(1) के तहत, केंद्रीय सामान और सेवा कर अधिनियम, 2017 (12 केंद्रीय कर (दर) नई दिल्ली, 28 जून 2017 जून 2017) की अधिकारी प्राधिकार से, काउंसिल की सिफारिशों पर, यहाँ तक कि जनहित में जरूरी माना जाता है कि इसे करना आवश्यक है, यहाँ तक कि केंद्रीय कर अधिनियम की धारा 9(1) के तहत कर लागू होने वाले ऐसे सेवा की राज्यांतरीय आपूर्ति को अपने शुल्क से छूट देता है जिनका विवरण निम्नलिखित सारणी के कॉलम (3) में विशेषित किया गया है, यदि कॉलम (4) में संबंधित प्रविष्टि में विशेषित कर की दर की गणना की गई कर की मात्रा से अधिक होता है, तब तक कर की छूट दी जाएगी, जैसा कि कॉलम (4) में उल्लेखित दर की गणना की जाती है। इसके अलावा, यदि अन्यथा निर्दिष्ट नहीं होता है, यह छूट उपलब्ध होगी।

*SOP for Scrutiny of Returns for 2019-20 [Instruction 2/2023 dated 26-05-2023

*SOP for Scrutiny of Returns for 2019-20 [Instruction 2/2023 dated 26-05-2023*

1. SOP for scrutiny of returns for 2017-18 and 2018-19 was interim measure till the development of online scrutiny module made available on ACES-GST application.

2. DG System has developed online module for scrutiny of returns.

3. Selection of returns for scrutiny shall be done by DGRAM who will select GSTIN registered with Central Tax authorities based on identified risk parameters.

4. GSTINs selected for scrutiny for 2019-20 have been made available on the dashboard of proper officer of Central Tax on ACES-GST application. Also following information has been made available for convenience of proper officer:

i. Details of risk parameters involving risk/discrepancies in respect of GSTIN

ii. Amount of tax/discrepancy involved for each risk parameter

5. *Risk Parameters*: All risk parameters taken into consideration shall be made available on the dashboard. *[Indicative List of Parameters has been provided in Annexure B of Instruction 2/2022 dated 22-03-2022]*

6. *Additional risk parameters may also be considered by proper officer in addition to parameters indicated in Dash board*

7. Proper officer shall finalize month wise scrutiny schedule with approval of divisional assistant/deputy commissioner, prioritizing riskier GSTINs having higher risk implications.

8. Principal Commissioner will monitor that schedule identified in Scrutiny Module is adhered by officers under his jurisdiction.

9. *Minimum 4 GSTINs to be scrutinized every month involving scrutiny of all the returns pertaining to FY*.[Para 4.2]

10. For scrutiny of returns following *data to be checked*:

i. Various returns and statements furnished by registered person

ii. Data made available through 

a. DGRAM

b. ADVAIT

c. GSTN

d. E way Bill Portal

[Para 5.1]

11. *No documents/records to be sought from taxpayer for the purpose of scrutiny and proper officer is expected to rely upon only information available on records*. [Para 5.3]

12. Minimal Interface between taxpayer and officer is expected for scrutiny. [Para 5.3]

13. *Payments made through DRC-03 also to be considered while communicating* discrepancy [Para 5.4]

14. *ASMT-10 to be communicated on portal only without making any manual communication of ASMT-10 [Para 5.4]*

15. *Quantification of tax, Interest and other amount payable to be done in ASMT-10, as far as possible* [Para 5.4]

16. *Specific discrepancy to be communicated and not vague and general* {para 5.4]

17. *Worksheets and supporting documents of ASMT-10 to be uploaded on portal* {Para 5.4]

18. *Timelines*:

i. *Reply of Notice* by registered person : With in 30 days or further period permitted by proper officer

ii. *Satisfactory Disposal of Notice ASMT-12’ With in 30 days from receipt of reply*

iii. *Where no reply is furnished*, appropriate action u/s 73/74/65/66/67 to be taken in 15 days from expiry of 30 days provided for reply.

iv. *Where reply submitted is not satisfactory*, appropriate action u/s 73/74/65/66/67 to be taken with in 30 days from receipt of reply.

19. *MIS Reports* : Monthly Scrutiny progress reports (Summary information on scrutiny for a month) and Scrutiny register providing GSTIN wise details of action taken in respect of scrutiny of returns of allotted GSTINs have been made available on Scrutiny dashboard and requirement of compiling and sending Monthly Scrutiny progress report by CGST zones to DGGST is here by dispensed.

GSTN set to go live on Account Aggregator Ecosystem ahead of 1st July 2023

The list of financial information providers registered in the AA network includes banks, non-banking financial companies, asset management companies, depository, depository participants, insurance companies, and pension funds.

"The Department of Revenue shall be the regulator of GSTN for this specific purpose and Goods and Services Tax (GST) Returns, viz. Form GSTR-1 and Form GSTR-3B, shall be the financial information," the Reserve Bank had said in its circular last year.

