Posts

Showing posts from June, 2020

Mandatory Bank Account Details Submission Under GST

Image
Mandatory furnishing bank account details by registered taxpayers under Rule 10A of the Central Goods and Services Tax Act, 2017. Let's Understand What Is Rule 10A Under CGST Act, 2017. The objective of Rule 10A is to prevent fraudulent activities such as the creation of fake GST registrations and the generation of bogus invoices. By verifying the bank account details of new GST registrants, the government can ensure that only genuine businesses are registered under the GST regime. So all the registered taxpayers are required to furnish their bank account details within the prescribed period of time. Mandatory Bank Account Details Submission as Per Law: All Registered Taxpayers are required under the provisions of CGST Act, 2017 and the corresponding Rules framed thereunder to furnish  their bank Account  Details within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier. Taxpayers are therefore advised to promptly furnish the...
Post a Comment
Read more

Circular No. 139/09/2020-GST

Circular No. 139/09/2020-GST     Government of India   Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs New Delhi, Dated the 10th June, 2020   Subject: Clarification on refund related issues 1.  Various representations have been received seeking clarification on the issue relating to refund of accumulated ITC in respect of invoices whose details are not reflected in the FORMGSTR-2A of the applicant. In order to clarify these issues and to ensure uniformity in the implementation of the provisions of law in this regard across the field formations, the Board, in exercise of its powers conferred by section 168 (1) of the Central Goods and Services Tax Act,2017 (hereinafter referred to as “ CGST Act ”), hereby clarifies the issues detailed hereunder: Hindi: GST Refund के सम्बन्ध में स्पष्टीकरण माँगते हुए विभिन्न वर्णन प्राप्त हुए , जो की Invoice के संबंध में संचित ITC का Refund जिसका विवरण आवेदक क...
Post a Comment
Read more

Circular No: 140/10/2020 - GST

Image
Circular No: 140/10/2020 - GST CBEC-20/10/05/2020 -GST  Government of India  Ministry of Finance  Department of Revenue  Central Board of Indirect Taxes and Customs New Delhi, dated the 10th June, 2020 To The Principal Chief Commissioners / Chief Commissioners / Principal Commissioners / Commissioners of Central Tax (All)  The Principal Director Generals / Director Generals (All) Madam/Sir, Subject: Clarification in respect of levy of GST on Director’s remuneration - Reg. 1. Various references have been received from trade and industry seeking clarification whether the GST is leviable on Director‟s remuneration paid by companies to their directors. Doubts have been raised as to whether the remuneration paid by companies to their directors falls under the ambit of entry in Schedule III of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the CGST Act) i.e. “services by an employee to the employer in...
Post a Comment
Read more

"History Of GST In India"

Image
"History to Implementation of GST (India)" The reform of India's indirect tax regime was started in 1986 by Vishwanath Pratap Singh (Finance Minister)  in Rajiv Gandhi 's Government , With The Introduction of Modified Value Added Tax (MODVAT). The Prime Minister Narasimha Rao and his Finance Minister Manmohan Singh,  initiated early discussions on a  Value Added Tax  (VAT) at the state level .  A single common " Goods and Services Tax (GST)" was proposed and given a go-ahead in 1999 during a meeting between the  Prime Minister   Atal Bihari Vajpayee  and his economic advisory panel, which included three former RBI governors  IG Patel ,  Bimal Jalan  and  C Rangarajan . Vajpayee set up a committee headed by the  Finance Minister  of  West Bengal ,  Asim Dasgupta  to design a GST model.  The Asim Dasgupta committee which was also tasked with putting in place the back-end technolo...
Post a Comment
Read more