After amendment of new GST law on vehicle rules are more strict
Following the amendment of the proposed GST Act within the Union Budget, the principles will become stricter to permit input decrease. The tax payable on the sales and debit notes declared in GSTR-1 also will need to be accepted within the final return of GST 3B. This information was given by tax expert Santosh Kumar Gupta during a seminar organized on the amendment of GST law of the Tax Bar Association on Thursday.
He stated that till the merchant doesn’t upload the sales invoice in his GSTR-1 for the advantage of the input decrease, the advantage of the input decrease won’t be valid to the purchasing merchant. An equivalent input decrease as seen in GSTR-2B is going to be available.
Businessmen also will not be ready to claim a five percent increase. Right there Under section 129 (3), the mobile parties will deposit double the penalty from the vehicle owner for abandoning the products and vehicles. Now goods and vehicles won’t be left on the bank guarantee.
Failure to deposit a penalty within 15 days will end in forfeiture. Then the seized goods are going to be replenished by selling them. The vehicle is going to be ready to be exempted as long as the transporter or vehicle owner deposits a maximum penalty of 1 lakh rupees. An appeal against the order of the mobile party is often filed only after depositing 25 percent of the penalty.
Chairman VK Nigam also expressed their views. It had been presided over by SK Srivastava. Operations were conducted by General Secretary Ashish Pandey and thanksgiving by Senior vice chairman SK Verma. Suryavardhan Pandey, Rajesh Kuril, RB Pandey, Hariom Gupta, S Manu, Sanjay Gupta, SS Nigam were present.
No got to conduct CA audit
Santosh Gupta said that the traders have gotten an enormous relief. Now the system of conducting GST audits from accountants (CA) has been abolished. Now within the annual return only, the shape 9C will need to certify the settlement details and difference of liabilities from the books and returns.