KSA Infomatrix

A spate of show cause notices, statutory appeals and review petitions is likely to grow the volume of litigation substantially over the next two-three years, say experts Last month, the power of GST officers to arrest tax evaders hogged headlines and courts’ time. Following conflicting orders from various high courts, the apex court stepped in. A three-judge Supreme Court Bench is now looking at the constitutionality of such arrest powers in course of an investigation. Source: https://www.business-standard.com/article/economy-policy/volume-of-litigation-under-gst-regime-to-grow-in-a-big-way-experts-119061600538_1.html

Here is a list of issues to keep in mind when you file your annual returns The Union Finance Ministry, on Tuesday, issued a detailed clarification on the annual return filing for the Goods & Services Tax (GST). The last date to file returns will continue as June 30. GST assessees should keep the following issues in mind at the time of filing the return: a) Information contained in  FORM GSTR-2A  as on May 1, 2019 shall be auto-populated in Table 8A of  FORM GSTR-9 . b) Input Tax Credit on inward supplies shall be declared from April 2018 to March 2019 in Table 8C of  FORM GSTR-9 . c) Particulars of the transactions for FY 2017-18 declared in returns between April 2018 to March 2019 shall be declared in Pt. V of  FORM GSTR-9 . Such particulars may contain details of amendments furnished in Table 10 and Table 11 of  FORM GSTR-1 . d) It may be noted that irrespective of when the supply was declared in  FORM GSTR-1 , the principle of declaring a supply in Pt. II or Pt. V

The Income Tax Department continues to focus and enhance the skills of Assessing Officers (AO) to detect black money laundered through shell companies. At the Direct Taxes Regional Training Institutes, AOs have been asked to look closely at books of accounts and income tax returns for current liabilities, loans and advances, which could be used for tax evasion. Tax evasion A senior IT officer said that the department has asked the AOs to expand their outlook and not treat shell companies as mere money laundering entities that use penny stock route or have received cash deposit during demonetisation. The AOs will need to look closely as such companies use IT returns to confuse investigators. The officer said the department has reiterated that AOs handling assessment of such companies must not perceive that a case is small based on Profit and Loss Account, which shows a very small amount as its income. Such AOs miss huge amounts of current liabilities, loans and advances that