The rule prescribes the valuation method in case of pure agent and money changer. If you continue browsing the site, you agree to the use of cookies on this website. 2. Unregistered persons: Assessment order determining the tax liability of a person liable to be registered can be determined based on best judgement. Please click the refresh button ( ) on the top of the screen to ensure quick updating of the summary on the tile. Each state will have a branch headed by State President. A Brief summary of Scope of GST Audit: AUDIT Check Points: GST Registration: Review of GST Registration Certificate and Amendment of core and non-core fields application filed by the Assessee along with details of all additional place of business, whether the same are incorporated in the Registration Certificate. Also, the limit of 10 % can be extended to 50% if the dispute is considered as serious case (matter involving duty more than Rs.25 crores). It will have one bench for one or more than one states, known as State Settlement Commission. If the report is not furnished within the stipulated time, the commission may proceed to pass the order without such report. Supply of any branded service by an aggregator under a brand name or trade name owned by him. Value can be computed by adding the cost of production, cost of services, design charges, profit and general expenses of same kind or class of goods or services. Lodging accommodation by a hotel, inn, guest house etc. A bill of supply has been prescribed for non-taxable supplies. Within one month otherwise his liability shall continue in the firm towards the dept. 50 lakhs but less than Rs. It shall be headed by State Chairman. Party to an appeal or revision /proceeding shall retain the books of accounts and other records for a period of one year after final disposal of such appeal/revision/proceeding or months from the last date of filing of Annual Return for the year pertaining to such accounts and records, whichever is later. 1. Deposit made towards tax, interest, penalties shall be paid online using debit /credit cards, NEFT etc. Special rules apply for determining the place of supply. Few important definitions are covered as under: Schedule II lays down the transactions to be treated as supply of goods and supply of services. Refund of unutilised credit is also allowed in case of export of goods/services except in cases where export duty is payable and inverted duty structure. Appeal to the Tribunal shall be filed within 3 months of the date of the order. He may confirm, modify or annul the decision/order. Central and State Government are given extensive powers to make rules, issue notifications with retrospective effect under those rules, to carry into effect the purposes of the act. Joint and several liability of the transferee and the transferor of the business. Restaurant & catering, personal grooming, fitness, beauty treatment, health services, cosmetic & plastic surgery. 30,000 or 150% of the tax involved, whichever is higher. Services: It means anything other than goods. If it is found that the settlement has been sought on the basis of fraud and misrepresentation, then the proceedings shall be revived at the appellate authority, it was originally dealt by and the   order shall be passed by before the expiry of two years from the date of receipt of communication of the settlement being void. Advance rulings can be appealed within 30 days of the rulings. Registration to be obtained within 30 days from the date of becoming liable to be registered. Cases involving substantial question of law to be admitted. 5. Every taxable person shall himself asses the tax payable and furnishes a return under relevant section. It shall be considered to be issued under this act. 4. All Bare Acts, Rules, Interpretations, 500+ Info Graphics and Flowcharts, Most Comprehensive HSN and SAC Code Rate Finder, Section wise Comparison of SGST Act for each State, All Notifications released by All States, All GST FAQs released by the Government, Special Transactions, Industry Impact, Press Releases, Forms, Filing Procedure, Case Laws, Global References of GST… Certain specified persons to furnish Annual Information Return relating to payment of tax and transactions in goods and services. Any officer below rank of JC may ask for additional details from the e-commerce operator which shall be furnished in next 5 working days of service of notice, failure to which may lead to penalty of Rs.25,000. 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