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Revolutionary Raja Ram for Tax & Economic Reforms Profile picture
@abhishekrajaram
Apr 29 โ€ข 5 tweets โ€ข 1 min read Twitter logo Read on Twitter
Heads up, everyone! ๐Ÿšจ

There are some major changes happening in India's GST. Stay informed and stay ahead of the game! ๐Ÿ’ก
#GSTUpdate
#IndianEconomy ๐Ÿ‡ฎ๐Ÿ‡ณ
TIME LIMITS FOR ISSUANCE OF ORDER U/S 73 of CGST ACT EXTENDED

Year 2017-18 upto 31.12.2023
Year 2018-19 upto 31.03.2024
Year 2019-20 upto 30.06.2024

Notification No. 09/2023 - Central Tax
Amnesty Scheme for Revocation of Cancellation of Registration
Notification No. 03/2023 - Central Tax dated 31.03.2023
Late fees in case of FORM GSTR-4 for the periods from July-2017 till F.Y 2021-22 has been waived completely in case of NIL returns and reduced to Rs 500/- in other cases provided the said returns are filed between 01.04.2023 to 30.06.2023.

N/N. 02/2023 - CTdated 31.03.2023
If the Final return in Form GSTR-10 was not filed within the due date then the Maximum Late fee for Final Return GSTR 10 will be Rs.1,000 if filed between 01/04/23 to 30/06/23

Notification No.08/2023 Central Tax

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More from @abhishekrajaram

Revolutionary Raja Ram for Tax & Economic Reforms Profile picture
May 1
๐Ÿ“ข A comprehensive guide to Indian Income Tax notices:
1. Notice u/s 143(1) - basic assessment
2. Notice u/s 143(2) - scrutiny assessment
3. Notice u/s 148 - reopen assessment
4. Notice u/s 245 - set off
5. Notice u/s 264 - rectification
More details in the thread๐Ÿ‘‡
๐Ÿ“š Know your notices!

1. Notice u/s 143(1):
This is the initial assessment, containing an individual's total taxable income, tax calculation, allowable exemptions, deductions, along with any refunds/tax payable

Tip: Double-check the details & ensure there are no discrepancies!
2. "Notice u/s 143(2):
A scrutiny assessment means your IT return has been chosen for a detailed examination. Stay calm, gather supporting documents, and address the assessing officer's queries.

Remember: A timely response helps maintain a clean record!"
Read 6 tweets
Revolutionary Raja Ram for Tax & Economic Reforms Profile picture
Apr 30
โš–๏ธ Avoid costly tax mistakes! Discover lessons from high-profile litigation cases to protect your business. ๐Ÿ’ผ

๐Ÿ’ก Learn from the giants: high-profile tax litigation cases and their valuable lessons.
Understanding these cases can help you improve your tax strategy and avoid potential pitfalls.
๐Ÿ”ธ Case 1: Vodafone International Holdings vs. Union of India
The Vodafone case deals with a $11 billion acquisition, focusing on the importance of tax planning in cross-border transactions ๐ŸŒ
Read 12 tweets
Revolutionary Raja Ram for Tax & Economic Reforms Profile picture
Apr 30
๐Ÿ”ฅ Indian Traditional Tax Practice: A Dying Art? ๐Ÿ›๏ธ

๐Ÿ“‰ In recent years, we've witnessed the decline of Indian Traditional Tax Practice. But why is this happening? Let's dive into it!
๐ŸŒ Globalization: Indian businesses are going global, dealing with complex tax regulations in multiple countries. Indian Traditional Tax Practice struggles to keep up. ๐ŸŒ
๐Ÿ’ป Technology: Automation and AI are transforming the taxation landscape. Tax professionals must adapt to new tools and platforms, leaving traditional practices behind. ๐Ÿค–
Read 7 tweets
Revolutionary Raja Ram for Tax & Economic Reforms Profile picture
Apr 29
Ready to file your Indian Income Tax Returns? ๐Ÿ“

Keep calm, we've got you covered! Follow this step-by-step guide to navigate the process with ease:
1. Gather your documents
2. Pick the right ITR form
3. Register on the e-Filing portal
4. Fill out the form & e-verify
5. Check your refunds if any
๐Ÿ“ Gather all necessary documents beforehand, including:
- Form 16 or salary slip
- Bank statements
- Rent receipts
- Investment proofs
- Other income proofs
No last-minute scrambling! โณ
Read 12 tweets
Revolutionary Raja Ram for Tax & Economic Reforms Profile picture
Apr 29
Entitlement Of ITC After Cancellation Of GST Registration Can Be Considered During Revocation: Rajasthan High Court in R.K. Jewelers vs Union of India [D.B. Civil Writ Petition No. 4236/2023 Dated 26-Apr-2023]
The Rajasthan High Court has held that the assessee is entitled to lodge an ITC claim when the department considers the issue of revocation of GST registration cancellation.
The bench of Justice Vijay Bishnoi and Justice Praveer Bhatnagar has directed the firm to file an application for restoration of its GST registration before the competent authority,
Read 4 tweets
Revolutionary Raja Ram for Tax & Economic Reforms Profile picture
Apr 28
The Finance Ministry is considering classifying online gaming into categories of skill and chance, and levying a differential rate of GST, an official said.
Online games where winning is dependent on a certain outcome or is in the nature of betting or gambling would attract 28 per cent Goods and Services Tax (GST), while those which involve some amount of skill could be taxed at a lower 18 per cent.
A final decision on the taxation on online gaming would be taken by the GST Council in its next meeting, which is likely in May or June.
Read 5 tweets

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