Top Tweets for #GST_Litigation

Scrutiny of Returns (Section 61) read with Rule 99: Section 61 of the Goods and Services Tax (GST) Act grants the proper officer the authority to scrutinise returns submitted by registered persons. This process involves a meticulous examination of tax and financial records to ensure adherence to tax laws, identify errors, and prevent tax evasion. The primary objective is to verify the accuracy of information reported on returns and safeguard government revenue. ✅Types of Scrutiny: 1) Random Scrutiny: Returns are selected for examination on a random basis. 2) Risk-Based Scrutiny: Returns are chosen based on identified risk factors, such as industry, business size, or past compliance history. 3) Compulsory Scrutiny: Similar to risk-based scrutiny, selection is based on specific risk factors like industry, size, or compliance history. ✅Process: ➡️PO scrutinizes returns u/s 61 r/w Rule 99 ➡️Issues ASMT-10; 30 days to reply (extendable) ➡️Taxpayer replies via ASMT-11/rectifies ➡️If satisfied, ASMT-12 closes scrutiny ➡️If not/no reply: actions u/s 65, 66, 67, 73, 74 #gstupdate #gst_Litigation #ITC #GST_Refund #GST_Valuation

Scrutiny of Returns (Section 61) read with Rule 99: Section 61 of the Goods and Services Tax (GST) Act grants the proper officer the authority to scrutinise returns submitted by registered persons. This process involves a meticulous examination of tax and financial records to ensure adherence to tax laws, identify errors, and prevent tax evasion. The primary objective is to verify the accuracy of information reported on returns and safeguard government revenue. ✅Types of Scrutiny: 1) Random Scrutiny: Returns are selected for examination on a random basis. 2) Risk-Based Scrutiny: Returns are chosen based on identified risk factors, such as industry, business size, or past compliance history. 3) Compulsory Scrutiny: Similar to risk-based scrutiny, selection is based on specific risk factors like industry, size, or compliance history. ✅Process: ➡️PO scrutinizes returns u/s 61 r/w Rule 99 ➡️Issues ASMT-10; 30 days to reply (extendable) ➡️Taxpayer replies via ASMT-11/rectifies ➡️If satisfied, ASMT-12 closes scrutiny ➡️If not/no reply: actions u/s 65, 66, 67, 73, 74 #gstupdate #gst_Litigation #ITC #GST_Refund #GST_Valuation

Scrutiny of Returns (Section 61) read with Rule 99: Section 61 of the Goods and Services Tax (GST) Act grants the proper officer the authority to scrutinise returns submitted by registered persons. This process involves a meticulous examination of tax and financial records to ensure adherence to tax laws, identify errors, and prevent tax evasion. The primary objective is to verify the accuracy of information reported on returns and safeguard government revenue. ✅Types of Scrutiny: 1) Random Scrutiny: Returns are selected for examination on a random basis. 2) Risk-Based Scrutiny: Returns are chosen based on identified risk factors, such as industry, business size, or past compliance history. 3) Compulsory Scrutiny: Similar to risk-based scrutiny, selection is based on specific risk factors like industry, size, or compliance history. ✅Process: ➡️PO scrutinizes returns u/s 61 r/w Rule 99 ➡️Issues ASMT-10; 30 days to reply (extendable) ➡️Taxpayer replies via ASMT-11/rectifies ➡️If satisfied, ASMT-12 closes scrutiny ➡️If not/no reply: actions u/s 65, 66, 67, 73, 74 #gstupdate #gst_Litigation #ITC #GST_Refund #GST_Valuation

Scrutiny of Returns (Section 61) read with Rule 99: Section 61 of the Goods and Services Tax (GST) Act grants the proper officer the authority to scrutinise returns submitted by registered persons. This process involves a meticulous examination of tax and financial records to ensure adherence to tax laws, identify errors, and prevent tax evasion. The primary objective is to verify the accuracy of information reported on returns and safeguard government revenue. ✅Types of Scrutiny: 1) Random Scrutiny: Returns are selected for examination on a random basis. 2) Risk-Based Scrutiny: Returns are chosen based on identified risk factors, such as industry, business size, or past compliance history. 3) Compulsory Scrutiny: Similar to risk-based scrutiny, selection is based on specific risk factors like industry, size, or compliance history. ✅Process: ➡️PO scrutinizes returns u/s 61 r/w Rule 99 ➡️Issues ASMT-10; 30 days to reply (extendable) ➡️Taxpayer replies via ASMT-11/rectifies ➡️If satisfied, ASMT-12 closes scrutiny ➡️If not/no reply: actions u/s 65, 66, 67, 73, 74 #gstupdate #gst_Litigation #ITC #GST_Refund #GST_Valuation

