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Can GST liability be recovered from the former Director (who resigned) from the Company? The Bombay HC HELD that - 1. Recovery sought to be made under the impugned order dated 27th November 2020 is for the period 1st April 2018 to 31st March 2019. However, from March 2018, the former Director had not taken any active part in the day-to-day affairs of the company. Thus, for the period in question, the former Director never acted as a director of the company 2. All such factual issues were required to be verified before the impugned attachment orders were passed by the designated officer, by issuing a show cause notice to the petitioner but such exercise was undertaken. 3. The former Director was neither issued a show cause notice nor was he heard, before such orders were passed - Further, the principal liability is not on the "petitioner" who is not a registered person within the meaning of Section 79(1) of the MGST Act, 2017. 4. Further Section 89 of the Act clearly provides that before taking any action of recovery against the directors of the company, a subjective satisfaction is required to be achieved by the concerned officer in regard to whether a person concerned against whom recovery is sought to be made was a director of a Private Limited Company for the concerned period. 5. It is only after such satisfaction to the effect that such person was the director of the company, the liability could be fastened against such director - as to on what basis the respondents have proceeded to make the attachment of the petitioner's property, is not known. No reasons are attributed whatsoever except for the impugned order The impugned order is in breach of the rights guaranteed to the petitioner under Art. 14, read with Art. 300A, of the Constitution
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Team Lead (Indirect Taxation) at Vardhman Textiles Limited (Corporate Office) | B.Com.,M.B.A.(Finance), LL.B.
*Introduction of RCM Liability/ITC Statement vide advisory Dated 23-08-2024* To assist taxpayers in correctly reporting Reverse Charge Mechanism (RCM) transactions, a new statement called "RCM Liability/ITC Statement" has been introduced on the GST Portal. This statement will enhance accuracy and transparency for RCM transactions by capturing the RCM liability shown in Table 3.1(d) of GSTR-3B and its corresponding ITC claimed in Table 4A(2) and 4A(3) of GSTR-3B for a return period. This statement will be applicable from tax period August 2024 onwards for monthly filers and from the quarter, July-September-2024 period for quarterly filers. The RCM Liability/ITC Statement can be accessed using the navigation: Services >> Ledger >> RCM Liability/ITC Statement. Reporting Opening Balance in RCM ITC Statement. RCM ITC opening balance can be reported by following below navigation: Login >> Report RCM ITC Opening Balance or Services >> Ledger >> RCM Liability/ITC Statement >> Report RCM ITC Opening Balance • In case the taxpayers have already paid excess RCM liabilities by declaring the same in Table 3.1(d) of GSTR-3B however he hasn’t availed corresponding ITC through Table 4(A)2 or 4(A)3 of GSTR-3B, due to any reason, in such cases taxpayer need to fill Positive value of such excess paid liability as RCM ITC as opening balance in RCM statement. • In case the taxpayers have already availed excess RCM ITC through Table in Table 4(A) 2 or 4(A) 3 of GSTR-3B however he hasn’t paid corresponding liability by declaring the same in table 3.1(d) of GSTR-3B, in such cases taxpayer will be needed to fill a negative value of such excess claimed ITC as RCM as opening balance in RCM Statement. • In case taxpayer need to reclaim the RCM ITC, which was reversed in earlier tax periods through Table 4(B)2 of GSTR-3B, if eligible, he can reclaim such RCM ITC in Table 4A(5) of GSTR-3B. Please note that such RCM ITC shall not be reclaimed through Table 4(A)2 and 4(A)3 of GSTR-3B. Such RCM ITC reversal need not to be reported as RCM ITC opening balance. For Opening Balance pls reconcile till tax Period: • Monthly filers: Report the opening balance considering RCM ITC till the July-2024 return period. • Quarterly filers: Report the opening balance up to Q1 of FY 2024-25, considering RCM ITC till the April-June, 2024 return period. Deadline to declare Opening Balance: Opening balance can be declared till 31.10.2024. Amendments in Opening Balance: Taxpayers can rectify any errors committed while declaring the opening balance on or before 30.11.2024, he shall be provided three opportunities for the same. This amendment facility shall be discontinued after 30.11.2024.
