Market and Business News

- Sales tax: Soham Mashruwala Provision is made for Form Verification under Section 31 of GST Act. It is stated in the clause that if any defect is found after verification of the form, the answer has to be reduced by the officer in case it is not satisfactory. This raises the question of a time limit as there is no time limit in section 21 of the CGST Act. In addition, the government has issued instructions to conduct an investigation. CBIC-20006/4/2022-GST NOTICE NO. 02/2022-GST dated 6th March 203 Today's article discusses the issue of sheet verification. Section 21 and Rule 3 Section 21 of the CGST Act empowers the Accounts Officer to verify the form and in case of any defect, details have to be sought from the person registered in the sample ASMT-10 within 30 days as per Rule 3. The registered person has to pay the amount if the difference is valid and reply in ASMT-11. If the officer deems it more appropriate, the person registered in ASMT-12 has to be informed. If all el...

- Sales tax: Soham Mashruwala Provision is made for Form Verification under Section 31 of GST Act. It is stated in the clause that if any defect is found after verification of the form, the answer has to be reduced by the officer in case it is not satisfactory. This raises the question of a time limit as there is no time limit in section 21 of the CGST Act. In addition, the government has issued instructions to conduct an investigation. CBIC-20006/4/2022-GST NOTICE NO. 02/2022-GST dated 6th March 203 Today's article discusses the issue of sheet verification. Section 21 and Rule 3 Section 21 of the CGST Act empowers the Accounts Officer to verify the form and in case of any defect, details have to be sought from the person registered in the sample ASMT-10 within 30 days as per Rule 3. The registered person has to pay the amount if the difference is valid and reply in ASMT-11. If the officer deems it more appropriate, the person registered in ASMT-12 has to be informed. If all el...

- Sales tax: Soham Mashruwala Provision is made for Form Verification under Section 31 of GST Act. It is stated in the clause that if any defect is found after verification of the form, the answer has to be reduced by the officer in case it is not satisfactory. This raises the question of a time limit as there is no time limit in section 21 of the CGST Act. In addition, the government has issued instructions to conduct an investigation. CBIC-20006/4/2022-GST NOTICE NO. 02/2022-GST dated 6th March 203 Today's article discusses the issue of sheet verification. Section 21 and Rule 3 Section 21 of the CGST Act empowers the Accounts Officer to verify the form and in case of any defect, details have to be sought from the person registered in the sample ASMT-10 within 30 days as per Rule 3. The registered person has to pay the amount if the difference is valid and reply in ASMT-11. If the officer deems it more appropriate, the person registered in ASMT-12 has to be informed. If all el...