TaxUpp

CBDT extends due date for filing of Form 10B/10BB for FY 2022-23 to 31.10.2023.

Due date for furnishing of ITR in Form ITR-7 for the AY 2023-24 also extended to 30.11.2023.

CBDT Circular No. 16/2023 dated 18.09.2023 issued and is available at:

incometaxindia.gov.in/communications
CA Kapil Arora CA Kapil Arora II CA Kapil Arora

ITR filing is on , file your ITr on time !!

Amnesty scheme for non filers GSTR-4 by composition taxpayer
amnesty scheme

Amnesty scheme For Revocation of cancellation of Registration till 30th June 2023

File your ITR on time

GSTN has enabled the functionality to validate IRN or search IRN from the document number. https://einvoice.gst.gov.in/einvoice/search-irn Useful : to verify the genuineness of E-invoice bcoz otherwise ITC can be rejected.

GSTN has enabled the functionality to validate IRN or search IRN from the document number. https://einvoice.gst.gov.in/einvoice/search-irn
Useful : to verify the genuineness of E-invoice bcoz otherwise ITC can be rejected.

GSTN has enabled the option to file Annual Return and Reconciliation Statement, namely Form GSTR-9 and GSTR-9C on the GST portal for the Financial Year 2022-2023.

The due date for the financial year 2022-23 is December 31, 2023.

*Proper officer under section 70(1) cannot direct customer of assessee to stop further payments to assessee*

The writ petition was filed by the assessee against the notice which was given to the customers of the petitioner under section 70(1) with a direction to stop payment to the assessee. The petitioner's counsel argues that the proper officer does not have the authority to instruct the summoning party to halt payment to the assessee under section 70(1) however he has such power under section 83 of the GST Act which deals with provisional attachment of any property or bank account of the assessee. The Court set aside the impugned portion of the notice.

*Sri Sai Balaji Associates v. State of Andhra Pradesh- Andhra Pradesh HC*

The CBIC issued Notification No. 10/2023–Central Tax dated May 10, 2023 to amend Notification No. 13/2020 – Central Tax, dated March 21, 2020 to decrease the E-invoicing aggregate turnover limit from 10 crore to 5 crore w.e.f. August 01, 2023.

*E-invoicing limit reduced to 5 crores from existing limit of 10 crores from 01st August 2023:*

From 01 August 2023, e-invoicing will be mandatory for businesses with an annual aggregate turnover of Rs. 5 crores or more. Currently the limit is 10 Crores which is being reduced to 5 crores.

The timeline to opt for forward charge by a good transport agency (GTA) for the FY 2023–24 has been extended until May 31st, 2023.

1.GST collections touch record high of Rs 1.87 lakh crore in April 2023

2. Revocation of GST Registration Beyond Limitation Period can be Reapplied as per Latest GST Notification: Karnataka HC allows to File Revocation Application.
CA Kapil Arora

If the taxpayer can furnish details of the actual consideration received for construction services and land cost, Deeming fiction providing the one-third value of land will not be applicable.

*M/s. Avigna Properties Private Limited - Madras High Court*

*Cancellation of GST registration on the basis of physical verification without giving notice under Rule-25 is not sustainable-Delhi High Court*

-Assessee had submitted application notifying change of place of business.

-Registration certificate was cancelled on ground that business was not being carried out from registered place of business after carrying out physical verification of place of business.

-Court held that though registration was cancelled after carrying out physical verification of place of business but the Proper Officer in terms of rule 25 *failed to issue notice to assessee mandating his presence at time of verification*.

- Also the verification report generated after carrying out physical verification was not uploaded on common portal in Form GST REG-30 within 15 days from date of such verification.

-Hence court held order cancelling registration was not sustainable and instructed Department to restore registration and give assessee eight weeks time to upload returns for relevant period.

*Bimal Kothari vs. Assistant Commissioner- Delhi High Court*

*Practicing CA, CS and CWA's brought under Prevention of Money-laundering Act, 2002 (PMLA), if they Enter into financial transactions on behalf of client*
Note: Advocates not Covered here !!
CA Kapil Arora CA Kapil Arora II

Central Board of Indirect Taxes and Customs has given a three-month exemption to payments relating to baggage and international courier shipments from the ECL facility. The exemption, which was till April 30, has not been extended till June 30, according to a CBIC notification.

ITR filing for income earned in FY 2022-23 has started. The IT Deptt enabled offline Excel-based utilities for filing ITR-1 (Sahaj) and ITR-4 (Sugam). The utilities can be downloaded from the Income Tax e-filing website. Eligible taxpayers can use these utilities for their tax return filing.

Madras High Court in their decision dated 23.11.2022 (Criminal Revision Case No.1354 of 2022) in a chartered accountant’s criminal case held that a Chartered Accountant while issuing 15CB certificate is required to only examine the nature of the remittance and nothing more. The Chartered Accountant is not required to go into the genuineness or otherwise of the documents submitted by his clients.

CHALLENGES make you more RESPONSIBLE. Always remember that life without STRUGGLE is a life without SUCCESS. Don't GIVE UP ever and LEARN not to QUIT even in the worst case. !!

*Important Update - GST*

The existing limit for E- invoice reduced from Rs. 50 Crores to Rs. 20 Crores vide Notification No. 01/2022- Central Tax dated 24th Feb, 2022.

*NOTE -* If the Aggregate Turnover has exceeded Rs. 20 Crs in *ANY PRECEEDING F.Y.* i.e. 17-18, 18-19, 19-20, 20-21 or 21-22, then E-Invoicing would be applicable from 1st April, 2022!!

TaxUpp updated their business hours.

TaxUpp updated their phone number.