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 […]
Levy of Late Fee – Section 47 of GST Read More »
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,
Notice to GST Return Defaulters – Section 46 of GST Read More »
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
First GST Return – Section 40 of GST Read More »
Section 37 of the CGST Act, 2017, lays down the provisions for furnishing details of outward supplies by a registered person. It mandates the electronic submission of outward supply details within a prescribed time frame and outlines the conditions for rectification of errors and omissions. This blog provides a comprehensive guide on Section 37, its
Furnishing Details of Outward GST Supplies – Section 37 of GST Read More »
Maintaining proper books of accounts and records is a critical compliance requirement under the GST regime. Section 36 of the CGST Act, 2017, specifies the period for which these records must be retained. Understanding this provision is crucial for registered taxpayers to ensure compliance and avoid penalties in case of audits or legal proceedings. What
Period of Retention of Accounts – Section 36 of GST Read More »
The GST framework in India incorporates mechanisms to rectify tax invoices issued for the supply of goods or services. Section 34 of the CGST Act governs the issuance of credit and debit notes to adjust taxable values and tax liabilities. This article provides a comprehensive understanding of Section 34, its provisions, and compliance requirements. What
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In the dynamic landscape of GST compliance, businesses must ensure that their registration details remain accurate and up to date. Section 28 of the CGST Act lays down the provisions for the amendment of GST registration. This section is crucial for registered taxpayers as it specifies the procedure for modifying registration details, ensuring transparency and
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