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Monday 10am - 7pm Tuesday 10am - 7pm

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Shriya Agarwal & Co., Sector 41, Noida (2026)

13/05/2023

GST Special All-India Drive against fake registrations, issuance of bogus invoices for passing fake Input Tax Credit to began from 16th May 2023 till 15th July 2023.

Dear Taxpayers, please ensure the following-
1. Name board of the Company/firm is displayed outside the premises of factory, offices and shops which should mention the complete and correct address of the premises and GST registration number.

2. GST registration certificate is displayed at the entry of premises.

3. GST registration certificate is duly updated such as details of present directors/partners, authorised signatory and addresses for all the place of business within the state.

4. Details of all the sales and purchases made by the Company/firm for last 6 years including copies of all the invoices duly signed by the authorised signatory.

5. All the documents submitted at the time of obtaining registration such as PAN, Aadhar card, Incorporation certificate, Board resolution, MOA/AOA/Trust deed /partnership deed, photographs, bank accounts, valid and registered rent agreements, NOC, latest electricity bill, etc.

6. All the GST returns (both monthly/quarterly and annually) are duly filed along with payment of appropriate taxes.

Please note this is a tentative list. Kindly input your comments below, if you have any other check points.

14/04/2023

GSTN update: Time limit for generating E-invoices

1. Government has decided to impose a time limit on issuance of E-invoice for the taxpayers having aggregate turnover of 100 crores or more.

2. Above taxpayers can generate e-invoice maximum within 7 days from the date of invoice (excluding invoice date).

3. The above restrcition shall apply to all the invoices including debit / credit notes.

4. The above restrcition shall be applicable from May 1, 2023 onwards.

Example: If your invoice date is May 1, 2023, then you can generate E-invoice maximum by May 8, 2023.

Enclosing the extract of advisory released on GST portal.

03/04/2023

GST changes dated 31st March 2023-

1. Notification No 2/2023: Late fees in case of FORM GSTR-4 (Composition dealers) for the periods from July-2017 till F.Y 2021-22 has been waived completely in case of NIL returns and reduced to Rs 500/- in other cases provided the said returns are filed between 01.04.2023 to 30.06.2023

2. N/No. 03/2023: One time opportunity (with no further extension) provided to taxpayers where registrations were cancelled on or before 31-12-2022 due to non-filing of GST returns. Now, they can apply for revocation of cancellation of their registrations between 01.04.2023 to 30.06.2023 only after filing of returns along with payment of tax, interest, penalty and applicable late fee.

3. N/No. 04/2023 & 05/2023: Procedural changes under GST registration relating to Aadhar authentication and biometric verification of applicants have been made in GST rules. The said changes shall be effective from 26.12.2022.
Further, the above provisions shall apply only in the State of Gujarat.

4. N/No. 06/2023: One time opportunity provided to the non-filers of GST returns whose best judgement assessment has been completed on or before 28.02.2023 and they failed to file the GST returns within 30 days from service of assessment order.
These persons can now file the returns from 01.04.2023 to 30.06.2023 with payment of tax, interest and late fees and the assessment order shall be deemed to be withdrawn.
Further, the above opportunity is given whether or not appeal if filed / decided against the said assessment order.

5. N/No. 07/2023: Late fee for GST Annual return has been reduced from FY 2022-23 onwards.
For T/o upto 5 Cr: INR 50 per day (25 each under CGST/SGST) max. upto 0.04% (0.02% each under CGST/SGST) of turnover in State/UT.
For T/o > 5 Cr but 20 Cr: INR 200 per day (100 each under CGST/SGST) max. upto 0.5% (0.25% each under CGST/SGST) of turnover in State/UT.

Further, one time opportunity is provided to file the pending GST annual returns, if any (from FY 17-18 to FY 21-22) from 01.04.2023 to 30.06.2023 with max. late fee of 20,000 only (10,000 each under CSGT/SGST).

6. N/No. 08/2023: One time option provided to non-filers of GST Final return (GSTR-10) whose registration was cancelled voluntarily or suo-moto by GST officer. They can now file their GSTR-10 from 01.04.2023 to 30.06.2023 with maximum late fee of 1,000 (500 each under CGST/SGST).

7. N/No. 09/2023: Time limit for issuance of order u/s 73 (other than fraud cases) has been increased by further 3 months.
For FY 17-18, order u/s 73 can be issued upto 31.12.2023
For FY 18-19, order u/s 73 can be issued upto 31.03.2024
For FY 19-20, order u/s 73 can be issued upto 30.06.2024
Please note, SCN shall be issued atleast 3 months before the last date to issue order u/s 73.

