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Showing posts from October, 2021

Mandatory Bank Account Details Submission Under GST

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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...
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GSTN Blocks Rs 14,000 Crore ITC of 66,000 Taxpayers

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GST Network on Tuesday said it has blocked Rs 14,000 crore worth of input tax credit (ITC) of 66,000 businesses registered under GST. Responding to social media posts based on an RTI reply about the Rs 6.14 lakh crore of ITC blocked under Rule 86A of GST laws, GSTN tweeted that the figure includes erroneous data entries made by the taxpayers. “ITC of approximately Rs 14,000 crore involving 66,000 taxpayers’ stands blocked as on date. This is only 0.38 per cent (approximately) of average ITC utilized by all taxpayers in a financial year,” tweeted GSTN, the company that handles the technology backbone for goods and services tax. The government had introduced Rule 86A in GST rules in December 2019 giving powers to taxmen to block the ITC available in the electronic credit ledger of a taxpayer if the officer has “reasons to believe” that the ITC was availed fraudulently. There are currently 1.32 crore taxpayers registered under GST. It is pertinent to note here that Rule 86A about ‘c...
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Mentioning of PAN & QR Code on Invoices is compulsory from 01.10.2021

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Mentioning of PAN on Invoices is compulsory from 01.10.2021 example see in this bill Section 139A(5)(C) read with rule 114B under Income Tax Act, 1961   has prescribed that all the sellers raising an invoice of Rs. 2 Lakh or more should mention the 10 digit PAN number of vendor & customer on each such invoice w.e.f 01-10-2021  onwards along with verification of such PAN as per Rule 114C . if Form 60 (Not having PAN) is received in lieu of PAN, then half yearly return is required to be filled in Form 61 as per Rule 114D . Non-compliance of it shall be liable for penalty u/s 272B of Rs. 10,000/- per invoice. आयकर अधिनियम, 1961 के तहत नियम 114B के साथ पठित धारा 139A(5)(C) में यह निर्धारित किया गया हैं की सभी विक्रेताओं को 2 लाख या अधिक बिलो को  नियम 114C के अनुसार ऐसे पैन के सत्यापन के  साथ 01-10-21 से प्रत्येक Invoice पर  विक्रेता और ग्राहक के 10 अंको के पैन नंबर का उल्लेख करना चाहिए ।  यदि पैन के बदले में फॉर्म 60 (पैन न होने) प्राप्त होता है...
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