Key issues in return filing discussed at PHDCCI’s 23rd GST

NEW DELHI:The GSTR 9 and GSTR 9C return filing and its significance, authorized provisions of the annual return and the issues being confronted by the taxpayers whereas filling GSTR 9 and 9C returns for 2022-23, for which the deadline for filing is thirty first December 2023, have been among the many a number of issues which have been deliberated at the 23rd version of Knowledge Series on GST organised by PHDCCI right here on twenty seventh December at PHD House.

Chairman of the Indirect Tax Committee and Partner, AK Batra and Associates, Mr. Ashok Kumar Batra lauded the exemplary efforts of the Chamber in demystifying the advanced issues of oblique taxes for frequent man and organizing month-to-month seminars on the topic. He spoke in regards to the two kinds of GST returns and their applicability, the exemptions which can be obtainable underneath the 2 and the proper strategies of filing them.

Among the consultants who participated in the seminar have been Mr Tushar Aggarwal, Co-Chair of the Indirect Tax Committee and Co-Founder, Tattvam Advisors; Mr Shivam Mehta, Director, Lakshmi Kumaran & Sridharan; Mr Kulraj Ashpanani, Partner, Dhruva Advisors; Mr. Yogesh Gaba, Managing Partner, GABA & Co. and Ms. Prerna Chopra, Associate Partner, BDO India.

Mr. Aggarwal spoke in regards to the challenge of blocked credit underneath GST, Input Tax Credit (ITC) on gross sales promotion actions and presents and different schemes. He went into the main points of the character of ITC i.e., whether or not it’s a concession or a proper as additionally the provision of ITC on development of factories and workplaces.

Mr. Mehta gave a presentation on taxability of reductions and incentive schemes, newest investigations on varied schemes, totally different circumstances for reductions from values, seller incentive schemes, retail incentive schemes and issuance of GST credit score notes.

Mr. Ashpanani centered on assessments underneath GST, drafting of replies to evaluation notices and the rules and precautions to watch out about, scrutiny of return u/s 61 of CGST Act, division audit u/s 65 of CGST Act, and particular audit u/s 66 of CGST Act.

Mr. Gaba handled the difficulty of GST relevant on on-line video games; penalties underneath part 122 & part 74 and the affect of GST on e-commerce trade. He spoke in regards to the worth of provide of on-line video games together with provide of actionable claims concerned in on-line cash video games.

Ms. Chopra’s presentation was on summons, search and seizures underneath GST; key provisions for summons and key factors to concentrate on by taxpayers for dealing with of summons.

A extremely fashionable Knowledge Series of PHDCCI, it has benefitted over a thousand contributors since its begin in 2021.Among the businesses which have been related to PHDCCI’s Knowledge Series on GST are Khaitan & Co; A2Z Tax Corp LLP; Athena Law House; Nitya Tax Associates; Finjuris; Institute of Company Secretaries of India (ICSI); Institute of Cost Accountants of India (ICMAI); Taxmann India; CA Club India and TIOL; and was supported by PHDCCI’s annual sponsors: DLF Ltd, Jindal Steel & Power, KLJ Group, Multani Pharmaceuticals Ltd, Marble City, MMG Group, Radico Khaitan Ltd, Uflex Ltd, Vestige, Eazy ERP Technologies, JK Tyre & Industries Ltd, Sagar Group of Industries, Superior Industries Limited, Samsung India Electronics, Oswal Greentech, Apeejay Stya Group, Blossom Kochhar Beauty Products Pvt Ltd, DCM Shriram, R E Rogers, Trident Group, Ajit Industries Pvt Ltd, Bhagwati Plastic and Pipes Industries, Central Coalfields Ltd, DD Pharmaceutical Ltd., Hindware Sanitary, Jindal Steel, Modern Automobiles, and P S BEDI & Co.