Bengaluru-based IT services firms Infosys and Wipro, India's second and fourth largest IT companies respectively, are two companies that have been working with the GSTN as technology service providers.

CBDT released Tax Calculator for Financial Year 2023-24

The Central Board of Direct Taxes (“CBDT”) released the Tax Calculator for Financial Year 2023-24 (Assessment Year 2024-25).

This Calculator provides a comparative Amount of Total Tax Liability under Old Regime vs New Regime and which Regime is more beneficial.

For Individual/ HUF/ AOP/ BOI/ Artificial Juridical Person (AJP).

Link -👉👉👉👉   Calculator

https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

Rule 88B . Manner of Calculating interest on delayed payment of tax

1 [ Rule 88B. Manner of calculating interest on delayed payment of tax.-

(1) In case, where the supplies made during a tax period are declared by the registered person in the return for the said period and the said return is furnished after the due date in accordance with provisions of section 39, except where such return is furnished after commencement of any proceedings under section 73 or section 74 in respect of the said period, the interest on tax payable in respect of such supplies shall be calculated on the portion of tax which is paid by debiting the electronic cash ledger, for the period of delay in filing the said return beyond the due date, at such rate as may be notified under sub-section (1) of section 50.

(2) In all other cases, where interest is payable in accordance with sub section (1) of section 50, the interest shall be calculated on the amount of tax which remains unpaid, for the period starting from the date on which such tax was due to be paid till the date such tax is paid, at such rate as may be notified under sub-section (1) of section 50.

(3) In case, where interest is payable on the amount of input tax credit wrongly availed and utilised in accordance with sub-section (3) of section 50, the interest shall be calculated on the amount of input tax credit wrongly availed and utilised, for the period starting from the date of utilisation of such wrongly availed input tax credit till the date of reversal of such credit or payment of tax in respect of such amount, at such rate as may be notified under said sub-section (3) of section 50.

Explanation.-For the purposes of this sub-rule, -

(1) input tax credit wrongly availed shall be construed to have been utilised, when the balance in the electronic credit ledger falls below the amount of input tax credit wrongly availed, and the extent of such utilisation of input tax credit shall be the amount by which the balance in the electronic credit ledger falls below the amount of input tax credit wrongly availed.

(2) the date of utilisation of such input tax credit shall be taken to be, -

(a) the date, on which the return is due to be furnished under section 39 or the actual date of filing of the said return, whichever is earlier, if the balance in the electronic credit ledger falls below the amount of input tax credit wrongly availed, on account of payment of tax through the said return; or

(b) the date of debit in the electronic credit ledger when the balance in the electronic credit ledger falls below the amount of input tax credit wrongly availed, in all other cases.]

1. Inserted vide Notification No. 14/2022-CT dated. 05.07.2022 w.e.f. 01.07.2017.

This #Thread will definitely helps you in Online Correction in TDS Return

This #Thread will definitely helps you in Online Correction in TDS Return

Type of Online Corrections available at TRACES website

Steps for Online Correction in Statement

Remember this points

Important Points, Please do share with everyoneYour GST Registration cannot be considered Suspicious if:

Important Points, Please do share with everyone

Your GST Registration cannot be considered Suspicious if:

-> Rent Agreement is Expired

-> Authorised Person is not found on 1st physical verification. 2nd Physical Verification would be conducted within 5 days.

If the Person is found missing on the 2nd physical verification then gst registration can be considered as Suspicious.

Source: Advisory issued by Madhya Pradesh

Regard- CA abhishek raja ram

INCOME TAX TDS Sections

TDS Sections 

Section 194N

Payment of certain amounts in cash

Section 194O

TDS on payment made to e-Commerce participant

Section 194P

Tax Deduction in case of a specified senior citizen

Section 194Q

Deduction of tax at source on payment of certain sum for purchase of goods

Section 194R

Deduction of tax at source on benefit or perquisite in respect of business or profession

Regard- CA Mayur J Sondagar

E-Invoice Applicability limit reduced to Rs.5 Crore from 1st August 2023

Notification No. 10/2023 – Central Tax

E-Invoice Applicability limit reduced to Rs.5 Crore from 1st August 2023

सरकार ने व्यापारियों को दिया एक और खूबसूरत उपहार

1 august 2023 से अब 5Cr से उपर के turnover वालो को बनाना होगा E invoice .

ध्यान रखें यदि 2017-18 से 2022-23 के बीच “किसी भी वर्ष में” ( किसी भी एक वर्ष में )आपका टर्नओवर 5 करोड़ रुपये से अधिक था तो अब आपको 1 अगस्त 2023 से अनिवार्य रूप से ई - इनवॉइसिंग करनी होगी ।

#Ease_of_Doing_Bussiness

GTA को Forward Charge में आने के का ऑप्शन पहले जो 15th March तक का था, उसकी date अब बढ़ा कर 31st May, 23 कर दी गई है

Big Breaking - Relaxation of time limit for excersise option of FC by GTA till 31.05.23

 GTA को Forward Charge में आने के का ऑप्शन पहले जो 15th March तक का था, उसकी date अब बढ़ा कर 31st May, 23 कर दी गई है