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Penalty u/s. 270A - under reporting of income by not reducing the insurance claim received by the assessee from the block of assets which has in fact resulted in excess claim of depreciation- ITAT MUMBAI, DCIT-15 (3) (2) , MUMBAI VERSUS M/S. SASAN POWER LTD. AND (VICE-VERSA)-No.- ITA No. 1923/Mum/2023 And CO No. 95/Mum/2023 (Arising out of ITA No. 1923/Mum/2023) Dated.- December 22, 2023 FACTS -The assessee while computing the income from business had reduced the amount of profit on disposal of assets of Rs. 4,62,00,000/- as being fixed asset and while computing the depreciation it had erroneously not reduced the amount of insurance claim received from the block of assets, thereby claiming higher depreciation on fixed assets. It is observed that the company had then filed revised working of deprecation during the assessment proceeding after duly reducing the claim of insurance from the block of assets where the reduced claim of depreciation was worked out at Rs. 3,17,94,645/-. The ld. A.O. disallowed the excess claim of depreciation on fixed assets amounting to Rs. 3,17,94,645/- and determined the total income at Rs. (- )1252,37,71,789/- and book profit u/s. 115JB at Rs. (-)95,37,05,064/- and added the same to the total income of the assessee. The ld. A.O. also initiated penalty proceedings u/s. 270A of the Act for under reporting of income. The ld. A.O. then passed the penalty order dated 10.01.2022 u/s. 270A of the Act determining the penalty amount to be Rs. 52,56,132/- being 50% of the amount of tax on the under reported income amounting to Rs. 3,17,94,645/-.Aggrieved the assessee was in appeal before the ld. CIT(A) who vide order dated 31.03.2023 deleted the impugned penalty for the reason that the assessee’s claim of excess depreciation was a bona fide mistake and that there was no mens rea on the part of the assessee to suppress any material fact for the purpose of avoiding tax. The ld. CIT(A) relied on the decision of the Hon'ble Apex Court in the case of CIT vs. Reliance Petro Product Ltd. 322 ITR 158 (SC). HELD-The assessee has relied on various other decisions which have reiterated the proposition that the claim of higher depreciation would not amount to concealment of income. It is also observed that the decision of the Hon'ble Jurisdictional High Court in the case of CIT vs. Somany Evergreen Knits Ltd. [2013] 35 taxmann.com 529 (Bom) has held that excess claim of depreciation was a bona fide mistake on the part of the assessee which attracts no levy of penalty. 13. By respectfully following the above said decision, we deem it fit to hold that there is no infirmity in the order of the ld. CIT(A) in deleting the penalty levied by the ld. A.O.
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New Post: Introduction of RCM Liability/ITC Statement - To assist taxpayers in correctly reporting Reverse Charge Mechanism (RCM) transactions, a new statement called "RCM Liability/ITC Statement" has been introduced on the GST Portal. Read more: https://lnkd.in/gqs3UtQx Taxontips
Introduction of RCM Liability/ITC Statement
https://www.taxontips.com
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Founder of Brain Tax Consultancy Pvt. Ltd. II GST Consultant II Practicing Chartered Accountant II JAIPUR II DAUSA II MUMBAI II MEHSANA II MOHALI II SAWAIMADHOPUR ll DM-8619575031
*Following Circulars issued on Dated 26 June 2024* 207/01/2024-GST- *Reduction of Government Litigation – fixing monetary limits for filing appeals or applications by the Department before GSTAT, High Courts and Supreme Court* 208/02/2024-GST- *Clarifications on various issues pertaining to special procedure for the manufacturers of the specified commodities.* 209/03/2024-GST- *Clarification on the provisions of clause (ca) of Section 10(1) of the Integrated Goods and Service Tax Act, 2017 relating to place of supply* 210/04/2024-GST- *Clarification on valuation of supply of import of services by a related person where recipient is eligible to full input tax credit.* 211/05/2024-GST- *Clarification on time limit under Section 16(4) of CGST Act, 2017 in respect of RCM supplies received from unregistered persons.* 212/06/2024-GST- *Clarification on mechanism for providing evidence of compliance of conditions of Section 15(3)(b)(ii) of the CGST Act, 2017 by the suppliers* 213/07/2024-GST- *Seeking clarity on taxability of re-imbursement of securities/shares as SOP/ESPP/RSU provided by a company to its employees.* 214/08/2024-GST- *Clarification on the requirement of reversal of input tax credit in respect of the portion of the premium for life insurance policies which is not included in taxable value* 215/09/2024-GST- *Clarification on taxability of wreck and salvage values in motor insurance claims.