A K N B M & Company, Chartered Accountants

26/07/2023

Dear Professionals,

Big update on Sec 16(4)

HIGH COURT OF ANDHRA PRADESH has given adverse judgement in the case of “Thirumalakonda Plywoods”

HC rules Section 16(4) prescribing time limit for availing ITC is constitutionally valid.

3 dangerous propositions
_1) The time limit prescribed for claiming ITC u/s 16(4) of CGST Act, 2017 is not violative of Article 14, 19(1)(g) and 300A of the Constitution of India._

_2) Section 16(2) of CGST Act, 2017 has no overriding effect on Section 16(4) as both are not contradictory with each other. They will operate independently._

_3) Mere acceptance of Form GSTR-3B returns with late fee will not exonerate the delay in claiming ITC._

Please Feel free to ask any queries

CA. AMIT KUMAR
+91-9811099422

A K N B M & Company is a professionally managed leading Chartered Accountancy firm managed by CA AMIT KUMAR, FCA, FAFD, DISA, CCAB, CPF&GA and CSR (ICAI), B.Com (Hons) rendering comprehensive professional services which include Audit, Income Tax and GST litigation matters, ROC matters, e-CFO outsour...

26/07/2023

https://caamitkumar.in/

21/08/2021

The practice of abnormally low bidding may be good for the procurement of goods, but the same cannot apply for Services of a CA or a consultant, who is bound by certain standards and ethics and has to take responsibility on his/her shoulders for the authenticity of assignments delivered under his/her signatures.

29/09/2019

MCA: NOTIFIES FORM NFRA-2 DEMANDING AUDITORS’ MINUTIAE BY NOVEMBER 30

MCA notifies annual return Form NFRA-2 for auditors, to be filed by November 30 every year; Through the said Form, requires auditors to furnish details of all audit clients with detailed fee breakdown, along with audit report qualifications and disclaimers, resignations and withdrawals from audits from past 3 years, and disciplinary or other proceedings initiated against partner or employee in past 5 years; Specifies that auditors also need to comply with request for production of documents in connection with Form NFRA 2; Clarifies that banking company includes 'corresponding new bank' & 'subsidiary bank'; Further, permits NFRA to extend disciplinary proceeding up to 90 days in case of delays in disposal of SCN issued: MCA

Regards,
AMIT KUMAR
FCA, FAFD, DISA, CCA (ICAI)
9811099422;. 7703917254