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How to respond to scrutiny notice GST ASMT-10? GST ASMT-10 ( Assessment Notice) is issued under Section 61 of the CGST Act read along with Rule Number 99. The assessment notice is issued when there is a discrepancy in the GST Returns filed (GSTR-1 and GST-3B), tax paid in GST -3B is less than the…
New functions on GST portal in the year 2021 Since the beginning of this year, the 2021 GST portal had seen many upgrades mostly regarding auto-population of data to avoid any mismatch in GST return. We have discussed them in detail as per the GST document issued by the portal. Auto Generation of Form GSTR-2B,…
Interest on delayed GST Payment The legal position Recently, the GST Council has held its 39th meeting in which it has approved that the interest on GST late payment shall be payable on liability paid belatedly in cash component only, and this shall be made applicable w.e.f. Jul’2017 i.e. retrospective effect. However, it shall be…
GST Interest calculation, interest on reversal & refunds How to calculate interest on the late payment of GST? Interest applies to the late payment of GST. Section 50 of the Central Goods and Service Act 2017 states the following provisions. (1) Every person who is liable to pay tax in accordance with the provisions of…
All about job work in GST Job work in GST is an outsourced activity undertaken by the principal that may or may not culminate into manufacture. For example, An automobile company sends spare parts to a job worker for coating. Coating here is an outsourced activity performed by a third party. Define Job Work? Section…
What are the Consequences of not generating an e-way bill? E-way bill is an electronically generated document mandatory to be carried for the movement of goods across India. It is necessary for the movement of goods whose value is exceeding Rs 50,000 with some reservations. The consequences of not generating an e-way bill maybe both…
Crucial areas to be covered in GST Audit The main objective of GST Audit is to check the veracity of declaration of information in records in accordance with the GST Rules. The most pivotal role-play of a GST audit is to ensure the reconciliation of records in the books to avoid GST evasion. In this…
