Business

ITR: News of relief for tax-paying businessmen, Income Tax Department gave exemption for this work

Income Tax: Tax Officer to explain the difference in the turnover shown in the Sales Return GSTR-1 and the reason for the discrepancy in tax payment Form 3B before initiating recovery proceedings on account of short-payment or non-payment of tax. To give proper time to the businessmen. The Central Board of Indirect Taxes and Customs (CBIC) has issued guidelines regarding recovery action and said that the tax authorities will give ‘reasonable time’ to the businessmen to explain the reason for such discrepancies. Will give.

Not able to show more sales
As per the changes in the GST law from January 1, the tax authorities were allowed to initiate recovery action directly against those businesses who have submitted their monthly return GSTR- 1 but not mentioned in GSTR-3B during tax payment.

Fake billing will be banned
The purpose of this step was to curb fake billing. Through bogus billing, sellers used to show excess sales in GSTR-1, so that the buyer could claim Input Tax Credit (ITC), while GST liability was reduced by showing under-sales in GSTR-3B. Till now, under the GST law, in such cases, first show cause notice was issued and the process of recovery was initiated.

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Shivam Bangwal

Shivam Bangwal is a young entrepreneur who is professional full time tech, travel and coding enthusiast with a post graduation degree of Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Branding Panther and Digital Leader.

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