Sachin Naveen Goyal & Associates

31/12/2022

03/04/2022

GST UPDATE

Central Board of Indirect Taxes & Customs (CBIC) has issued Standard Operating Procedure (SOP) to streamline the scrutiny of Goods and Services Tax (GST) returns filed for the financial year 2017-18 and 2018-19. This move is aimed at detecting fraudulent instances of ailment of Input tax credit and curb other revenue leakages. A GST officer will thoroughly check the GST return of a particular taxpayer based on certain risk parameters, to verify its correctness.
The indicative list of parameters on the basis of which registered taxpayers are selected by proper officer is as follows:
i) Tax Liability on Outward Supplies:
ii) Tax Liability on Inward Supplies (RCM)
iii) Outward supplies Vs TDS TCS
iv) ITC from suppliers whose registration is cancelled
v) ITC on Import of Goods
vi) Payment of Interest & Late Fee
vii) Outward supplies Vs E-way bills
The proper officer may consider any other parameter, as he may deem fit, for the purpose of scrutiny.
Further, the Joint Commissioner (Intelligence) may authorize a field officer who may cause purchase of any goods or services or both from the business premises of any taxable person, to check the issue of tax invoice or bills of supply by such taxable person. On return of goods so purchased by such officer, such taxable person in charge of the business premises shall refund the amount so paid towards after cancelling any tax invoice/bill of supply issued. The main purpose of test check is to
i. Ensure compliance in issuing of tax invoice/bill of supply by taxable person.
ii. Prevent composition taxable persons/unregistered persons from collecting tax from customers.
iii. Prevent possible evasion of tax

24/03/2022

Government (CBIC) has issued detailed guidelines for Return Scrutiny under GST for FY 2017-18 and 2018-19. Such scrutiny of Returns would be in time bound manner. Some indicative list of parameters for scrutiny have been given in the guidelines as below:

🔵 Difference in Tax Liability between GSTR-1 and GSTR-3B

🔵 RCM liability to be compared with RCM ITC availed in GSTR-3B

🔵 RCM liability appearing in GSTR-2A and liability declared in GSTR-3B

🔵 Tax liability paid in cash in GSTR-3B should not be less than liability declared on RCM in GSTR-3B

🔵 ITC availed on ISD to be compared with IDS ITC appearing in Table 7 of GSTR-2A

🔵 All other ITC availed in GSTR-3B to be compared with ITC appearing in GSTR-2A

🔵 Outward tax liability declared in GSTR-3B should not be less than payable as TDS/TCS appearing in GSTR-2A

🔵 Comparison of liability declared in GSTR-3B with E-way Bill Report

🔵 ITC availed in respect of vendors where registration cancelled retrospectively

🔵 ITC availed in GSTR-3B where vendors not filed GSTR-3B

🔵 GSTR-3B filed after September due date- no ITC to be availed in this Return

🔵 Import of goods ITC availed in GSTR-3B to be compared with ITC appearing in GSTR-2A on import of goods

🔵 ITC reversal under Rule 42/43 viz a viz exempted supply shown in Return

🔵 Payment of Interest and Late Fees

18/09/2021

Big Problem to be Faced by Late Filers of GSTR-1. Late Fees will be Collected in GSTR-3B [Read Press Release]

On 17th September 2021, 45th GST Council Meeting has recommended that late fees for late filing of GSTR-1 will be collected through next GSTR-3B return. Till now, the portal is not levying late fees on GSTR-1.