N K Legal Consultant

➡️Net Direct Tax collections(provisional) for FY2023-24 exceed the Budget Estimates by ₹ 1.35 lakh crore i.e by 7.40% & Revised Estimates by 0.67%

➡️Gross Direct Tax collections(provisional) at ₹23.37 lakh crore register a growth of 18.48%

➡️Net Direct Tax collections(provisional) at ₹19.58 lakh crore mark a growth of 17.70%

➡️Refunds of ₹3.79 lakh crore have been issued, an increase of 22.74% over refunds issued in F.Y 2022-23

Details available in Press Release: pib.gov.in/PressReleseDet…

🌾 कर मुक्त और कर योग्य कृषि आय के उदाहरण

💼 HUF Tax Benefits -

🏠 HUF (Hindu Undivided Family) enjoys various tax advantages under Indian tax laws.
💰 It can claim deductions on income and avail exemptions similar to individual taxpayers.
📈 HUF also benefits from lower tax rates applicable to certain income sources.
📊 Understanding these benefits aids in efficient tax planning for joint family.

Extension of GSTR-1 Due Date To 12th April 2024

FY 1718 के DRC 07 U/s 73 सबके 10th Dec से लेकर 30th Dec को हो गए थे

उनकी अपील की अंतिम तारिक वैसे तो 3 महीने के हिसाब से मार्च में थी, लेकिन आप अगर १ महीने के Condonation में भी जाओ तो वो April में खतम हो रहा है, अगर अभी नही किया अपील तो फिर आपका ये अधिकार चला जायेगा और डिमांड comfirm हो जायेगी

इसलिए DRC 07 के 4 महीने के अंदर हर हाल में अपील कर दो, नही तो बाद में आप कितने भी सही हो, कुछ नही कर पाओगे

Adv Rishi Porwal
8954141101

Eicher Motor जो बुलेट मोटरसाइकिल बनाती है और लिस्टेड कंपनी है, उसको 117 Cr का GST नोटिस आया, उसमे आरोप था

1) GSTR 3B में Sales को 3 Time कर दिया GSTR 1 से
2) Defective Goods को रिटर्न किया तो उसका Credit Note लेने की जगह उसको Sales में Report किया
3) GSTR 2A GSTR 3B Mismatch था बहुत बड़ा

अब सवाल ये है की ये इतनी बड़ी कंपनी है और इसके यहा पर GST का काम ऐसा होता है जैसे ये छोटा किराना स्टोर हो? सब कुछ हवा में? तो ये फिर करोड़ों रुपए अपने GST Audit / GST Team को ऐसे ही दे रहे थे क्या?

Court ने ऑर्डर को ख़ारिज करके Remind Back कर दिया है वापस Proper Officer को

Writ Petition No. 7638 of 2024 And W.M.P.No. 8553 of 2024 MADRAS HIGH COURT

अगर आपका Sales पिछले किसी साल में FY 1718 से FY 2324 (मतलब इस साल भी) में अगर 5 Cr हो गया है तो आप पर फिर 1st April, 2024 से E-Invoice लागू हो जाएगा

E-invoice के लिए पिछले साल का Sales देखा जाता है, अगर FY 23-24 में 5 Cr से अधिक है तो अब 1st April से E Invoice बनाना होगा

Adv. Rishi Porwal
089541 41101

Now, GST payments through UPI & Debit/Credit Cards are available in 15 states/UTs

अगर सप्लायर कोई टैक्स Section 73 में पेमेंट करता है तो Buyer को उसका ITC मिलेगा, और Section 74 में पेमेंट का ITC नहीं मिलेगा, लेकिन GSTN पर ऐसा कोई सिस्टम ही नहीं है जिससे Buyer को पता चले की सप्लायर ने अपना पुराना टैक्स पेमेंट कर दिया है, सेक्शन 73/74 किसमे किया है वो तो दूर की बात है

Finance Ministry may postpone rule mandating payments to MSMEs within 45 days, sources say

📛⚠️ Important Judgment on Rejection of Appeal under GST;

📢 Rejection of appeal solely on ground of payment of pre-deposit through DRC-03 due to technical glitch was unfair

➡️ The assessee faced technical issues while trying to make a pre-deposit of 10% of the demanded tax via Form APL-01 for appealing against Assessment Orders and instead made the payment through Form GST DRC-03 due to these glitches, a method accepted by the Web Portal.

➡️ The assessee's appeals were rejected because the pre-deposit was made through the incorrect form (GST DRC-03 instead of APL-01), and their applications to condone the delay were not considered by the Respondent Authority.

➡️ Following the rejection of their appeals, the assessee's bank accounts were attached as enforcement of the assessment orders.

➡️ The assessee claimed that the use of Form GST DRC-03 was not willful but compelled by technical issues, and argued that their petitions to condone the delay were overlooked by the Respondent Authority.

➡️ The High Court found the assessee's contentions regarding the non-consideration of their delay condoning petitions to be of merit and remanded the matter back to the Respondent Authority to reconsider the reasons stated in those petitions and to pass appropriate orders accordingly.

