The GST regime in India emphasizes compliance and timely filing of returns by registered taxpayers. However, there may be instances where a registered person fails to furnish returns, despite being issued a notice. To address such non-compliance, Section 62 of the CGST Act, 2017 empowers the tax authorities to conduct best judgment assessments for non-filers.
Assessment of Non-Filers of GST Returns – Section 62 of GST Read More »
Section 60 of the CGST Act, 2017, deals with Provisional Assessment. This provision is a crucial relief mechanism for taxpayers who are uncertain about the value of goods or services or the applicable rate of GST. Let’s break down the key aspects of this section to understand its purpose, conditions, and implications. What is Provisional
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Section 59 of the CGST Act, 2017 lays the foundation of the GST compliance framework in India. It mandates that every registered person must self-assess the taxes payable and furnish a return for each tax period as outlined under Section 39 of the CGST Act. This provision, enforced with effect from 1st July 2017, marks
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GST compliance can be complex, requiring businesses to manage various filings and procedural requirements. To facilitate compliance, the Goods and Services Tax Practitioners (GSTPs) play a crucial role. Section 48 of the CGST Act, 2017, provides the legal framework for GSTPs, including their eligibility, functions, and responsibilities. This article delves into the provisions of Section 48
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The GST regime mandates timely compliance by registered taxpayers. One such compliance requirement is the timely filing of GST returns. Failure to do so attracts penalties, including late fees. Section 47 of the CGST Act, 2017, specifically deals with the levy of late fees for delayed filing of GST returns. This article provides an in-depth
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Filing GST returns on time is crucial for compliance with the GST framework in India. To ensure timely filing, Section 46 of the CGST Act empowers tax authorities to issue notices to registered taxpayers who fail to furnish their returns under Section 39, Section 44, or Section 45 of the CGST Act. In this blog,
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Under the GST regime in India, compliance with return filing requirements is crucial for registered taxpayers. One such mandatory filing is the Final Return, governed by Section 45 of the CGST Act, 2017. This provision ensures that businesses winding up their GST registration properly disclose all outstanding tax liabilities. Understanding Section 45 of the CGST
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Under the GST regime in India, compliance plays a crucial role in ensuring transparency and accountability. One of the key compliance requirements for registered taxpayers is the filing of an annual return under Section 44 of the CGST Act. This article provides a detailed analysis of Section 44, its applicability, due dates, exemptions, and recent
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Section 42 of the CGST Act dealt with the matching, reversal, and reclaim of input tax credit (ITC). This provision was aimed at ensuring transparency and accuracy in ITC claims by reconciling the details of inward and outward supplies. However, this section was omitted with effect from 1st October 2022 via Notification No. 18/2022 –
Matching, Reversal, and Reclaim of ITC – Section 42 of GST Read More »
The GST framework mandates compliance from registered taxpayers, including the filing of various returns. One crucial aspect for newly registered taxpayers is Section 40 of the CGST Act, which deals with the First GST Return. This provision ensures that all outward supplies made between the date of liability and the date of registration grant are
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