29/03/2023

Update: PAN-Aadhar link

1. Last date to link your PAN with Aadhar got extended till 30 June 2023.

2 Earlier, the last date to link the above documents was 31st March 2023.

3. Please note the late fee of INR 1,000/- is still applicable.

4. From 1st July 2023, PAN which is not linked to Aadhar will become inoperative and no refund and interest shall be payable on refund during which PAN remains inoperative.

5. Further, Non linkage would lead to higher deduction / collection of TDS and TCS

25/03/2023

Update:

1. Last date to link your PAN with Aadhar is March 31, 2023 with a late fee of INR 1,000/-.
2. Non-linkage of your PAN with Aadhar by March 31, 2023 is subjected to penalty of INR 10,000/-.
3. Failure to link the two documents by March 31, 2023 may make your PAN inoperative.

19/02/2023

The GST Council in its 49th meeting held on 18th February, 2023 made following recommendations:

A. Trade Faciliatation measures:
a). Rationalization of late fee for Annual Return:
For Turnover upto INR 5 crore: Rs 50 per day (Rs 25 CGST + Rs 25 SGST), subject to a maximum of 0.04 percent of his turnover in the State or UT (0.02% CGST + 0.02% SGST).
For Turnover above INR 5 crore upto INR 20 crore: Rs 100 per day (Rs 50 CGST + Rs 50 SGST), subject to a maximum of 0.04 percent of his turnover in the State or UT (0.02% CGST + 0.02% SGST).

b). Amensty by way of conditional waiver/ reduction in late fee for pending returns in FORM GSTR-4 (composition dealer), FORM GSTR-9 (regular dealer) and FORM GSTR-10 (final return).

c). Rationalization of provision of place of supply of services of transportation of goods: Section 13(9) of the IGST Act, 2017 to be deleted, to provide that the place of supply of services of transportation of goods, in cases where the location of the supplier of services or the location of the recipient of services is outside India, shall be the location of the recipient of services.

d). Timeline Extension for Revocation Application for Cancellation of Registration and one time Amnesty Scheme for past cases: The time limit for making an application for revocation of cancellation of registration to be increased from 30 days to 90 days (further extendable by 180 days). Further, where registration has been cancelled on account of non filing of returns but application could not be filed withing prescribed time, such persons would be allowed to file application by a specified date, subject to certain conditions.

B. Change in GST levy and rates on goods and services

a). Taxable services provided by the Courts and Tribunals shall be taxable under reverse charge mechanism (RCM).

b). Extension of exemption to any authority, board or a body set up by the Central Government or State Government including National Testing Agency for conduct of entrance examination for admission to educational institutions.

c). GST rate for Rab shall be 5% if sold pre-packaged and labelled, and NIL if sold otherwise.

d). GST rate for pencil sharpeners shall be reduced from 18% to 12%.

C. Central Govt. to clear the balance dues of GST Compensation Cess to States amounting to INR 16,982 crores for the month of June 2022. Furthermore, the Centre to pay the admissible final GST compensation cess due to the respective states that have provided their revenue figures as certified by the respective states’ Accountant General, totaling Rs. 16,524 crores.

D. GoM Report on Constitution of GST Appellate Tribunal: The report that was compiled by the Group of Ministers (GoM) on the GST Appellate Tribunal was approved by the GST Council with some amendments. The members will be asked for their feedback on the final draft of the amendments to the GST laws.

E. GoM Report on Capacity Based Taxation and Special Composition Scheme in certain Sectors on GST: To improve revenue collection from products like pan masala, gutkha, and chewing to***co, the council approved the GoM's following recommendations:
a). capacity-based levy is not to be prescribed
b). implementation of compliance and tracking measures
c). exports only against letter of undertaking (LUT) with subsequent refund of accumulated ITC
d). levy of compensation cess to be changed from value based to specific tax based

17/02/2023

Update:
The Central Board of Direct Taxes has notified the ITR forms ITR-1 to ITR-6 for the current financial year, 2022-23 (AY 2023-24).

The income tax return forms were notified on February 10, 2023. The ITR-7 form was notified by the government on February 14, 2023.

Please note, there are no major changes in the ITR forms. However, the ITR forms have been notified almost two months earlier than usual.

Usually, the government notifies the ITR forms at the end of the financial year or at the start of the new financial year.

Kindly note that the last date for filing ITR for FY 2022-23 for individuals (whose accounts are not required to be audited) is July 31, 2023.

26/01/2023

Wish you all a very Happy Basant Panchmi 🌼🌻
May Goddess Saraswati bring knowledge peace and prosperity to you and your family 🙌

21/01/2023

Expectations from upcoming Union Budget 2023-2024-

1. PAN card may become single business Id to access National Single Window System for project related clearances and approvals.
2. Increase in Long Term Capital Gain tax rates owing to the outsized gains made in the past 2 years as the pandemic increased savings and a part of which flowed into equities.
3. Increase in the deduction limit u/s 80C, 80D and 80TTA of Income Tax Act.
4. Change in the income tax structure or slab rates.
5. Enhance the tax rebate on housing loan interest as higher interest rates have dented affordability and is beginning to hurt the repayment capacity.
6. Change in the limit of standard deduction for salaried individuals.
7. Cut down tax rate from 50% to 35-40% under presumptive tax scheme for professionals u/s 44ADA of Income Tax Act, 1961.