✔️ Andhra Pradesh HC - Manjunatha Oil Mill v. Assistant Commissioner (ST) (FAC) [W.P.NOS. 2153, 2177 OF 2024 & OTHS.]

MSME section 43B: भुगतान के लिए 45 दिनों की मोहलत हासिल करने सप्लायर से लेना होगा डिक्लेरेशन?

आयकर बनाम जीएसटी !!!!!!

PMT 04 - Opposite interpretation :

Rule 85(7), 86(6) and 87 (12) provide that if a registered person finds any discrepancy in his liability ledger, credit ledger or cash ledger respectively, he should communicate this to the officer through form PMT 04.

This is a facilitation measure for the tax payer. A way to complain and get corrected any adverse discrepancy. Can we even imagine such a facilitation measure can be used against the tax payer ?

YES !!

I came across a 3B 2A mismatch case where section 74 was invoked and 100% penalty was levied. Reasoning for intention to evade tax given was that the tax payer did not communicate the discrepancy and thus, violated rule 86 (6) !! 3B - 2A mis match was a discrepancy which should have been communicated !!

No end to litigation for sure.

Views welcome.

Budget team of CBIC with Hon’ble FM Smt.

along with MoS (F) Sh.

&

on the eve of Interim Budget. Also, present are Revenue Secretary Sh.Sanjay Malhotra, Chairman CBIC Sh.Sanjay Agarwal & Member Tax Policy Sh.Vivek Ranjan.

GST Appeal Amensty की अंतिम तारीक 31-Jan-2024 है

अगर आपका कोई Order DRC 07 U/s 73/74 31st March, 2023 से पहले का पास हुआ है और उसकी अपील करनी रह गई थी या आपने अपील किया था लेकिन 90 से से अधिक टाइम होने पर अपील Authorty ने अपील टाइम barred पर रिजेक्ट कर दिया था, तो उसकी अपील अब आप 31-Jan तक कर सकते हो, लेकिन इसमें आपको Pre Deposit अब 12.5% देना होगा, इसमें 10% Credit से और 2.5% Cash ledger से देना होगा

Web - www.nklegalconsultant.com
Phone - 8954141101

FM Nirmala Sitharaman hosts the Halwa ceremony

Income tax Alert

Section 43B-any amount remains unpaid on year end to creditors, being micro/small entity, beyond 45 days or less,as agreed or 15 days if no agmt, shall be added to taxable Income resulting in huge additional tax liability.
Keeping such creditors unpaid is risky

New Update on Section 16(4) of the CGST Act: Input Tax Credit (ITC) denial for belated return-filing challenged; Supreme Court issues notice

Compliance Calendar for Calendar Year 2024
(January 2024 to December 2024)

Annual Return GSTR-9 Late Fee
FY 22-23💥

NNo. 07/2023 - CT 👇🏻

From 2022-23 'onwards'❗️
AATO =5 Cr upto 20Cr-Rs.100/day
Sub to Max of 0.04% of Turnover in State (in both cases)

For AATO > 20 Cr - Rs. 200/day
Subject to Max of 0.50% of Turnover in State! - Sec 47 (2) 👇🏻

Finally all the GST Annual Returns and Reconciliation Statements have been filed!

This feels like a good ending!

Big Breaking

FY 1819 Order date extended by CBIC From March 24 to April 24

It means now they can issue SCN FY 1819 till 31st Jan, 24, earlier date was 31st Dec

FY 1819 के ऑर्डर पास करने की Date बढ़ा दी गई है, अब Dec की जगह Jan तक ये SCN इशू कर सकते है FY 1819 का Section 73 में

Phone :- 089541 41101

"⏰ Don't let the deadlines slip away! 31st December. Just a friendly reminder to all businesses out there: GSTR-9 and GSTR-9C due date is approaching. Ensure your tax compliance game is strong and submit those returns on time.

Web :- nklegalconsultant.com
Phone :- 089541 41101

जीएसटी अपील दाखिल करने में देरी के लिए माफ़ी हेतु विशेष माफ़ी योजना।

Some suggestions for GSTR 9

-Provide separate filed in table 6 for ITC Claimed in FY 22-23 for invoices pertaining to FY 21-22

-Link Table 7 with Table 8 so that ITC reversal amount does not become reasons for difference in Table 8

-Auto Populate HSN summary from GSTR 1

STR 9 में समस्या बस इतनी ही है

2B का ITC BOOKS से नहीं मिल रहा
BOOKS का ITC 3B से नहीं मिल रहा
3B का AUTO SUMMARY से नहीं मिल रहा
AUTO SUMMARY का GSTR-9 POPULATED से नहीं मिल रहा

ACTUALLY किसी का किसी से नहीं मिल रहा

अब तो ये भी समझ नहीं आ रहा कि मिलाना क्या है??!!

HC: 10-yr period for I-T review applies to income over Rs 50L