Accountantjee

  📦🔎 The Central Board of Indirect Taxes and Customs (CBIC) has introduced a detailed standard operating procedure (SOP) for the examination of returns under the goods and services tax (GST) system starting from 2019-20 onwards. 🔍📆 To ensure fairness, the SOP limits officials from issuing multiple notices within a single financial year. Moreover, before sending a notice, officials must verify the most up-to-date records. 📜 The procedure emphasizes that the notice should be specific, clearly stating the discrepancies in the return, such as the amount of tax, interest, or any other payable sum. Taxpayers should be given a designated period of 30 days to explain these discrepancies. 🔒📣 "It is important to communicate discrepancies in a clear and specific manner, avoiding vague or general statements," stated the SOP circular. 📩💻 The circular also mandates officials to notify taxpayers about the scrutiny notice through the common portal, eliminating the need for manual co...

Inspection, Search, and Seizure under GST 🕵️‍♂️🔍💼 Inspection under GST: Inspections play a crucial role in the enforcement of Goods and Services Tax (GST) laws. They are conducted to detect tax evasion and ensure compliance with the provisions of the GST Act. Let's delve deeper into the key aspects of inspections: "Reasons to Believe": An inspection can be initiated based on "reasons to believe" that a person has evaded or is likely to evade taxes. 🧐 Scope of Inspection: Inspections can be carried out at the places of business of taxable persons, transporters, or warehouse owners/operators. 🏢 Objective: The primary objective of inspections is to unearth instances of tax evasion, non-compliance, or fraudulent activities. 📚📉 Reasons to Believe : The concept of "reasons to believe" is fundamental to the initiation of inspections. Here are some important points to consider: Objective Evaluation: The reasons to believe are based on an objective ...

📜 Government Amends Central Goods and Services Tax Rules The Indian Government has made a further amendment to the notification regarding the Central Goods and Services Tax Rules, 2017. This amendment, recommended by the Council, modifies the notification issued on March 21, 2020. 📅 Effective Date: August 1, 2023 🔀 Amendment: The amendment substitutes the phrase "ten crore rupees" with "five crore rupees" in the first paragraph of the notification. 📋 Summary of the Amendment: Notification Details: Original Notification: No. 13/2020 – Central Tax, dated March 21, 2020 Gazette Number: G.S.R. 196(E), dated March 21, 2020 Latest Amendment: Notification No. 17/2022-Central Tax, dated August 1, 2022 Gazette Number: G.S.R. 612(E), dated August 1, 2022 Affected Rule: Sub-rule (4) of Rule 48 of the Central Goods and Services Tax Rules, 2017 Affected Text: The words "ten crore rupees" will be replaced with "five crore rupees." 📝 Conclusion: The Indian...