Sachin Kathuria & Associates

31/12/2024

सूर्य संवेदना पुष्पे, दीप्ति कारुण्यगंधने।
लब्ध्वा शुभं नववर्षेऽस्मिन् कुर्यात्सर्वस्य मंगलम्॥

नववर्ष की हार्दिक शुभकामनायें!

24/03/2024

खुशियों के रंग से भरी इस खास होली पर, आपको और आपके परिवार को बधाई और शुभकामनाएं।

03/01/2024

𝗚𝗼𝗼𝗱 𝗡𝗲𝘄𝘀 𝗢𝗻 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟭𝟲(𝟰) 𝗼𝗳 𝘁𝗵𝗲 𝗖𝗚𝗦𝗧 𝗔𝗰𝘁:

📢 𝗜𝗻𝗽𝘂𝘁 𝗧𝗮𝘅 𝗖𝗿𝗲𝗱𝗶𝘁 (𝗜𝗧𝗖) 𝗱𝗲𝗻𝗶𝗮𝗹 𝗳𝗼𝗿 𝗯𝗲𝗹𝗮𝘁𝗲𝗱 𝗿𝗲𝘁𝘂𝗿𝗻-𝗳𝗶𝗹𝗶𝗻𝗴 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝗱; 𝗦𝘂𝗽𝗿𝗲𝗺𝗲 𝗖𝗼𝘂𝗿𝘁 𝗶𝘀𝘀𝘂𝗲𝘀 𝗻𝗼𝘁𝗶𝗰𝗲

➡️ The Supreme Court (SC) has issued a notice in response to a Special Leave Petition (SLP) filed by an assessee challenging a Patna High Court judgment that upheld the constitutional validity of section 16(4) of the CGST/Bihar GST Act, 2017.

➡️ Section 16(4) denies Input Tax Credit (ITC) for any invoice or debit note issued after the due date of furnishing returns under section 39, specifically for the month of November following the end of the financial year or the relevant annual return, whichever is earlier.

➡️ The petitioner argues before the SC that section 16(4) is confiscatory in nature, as the denial of ITC acts as a forfeiture of property in the form of a financial benefit when returns are filed late. The petitioner points out that the Revenue is collecting late fees for belated returns, which can be regularized, but ITC is permanently lost in the process.

➡️ The outcome of the case is pending as the copy of the order is awaited from the Supreme Court.

✔️ Supreme Court: MRITYUNJAY KUMAR v. THE UNION OF INDIA AND ORS. [SLP(C) No. 28270/2023]

03/01/2024

The GSTN added two new tables in GSTR-1 starting from January 2024 onwards.

Table 14 – Supplies Made Through E-Commerce Operators (In this table, you can add details of taxable outward supplies made through e-commerce operator.)

Table 15 – Supplies under Section 9(5) of the CGST Act (In this table, you can add details of taxable outward supplies on which the e-commerce operator is liable to pay tax under Section 9(5) of the CGST Act.)

In GSTR – 3B, Table 3.1.1 addresses supplies notified under Section 9(5) of the CGST Act, 2017. This table requires suppliers and e-commerce operators (ECOs) to separately report supplies on which the e-commerce operator is liable to pay tax.
Previously, GSTR-1 did not have specific tables for reporting these transactions separately. As a result, Table 3.1.1 in GSTR-3B was not auto-filled due to the absence of corresponding reporting sections.
Starting from January 2024, GSTR-1 has introduced Tables 14 and 15 specifically designed for reporting supplies on which e-commerce operators are liable to pay tax. This modification ensures accurate auto-filling of Table 3.1.1 in GSTR-3B for both suppliers and e-commerce operators.

31/12/2023

Here's to a year of growth, resilience, and unforgettable moments. May 2024 be a journey of self-discovery and achievement.

Happy New Year!

11/11/2023

दीपावल्याः सहस्रदीपाः भवतः जीवनं सुखेन, सन्तोषेण, शान्त्या आरोग्येण च प्रकाशयन्तु।

May the thousands of lamps of Diwali illuminate your life with happiness, joy, peace and health.

दीपावली के हजारों दीप आपके जीवन को खुशी, आनंद, शांति और स्वास्थ्य के साथ रोशन करें।

17/06/2023

GST officers have no power to seize cash during search operations. Imposed cost of ₹ 25000/- for the inaction of the revenue

21/05/2023

SBI issues advisory to all bank branches, which says : EXCHANGE OF Rs 2000 NOTES TO BE ALLOWED WITHOUT ANY FORM OR REQUISITION SLIP FOR UPTO Rs 20,000.

12/05/2023

10/05/2023

E invoicing limit to be reduced from currently 10 Crore to 5 Crore w.e.f. 01- Aug-2023. Notification no 10/2023 Central Tax dated 10-May-2023 issued in this regard.

Taxpayer whose PAN based turnover has crossed Rs 5 crore in any of the previous financial year starting from July 2017 till Mar 2023, will be covered under this notification.