CA NARESH KUMAR SANKHLA

Recent notification issued by CBIC with respect to Standard Operating Procedure (SOP) for Scrutiny of GST Returns for FY 2019-20 onwards. Earlier CBIC had rolled out a module for automated scrutiny of GST returns. The module enables tax officers to carry out scrutiny of GST returns selected on the basis of data analytics and risks identified by the System.  Selection of returns for scrutiny will be done by the Directorate General of Analytics and Risk Management (DGARM) based on various risk parameters identified by them. The selected GSTINs (GST Identification Numbers) with the details of the risk parameters, in respect of which risk has been identified for a particular GSTIN, and the amount of tax/ discrepancy involved in respect of the concerned risk parameters (i.e. likely revenue implication), will also be shown on the ACES-GST application i.e scrutiny dashboard of the proper officer for their convenience. Step 1:- Tax officer would send scrutiny notice to an assessee in GST ASM

The Reserve Bank of India has decided to withdraw the ₹2000 denomination banknotes from circulation but they will continue to remain as legal tender. It has advised banks to stop issuing ₹2000 denomination banknotes with immediate effect. The ₹2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time. ₹2000 currency note will remain legal tender after 30th September too. RBI expects that 4 month time is enough for people to exchange notes with the banks. Most of the ₹2000 notes that are in circulation will return to banks within the given time frame of 30th September. This is a routine exercise of RBI and people need not panic," news agency ANI quoted citing sources. Rs 2,000 notes were primarily introduced to quickly replenish earlier Rs 500 and Rs 1,000 not

Tax deductions can be availed on individual health insurance or family floater plans. Premiums paid towards health insurance taken for self, spouse, dependent children and/or parents are allowed for deduction.  As per section 80D, a taxpayer can claim deduction on premiums paid towards medical insurance for self, spouse, parents, and dependent children. Individuals and HUF can claim this deduction.  The limit of the deduction varies with age.  A deduction of Rs 25,000 is available for self, spouse, and dependent children. An additional deduction of Rs 25,000 is available for insurance paid for parents aged less than 60 years.  If any insurer, i.e. self, spouse or parents, is above 60 years of age, then an additional deduction of Rs 50,000 is allowed instead of Rs 25,000.  Which expenses are not allowed as deductions under Section 80D?   Health Insurance premium paid in cash. Payment made on behalf of working children, siblings, grandparents or any other relative. Group health insura

The Central Board of Indirect Taxes & Customs (CBIC) has rolled out Automated Return Scrutiny Module for GST returns in ACES-GST backend application for Central Tax Officers. During the recent review of the performance of the CBIC, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman had given directions to roll out an Automated Return Scrutiny Module for GST returns at the earliest. "In order to implement this non-intrusive means of compliance verification, CBIC has rolled out the Automated Return Scrutiny Module for GST returns in the ACES-GST backend application for Central Tax Officers this week.  This module will enable the officers to carry out scrutiny of GST returns of Centre Administered Taxpayers selected on the basis of data analytics and risks identified by the System," said an official release. In the module, discrepancies on account of risks associated with a return are displayed to the tax officers.  Tax officers are provided with a workflo

New GST E-invoicing notification:   The Finance Ministry has issued a notification announcing reduction in threshold limit for GST E-invoicing . Businesses with a turnover of ₹5 crore or more will be required to adopt e-invoicing from August 1, whereas the current threshold stands at ₹10 crore.  E-invoicing was initially implemented in 2020 for large companies with turnover of more than Rs 500 crore, and within 3 years the threshold has now been lowered to Rs 5 crore. E-invoicing for business-to-business (B2B) transactions was made mandatory under GST law for companies with annual revenues over Rs 500 crore starting on October 1, 2020, and then for those with annual revenues over Rs 100 crore starting on January 1, 2021. Companies that had a turnover of more than Rs 50 crore started producing B2B e-invoices from April 1, 2021. from April 1, 2022, the barrier was reduced to Rs 20 crore. The threshold was further reduced to Rs 10 crore as of October 1, 2022. 

Recent GST Notification for a Special All-India Drive:-  A Special All-India Drive may be launched by all Central and State Tax administrations during the period 16th May 2023 to 15th July 2023 to detect suspicious / fake GSTINs and to conduct requisite verification and further remedial action to weed out these fake billers from the GST eco-system and to safeguard Government revenue.  Basic Things for GST registered persons:-  1. Mention GST number on Sign bord.  2. Display of Registration Certificate on prompt place.  3. Filing of GST returns on timely basis.  4. Maintain purchase and sales bills in proper file or folder.  5. If any additional place of business or godown then same to be updated on GST registration certificate. For regular updates click here  More details

Let's start with Walmart as an illustration of a business that has successfully employed big data to enhance its supply chain. Walmart can forecast consumer demand and improve its inventory management procedures by employing data analytics to track weather patterns, traffic, and social media trends. As a result, the company has been able to improve on-shelf availability and decrease stockouts, which has increased sales and customer satisfaction. Data can be used by small businesses to obtain comparable outcomes. These companies also have access to a variety of sources that may be used to collect data for analysis, such as email marketing reports, sales receipts, social media analytics, website analytics, streaming data from connected devices, publicly accessible data, and data lakes.  Small firms may use data analytics to make better decisions, understand consumer behavior's, and ultimately increase performance and profitability by utilizing various data sources. Big data can