GST UPDATE

Desk of CA. Praveen Sharma

Series- 427

GST Updates

1- Automated returns scrutiny set to roll out. AI, data analytics to curb tax evasion.

2- 18% GST Payable On The Commission If Commission Is Deducted On The Bonus Amount As An Intermediary: Telangana AAR.

3- Businesses with turnover of over Rs 5 crore will have to generate electronic or e-invoice for B2B transactions with effect from August.

4- 25% of fake billing in Aadhaar-GST scams was done in Gujarat.

5- To opt for paying Goods and Services Tax (GST) under a forward charge basis at the rate of 12 percent (with input tax credit) and 5 percent (without ITC benefits) in a fiscal, a Goods Transport Agency (GTA) has to fill a form (Annexure V) by March 15 of the preceding financial year. This deadline extended till May 31.

CA. Praveen Sharma

Twitter: https://twitter.com/capraveensh