Scrutiny of Returns (Section 61) read with Rule 99: Section 61 of the Goods and Services Tax (GST) Act grants the proper officer the authority to scrutinise returns submitted by registered persons. This process involves a meticulous examination of tax and financial records to ensure adherence to tax laws, identify errors, and prevent tax evasion. The primary objective is to verify the accuracy of information reported on returns and safeguard government revenue. ✅Types of Scrutiny: 1) Random Scrutiny: Returns are selected for examination on a random basis. 2) Risk-Based Scrutiny: Returns are chosen based on identified risk factors, such as industry, business size, or past compliance history. 3) Compulsory Scrutiny: Similar to risk-based scrutiny, selection is based on specific risk factors like industry, size, or compliance history. ✅Process: ➡️PO scrutinizes returns u/s 61 r/w Rule 99 ➡️Issues ASMT-10; 30 days to reply (extendable) ➡️Taxpayer replies via ASMT-11/rectifies ➡️If satisfied, ASMT-12 closes scrutiny ➡️If not/no reply: actions u/s 65, 66, 67, 73, 74 #gstupdate #gst_Litigation #ITC #GST_Refund #GST_Valuation

Scrutiny of Returns (Section 61) read with Rule 99: Section 61 of the Goods and Services Tax (GST) Act grants the proper officer the authority to scrutinise returns submitted by registered persons. This process involves a meticulous examination of tax and financial records to ensure adherence to tax laws, identify errors, and prevent tax evasion. The primary objective is to verify the accuracy of information reported on returns and safeguard government revenue. ✅Types of Scrutiny: 1) Random Scrutiny: Returns are selected for examination on a random basis. 2) Risk-Based Scrutiny: Returns are chosen based on identified risk factors, such as industry, business size, or past compliance history. 3) Compulsory Scrutiny: Similar to risk-based scrutiny, selection is based on specific risk factors like industry, size, or compliance history. ✅Process: ➡️PO scrutinizes returns u/s 61 r/w Rule 99 ➡️Issues ASMT-10; 30 days to reply (extendable) ➡️Taxpayer replies via ASMT-11/rectifies ➡️If satisfied, ASMT-12 closes scrutiny ➡️If not/no reply: actions u/s 65, 66, 67, 73, 74 #gstupdate #gst_Litigation #ITC #GST_Refund #GST_Valuation

Scrutiny of Returns (Section 61) read with Rule 99: Section 61 of the Goods and Services Tax (GST) Act grants the proper officer the authority to scrutinise returns submitted by registered persons. This process involves a meticulous examination of tax and financial records to ensure adherence to tax laws, identify errors, and prevent tax evasion. The primary objective is to verify the accuracy of information reported on returns and safeguard government revenue. ✅Types of Scrutiny: 1) Random Scrutiny: Returns are selected for examination on a random basis. 2) Risk-Based Scrutiny: Returns are chosen based on identified risk factors, such as industry, business size, or past compliance history. 3) Compulsory Scrutiny: Similar to risk-based scrutiny, selection is based on specific risk factors like industry, size, or compliance history. ✅Process: ➡️PO scrutinizes returns u/s 61 r/w Rule 99 ➡️Issues ASMT-10; 30 days to reply (extendable) ➡️Taxpayer replies via ASMT-11/rectifies ➡️If satisfied, ASMT-12 closes scrutiny ➡️If not/no reply: actions u/s 65, 66, 67, 73, 74 #gstupdate #gst_Litigation #ITC #GST_Refund #GST_Valuation

Scrutiny of Returns (Section 61) read with Rule 99: Section 61 of the Goods and Services Tax (GST) Act grants the proper officer the authority to scrutinise returns submitted by registered persons. This process involves a meticulous examination of tax and financial records to ensure adherence to tax laws, identify errors, and prevent tax evasion. The primary objective is to verify the accuracy of information reported on returns and safeguard government revenue. ✅Types of Scrutiny: 1) Random Scrutiny: Returns are selected for examination on a random basis. 2) Risk-Based Scrutiny: Returns are chosen based on identified risk factors, such as industry, business size, or past compliance history. 3) Compulsory Scrutiny: Similar to risk-based scrutiny, selection is based on specific risk factors like industry, size, or compliance history. ✅Process: ➡️PO scrutinizes returns u/s 61 r/w Rule 99 ➡️Issues ASMT-10; 30 days to reply (extendable) ➡️Taxpayer replies via ASMT-11/rectifies ➡️If satisfied, ASMT-12 closes scrutiny ➡️If not/no reply: actions u/s 65, 66, 67, 73, 74 #gstupdate #gst_Litigation #ITC #GST_Refund #GST_Valuation