#2023春婚

19/01/2023

Ques: What are Fringe benefits and are these Fringe Benefits taxable?

Ans: Your employer might be offering you some fringe benefits or non-monetary compensations (such as health insurance, group term life insurance, leave travel concession, etc.) along with your CTC. These fringe incentives provide tax-relief to both employer and an employee. However, there are limits to this, and some fringe benefits may or may not provide a tax deduction. In some cases, there might be a set limit on the amount that may be claimed as tax deductions.

Technically, all fringe benefits provided by an employer is considered taxable unless an exception is made. Fortunately, there are many forms of benefits that are partially deductible. Some of the common fringe benefits provided by an employer include - Health Insurance. If an employer pays a premium of policies on behalf of employees, the amount paid as the premium is not taxed and may be deducted by the business.

However, it should be noted that these deductions have a limit. And not all benefits are non-taxable. Hence, you should know what are taxable and non-taxable fringe benefits.

Taxable Fringe Benefits:
-These benefits are included in gross income, for example:
A. Bonuses
B. The value employer-provided vehicle
C. Group-term life insurance
D. Vacation expenses

Non-Taxable Fringe Benefits:
-Some of the non-taxable fringe benefits that are excluded from gross income include:
A. Employee discounts
B. Employee stock options
C. Group-term life insurance
D. Retirement planning services
E. Job-related education assistance reimbursements

To know about the inclusion of fringe benefits, please check your employment letter or connect with your HR Manager.

01/01/2023

Happy New Year 2023

31/12/2022

Central Board of Indirect Taxes and Customs ("CBIC" or "the Board”) has recently issued a circular vide No. 183/15/2022-GST Dated 27th December, 2022 clarifying the mechanism to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to FORM GSTR-2A for FY 2017-18 and 2018-19. Please note this circular is issued based on the recommendations made in the 48th GST Council meeting held on 17th December, 2022.

Below are the representations made before the Board on which clarification has been released:

Representations:
A. Where the supplier has failed to file FORM GSTR-1 for a tax period but has filed the return in FORM GSTR-3B for said tax period, due to which the supplies made in the said tax period do not get reflected in FORM GSTR-2A of the recipients.

B. Where the supplier has filed FORM GSTR-1 as well as return in FORM GSTR-3B for a tax period, but has failed to report a particular supply in FORM GSTR-1, due to which the said supply does not get reflected in FORM GSTR-2A of the recipient.

C. Where supplies were made to a registered person and invoice is issued as per Rule 46 of CGST Rules containing GSTIN of the recipient, but supplier has wrongly reported the said supply as B2C supply, instead of B2B supply, in his FORM GSTR-1, due to which the said supply does not get reflected in FORM GSTR-2A of the said registered person.

D. Where the supplier has filed FORM GSTR-1 as well as return in FORM GSTR-3B for a tax period, but he has declared the supply with wrong GSTIN of the recipient in FORM GSTR-1.

Clarifications:
A. With respect to ITC availed in GSTR-3B but not appearing in GSTR 2A, the proper officer shall ask the details from the registered person regarding all such invoices to ensure fulfilment of the all the conditions of Section 16 of CGST Act and reversal of ITC if any, required was made in accordance with section 17 or section 18 of CGST Act.

B. In case, where difference between the ITC claimed in FORM GSTR-3B and that available in FORM GSTR 2A of the registered person in respect of a supplier for the said financial year exceeds Rs 5 lakh, the registered recipient will be required to produce a certificate for the concerned supplier from the Chartered Accountant (CA) or the Cost Accountant (CMA) (containing UDIN), certifying that supplies in respect of the said invoices of supplier have actually been made by the supplier to the said registered person and the tax on such supplies has been paid by the said supplier in his return in FORM GSTR 3B.

C. In cases, where difference in ITC claimed in FORM GSTR-3B and that available in FORM GSTR 2A of the registered person in respect of a supplier for the said financial year is upto Rs 5 lakh, the registered recipient will be required to produce a certificate from the concerned supplier to the effect that said supplies have actually been made by him to the said receipient and the tax on said supplies has been paid by the said supplier in his return in FORM GSTR 3B.

Shriya Agarwal & Co.

13/05/2023

14/04/2023

03/04/2023

29/03/2023

25/03/2023

19/02/2023

17/02/2023

26/01/2023

21/01/2023

19/01/2023

01/01/2023

31/12/2022

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