Gst payers alert!
Posted on Dec 23, 2021
By Hem singh
Published in News
GST payers should be careful, now officers will recover!
With 2022 approaching, the Goods and Services Tax (GST) authorities will be able to take direct action against traders who file wrong GST returns. This step will help in curbing the habit of showing wrong bills. Complaints are received that businesses are showing excess sales in their monthly GSTR-1 form, reporting uniformly in payment-related form GSTR-3B to reduce tax liability.
The government had made a provision for this change in the Finance Bill for the financial year 2021-22. The Central Board of Indirect Taxes and Customs (CBIC) notified amendments to the GST Act on December 21. After this, it will be implemented from 1 January 2022.
Under GST, if the turnover of the company is more than Rs 5 crore annually, then two types of returns have to be filed every month. These are GSTR-1 and GSTR-3B. The first is the return which shows the invoice for its sale and the second is for the declaration of GST obligations. GSTR-1B is to be filed by the 11th of the following month, GSTR-3B is to be filed by the 20th of the following month.
If any discrepancy is found, notice will be given by the GST department and a recovery process will be initiated thereafter. However, after changing the rules, the authorities can directly start the process of recovery. According to Rajat Mohan, a senior partner at AMRG Associates, the changes in the GST Act are very drastic and give exclusive collection powers to the GST department. He said the new provision is likely to be misused. We may ask you to pay taxes directly with interest and penalties. After the implementation of this notification, the government can say better because these forms of GST are only self-assessment. The finance law allows the club to levy GST on the money collected from the members.
You Can Also Visit My Previous Post :