* 216/10/2024-GST- *Clarification in respect of GST liability and input tax credit (ITC) availability in cases involving Warranty/ Extended Warranty, in furtherance to Circular No. 195/07/2023-GST dated 17.07.2023* 217/11/2024-GST- *Entitlement of ITC by the insurance companies on the expenses incurred for repair of motor vehicles in case of reimbursement mode of insurance claim settlement.* 218/12/2024-GST- *Clarification regarding taxability of the transaction of providing loan by an overseas affiliate to its Indian affiliate or by a person to a related person.* 219/13/2024-GST- *Clarification on availability of input tax credit on ducts and manholes used in network of optical fiber cables (OFCs) in terms of section 17(5) of the CGST Act, 2017* 220/14/2024-GST- *Clarification on place of supply applicable for custodial services provided by banks to Foreign Portfolio Investors* 221/15/2024-GST- *Time of supply on Annuity Payments under HAM Projects* 222/16/2024-GST- *Time of supply in respect of supply of allotment of Spectrum to Telecom companies in cases where an option is given to the Telecom Companies for payment of licence fee and Spectrum usage charges in instalments in addition to an option of upfront payment.*
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CMA aspirants | Passionate about Taxation & Auditing | Committed to Professional Excellence & Environmental Conservation
How to file Form GST DRC-01B PART B? #DRC01B #importance #technology #innovation #knowledge #progress #significance #impactful #vital #essential #crucial #groundbreaking #advancement #GSTDRC01BPartB #TaxFilingTips #GSTCompliance #TaxationSimplified #FilingFormsEfficiently #GSTDRC01BPartBExplained #TaxFilingMadeEasy #GSTUpdates #StayCompliant #TaxationGuidance #GSTDRC01BPartBInstructions #TaxFilingHelp #GSTFilingProcedures #ComplianceMatters #TaxationSupport #GSTDRC01BPartBProcess #TaxFilingAssistance #GSTFilingRequirements #ComplianceTips #TaxationGuidelines #GSTDRC01BPartBGuidance #TaxFilingExplained #GSTFilingSupport #ComplianceMadeSimple #TaxationAdvice https://lnkd.in/d2XQeg84
How to file Form GST DRC-01B PART B?
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Changes In The GST Portal: RCM Liability/ITC Statement The RCM Liability/ITC Statement has been introduced on the GST Portal to streamline and enhance the transparency of transactions under the Reverse Charge Mechanism (RCM). This statement helps taxpayers ensure that their RCM liabilities reported in GSTR-3B are aligned with the Input Tax Credit (ITC) claimed. Read full: https://lnkd.in/gBKhAvUj #GST #GSTupdates #ITC #RCM
Changes In The GST Portal : RCM Liability/ITC Statement
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Breaking down practical problems in GST payments! 💼 Now, effortlessly clear your GST liability using UPI. Streamlining transactions for practical efficiency and enhanced business solutions. 🚀 #GST #DigitalPayments #PracticalProblemsSolved
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Many individuals are posing as Chartered Accountants (CA), but they are not genuine. I want to share a story about what happened to Jaykumar Shah Dhani, a contractor from Colaba, Mumbai, who recently faced a serious problem while trying to register his business for GST (Goods and Services Tax). Jaykumar trusted someone who claimed to be a Chartered Accountant named Aftab Memon. He handed over all his important documents and paid the fees for GST registration. Initially, everything seemed fine, and he received his GST certificate. However, things took a drastic turn when Jaykumar received a notice from the GST department. Shockingly, his GST number was being used for illegal activities under a different email and phone number. This misuse led to a hefty penalty of Rs. 1.3 crores imposed on Jaykumar. When Jaykumar tried to reach out to Memon for answers, he discovered that Memon had disappeared without a trace. It later came to light that Memon was not a genuine Chartered Accountant and had deceived several others using similar tactics. This incident serves as a stark reminder of the importance of verifying the credentials of professionals before trusting them with sensitive financial matters. It’s crucial to conduct thorough research and seek recommendations before engaging anyone for such services. Let's learn from Jaykumar's unfortunate experience and be vigilant in safeguarding our financial interests. #FraudAwareness #GSTScam #ProtectYourself
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