Legal Provision of GST Audit

There are Two impor­tant pro­vi­sions which are rel­e­vant and impor­tant in this con­text are Sec­tion 35(5) and Sec­tion 44(2) of the CGST Act. In terms of Sec­tion 35(5) of CGST Act “every reg­is­tered per­son whose turnover dur­ing a finan­cial year…

Taxation of Lottery under GST Acts

Whether CGST Act, 2017 and IGST Act,2017 to the extent propos­ing to tax lot­tery is beyond the Con­sti­tu­tion­al def­i­n­i­tion of ‘goods’? Whether lot­tery is ‘goods’ or n ‘action­able claim’? Held in the case of “Teesta Dis­trib­u­tors & Ors. v. Union…

Revised return validly filed pursuant to notice u/s. 153A after Search & Seizure, is accepted, defects found in original return cannot be considered for imposing penalty u/s. 271(1) ©

The assessee filed return of income declar­ing a huge loss. Pur­suant to the search and seizure oper­a­tions u/s.132 and issuance of notice u/s.153A, assessee revised the loss return declar­ing as nil income. Assess­ment was com­plet­ed on the NIL income only.…