Scrutiny of Returns (Section 61) read with Rule 99: Section 61 of the Goods and Services Tax (GST) Act grants the proper officer the authority to scrutinise returns submitted by registered persons. This process involves a meticulous examination of tax and financial records to ensure adherence to tax laws, identify errors, and prevent tax evasion. The primary objective is to verify the accuracy of information reported on returns and safeguard government revenue. ✅Types of Scrutiny: 1) Random Scrutiny: Returns are selected for examination on a random basis. 2) Risk-Based Scrutiny: Returns are chosen based on identified risk factors, such as industry, business size, or past compliance history. 3) Compulsory Scrutiny: Similar to risk-based scrutiny, selection is based on specific risk factors like industry, size, or compliance history. ✅Process: ➡️PO scrutinizes returns u/s 61 r/w Rule 99 ➡️Issues ASMT-10; 30 days to reply (extendable) ➡️Taxpayer replies via ASMT-11/rectifies ➡️If satisfied, ASMT-12 closes scrutiny ➡️If not/no reply: actions u/s 65, 66, 67, 73, 74 #gstupdate #gst_Litigation #ITC #GST_Refund #GST_Valuation

Scrutiny of Returns (Section 61) read with Rule 99: Section 61 of the Goods and Services Tax (GST) Act grants the proper officer the authority to scrutinise returns submitted by registered persons. This process involves a meticulous examination of tax and financial records to ensure adherence to tax laws, identify errors, and prevent tax evasion. The primary objective is to verify the accuracy of information reported on returns and safeguard government revenue. ✅Types of Scrutiny: 1) Random Scrutiny: Returns are selected for examination on a random basis. 2) Risk-Based Scrutiny: Returns are chosen based on identified risk factors, such as industry, business size, or past compliance history. 3) Compulsory Scrutiny: Similar to risk-based scrutiny, selection is based on specific risk factors like industry, size, or compliance history. ✅Process: ➡️PO scrutinizes returns u/s 61 r/w Rule 99 ➡️Issues ASMT-10; 30 days to reply (extendable) ➡️Taxpayer replies via ASMT-11/rectifies ➡️If satisfied, ASMT-12 closes scrutiny ➡️If not/no reply: actions u/s 65, 66, 67, 73, 74 #gstupdate #gst_Litigation #ITC #GST_Refund #GST_Valuation

Determination of Valuation Under GST Rules. Rule 27: Value of supply of goods or services where consideration is not wholly in money Key Points / Method of Valuation: ➡️Value = Open market value (OMV) ➡️If OMV not available → Value of supply of like kind and quality ➡️If not determinable → Rule 30 or Rule 31 (cost-based or residual method)

Determination of Valuation Under GST Rules. Rule 27: Value of supply of goods or services where consideration is not wholly in money Key Points / Method of Valuation: ➡️Value = Open market value (OMV) ➡️If OMV not available → Value of supply of like kind and quality ➡️If not determinable → Rule 30 or Rule 31 (cost-based or residual method)

Determination of Valuation Under GST Rules. Rule 27: Value of supply of goods or services where consideration is not wholly in money Key Points / Method of Valuation: ➡️Value = Open market value (OMV) ➡️If OMV not available → Value of supply of like kind and quality ➡️If not determinable → Rule 30 or Rule 31 (cost-based or residual method)

Determination of Valuation Under GST Rules. Rule 27: Value of supply of goods or services where consideration is not wholly in money Key Points / Method of Valuation: ➡️Value = Open market value (OMV) ➡️If OMV not available → Value of supply of like kind and quality ➡️If not determinable → Rule 30 or Rule 31 (cost-based or residual method)

Determination of Valuation Under GST Rules. Rule 27: Value of supply of goods or services where consideration is not wholly in money Key Points / Method of Valuation: ➡️Value = Open market value (OMV) ➡️If OMV not available → Value of supply of like kind and quality ➡️If not determinable → Rule 30 or Rule 31 (cost-based or residual method)