Penalty for Late Filing of GST Return

GST return filing is mandatory for all persons having GST registration irrespective of turnover or profit. Hence, even persons having no business activity or turnover is a month but having GST registration are required to file GST returns. Regular taxpayers are required to file monthly GST returns, dealers registered under Composition Scheme are required to file quarterly GST returns and non-resident taxable persons are required to file one return every month. In this article, we look at the penalty for late filing of GST return.

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E Way Bill [An understanding of e-way bill provisions]

A waybill is a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods . Typically it will show the names of the consignor and consignee , the point of origin of the consignment, its destination, and route . Accordingly, it’s an official shipping document that travels with a shipment, identifies its consignor, consignee, origin and destination, describes the goods, and shows their weight and freight. The Central Government vide Notification No. 27 /2017 – Central Tax dated 30.08.2017 has amended the CGST Rules, 2017, to incorporate the provisions of e-way bill. Detailed analysis of the provisions of e-way bill in question answer form are as follows: 1. When the provisions of e way bill applicable in India? Ans. E way bill provisions shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. Accordingly, these provisions shall be applicable from a future

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The Insolvency and Bankruptcy Code, 2016 is one of the major economic reform Code initiated by the Government in the year 2015. 1. There were multiple overlapping laws and adjudicating forums dealing with financial failure and insolvency of companies and individuals in India. 2. The existing laws also were not aligned with the market realties, had several problems and were inadequate. 3. As per that legal framework, provisions relating to insolvency and bankruptcy for companies could be found in the Sick Industrial Companies (Special Provisions) Act, 1985, the Recovery of Debt Due to Banks and Financial Institutions Act, 1993, the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the Companies Act, 2013. 4. Resolution and jurisdiction vesting with multiple agencies with overlapping powers was leading to delays and complexities in the process. 5. To facilitate easy and time bound closur

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