What are the Consequences & Penalty of Non-Filing Returns?

The returns under GST are the final stage of compliance which squares off the monthly/quarterly GST transactions. Taxpayers are subject to consequences and penalties for failing to submit their returns, even if everything up to that point has gone smoothly. Sections 37 to 45 govern the various types of returns and ITC matching, reversal, and … Read more

How does The Revised CGST Section 38 affect ITC Reconciliation?

Revised Section 38 Compelling Compliance to ITC Reconciliation

In the Finance Bill 2022, a new section 38 titled “communication of details, inward supplies, and input tax credit” has been proposed to replace the incumbent section 38. This section is included primarily for two reasons.   Noncompliance by taxpayers with the current section 38, which governs GSTR-2 ‘inward supplies.   There has been an alarming increase … Read more

GST Rates on Real Estate Transactions in Detail- Finsights

GST Rates on Real Estate Transactions in Detail- Finsights

Who are you? (Stakeholder) LAND OWNER BUILDER CONTRACTOR IN LABOUR MANUFACTURER & TRADERS SERVICE PROVIDERS Which Transaction?  A. Sale of Land According to Section 7(2) of the CGST Act of 2017, the sale of land is not considered a supply under GST, read with Schedule III. Because ‘supply’ is the taxable event that attracts GST, … Read more