Skip to main content

Opportunity to revise Trans-1

In a Press Release issued by Ministry of Finance, Government urges taxpayers who have claimed transitional credit erroneously to avail the opportunity of revising Form TRAN-1 by December 27 to ensure correct and bona fide credit availment. It also clarifies that if such correct or bonafide credit is not availed then it would constrain tax administration to initiate audit and enforcement action against identified units.

Noting that some taxpayers have availed “extraordinarily high” transitional credit of CGST which is neither commensurate with trend of input tax credit of industry nor as maintained by taxpayer himself in the past, Govt. remarks, “Such behaviour leads to breach of trust between the taxpayer and the tax-administration, which is the bed-rock of self-assessment regime in GST.


Press Release

www.cajd.co.in
Labels:
Location: D-813, Titanium City Centre, 100 feet Road, Ahmedabad, Gujarat 380015, India

Comments

Post a Comment

Popular posts from this blog

Changes in New ITR for AY 2019-20 FY 2018-19 Decoded The Central Board of Direct Taxes (CBDT) has notified the Income-tax Return (ITR) Forms applicable for the Assessment Year 2019-20. These ITR Forms will be applicable for the filing of income-tax return in respect of income earned during the previous year 2018-19 (between 01-04-2018 to 31-03-2019). The new forms incorporate the changes made by the Finance Act, 2018 in the Income-tax Act, 1961. 1.            Start-ups are required to report registration number allotted by DPIIT & other information. 2.            Start-ups & closely held companies are required to report details of shareholding. 3.            Start-ups & unlisted companies are required to report additional details regarding assets & liabilities. 4.        ...
3 comments
Read more

Composite Supply & Mixed Supply under GST

A taxable event under GST is supply of goods or services or both. GST will be payable on every supply of goods or services or both unless otherwise exempted. The rates at which GST is payable for individual goods or services or both is also separately notified Classification of supply (whether as goods or services, the category of goods and services) is essential to charge applicable rate of GST on the particular supply. The application of rates will pose no problem if the supply is of individual goods or services, which is clearly identifiable and the goods or services are subject to a particular rate of tax. But not all supplies will be such simple and clearly identifiable supplies. Some of the supplies will be a combination of goods or combination of services or combination of goods and services both. Each individual component in a given supply may attract different rate of tax. The rate of tax to be levied on such supplies may pose a problem in respect of classification of such s...
Post a Comment
Read more

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Effective from 1st September 2019 ( Notification link ) Objectives • One time measure for liquidation of past disputes   of 29 enactments   including Excise, Service Tax, Sugar Cess, Salt Cess, tobacco cess enactments etc. • To provide an opportunity for voluntary disclosure to non-compliant taxpayers. Cases covered under the Scheme   • A show-cause notice or appeals arising out of a show-cause notice pending as on the 30th day of June 2019 • An amount in arrears • An enquiry, investigation or audit where the amount is quantified on or before the 30th day of   June 2019 • A voluntary disclosure Exclusions from the Scheme • Cases in respect of excisable goods set forth in the Fourth Schedule to the Central Excise Act, 1944 (this includes tobacco and specified petroleum products) • Cases for which the taxpayer has been convicted under the Central Excise Act, 1944 or the Finance Act, 1944 • Cases involving erroneous refunds • Case...
Post a Comment
Read more