VIA Taxation & Corporate Law Forum organized the 16th edition of Tax awareness program on “Making March Meaningful” for creating awareness for better tax compliances. Expert speakers, CA Naresh Jakhotia for Income Tax, CA Sachin Jajodia for GST.
CA Ashok Chandak, Chairman of VIA Taxation & Corporate Law Forum in his opening remark said we had conducted this program more than 16th consecutive year and which gives a good take always to the attendees. This program has always been focused on the current year end transactions and compliances along with preparations for coming financial year as per recent development and budget provisions.
Gold Rate
Thursday 13 March 2025
CA Naresh Jakhotia an expert in Income Tax said that timing of transaction should be planned in such a way where tax can be saved like selling of an immovable property or raising of an invoice. CA Naresh Jakhotia further cautioned regarding Non-payment to MSME within prescribed time will result in hefty tax demand liabilities as the expenses will be disallowable in view of section 43B(h). He discussed the provision of timely payment to MSME at length with various illustrations and situations. During his deliberation CA Naresh discussed on recent GST searches conducted by the GST department on the basis of information received with regard to Fake invoices and purchases from non-traceable registered persons and its repercussion in the Income Tax Law. Further With regards to TDS he said that correct TDS deduction and timely payment not only saves you from disallowance, interest and penalty it saves you more particularly from prosecution. He further added interest payable on loans from NBFCs is subject to TDS which should be complied to avoid the TDS. He further stated that industries should take utmost care in depositing employees’ contribution before the due date as per PF & ESIC laws otherwise whole deduction will be disallowed which will result in heavy tax liability. He further said that in faceless assessment and faceless appeals, the reply must be filed on or before the time else the reply option will be blocked and assessment order will be passed without presenting proper hearing to the assessee. He informed that Vivad se Vishwas scheme under income Tax is going on and assessee should take advantage of this scheme and reduce the burden of litigation on self as well as income tax department. He also advised the taxpayers to ensure that the income tax portal incorporates the correct email id and mobile number as all the communication is now done from income tax portal in online mode only. He also advised the taxpayers to ensure the completion of the books of accounts at the earliest so that timely return could be filed subsequently.
He strongly suggested that every business entity must prepare tentative financials up to 15th March, which will bring into light many small issues which might be overlooked previously and it will be more appropriate to get the opinion of a professional so that if required- corrective measures can be taken within time.
CA Sachin Jajodia, stated that under the GST even though the regular compliances have regime every month matching and reconciliation of books of accounts with GSTR1, GSTR3B and Input tax credits as per GSTR 2B etc is the need of the hour. He suggested that trade and industry should check that they have correctly declared RCM liability and proper input tax credit for the same is claimed. If there remained any undisclosed liability under RCM it must be disclosed or there remained any unclaimed ITC with regard to RCM it can be claimed in March months GSTR 3B. He informed that there are difference amnesty schemes are running under GST like ITC claim for FY 2017-18 to 2019-20, Waiver of Late fees on delayed filing of filing GSTR 9C for Fy 2017-18 to 2022-23 and lastly Sec 128A amnesty where only tax is to be paid and complete waiver of interest and penalty if SCN or Order is issued un/s 73 of CGST Act. He advised that many amendments will come into effect from 01st April 2025 like compulsory mentioning 6 digit HSN Codes on invoices for all. He further said that E way bill will be applicable for unregistered dealers as well from 01st April 2025. He said that now recipient of goods or services has to be vigilant about the suppliers from whom inward supplies are received. He further added that under GST payment for input supplies should be done within 180 days, otherwise ITC will be denied and also interest liability will arise.
CA Sachin Jajodia informed about latest updates in GST under which Credit Notes raised must be accepted or rejected in GST return using IMS facility, e way bill preparation has expanded April onwards it will be applicable to unregistered persons too and Sponsorship service will come under Forward charge instead of RCM. While cautioning he said that possession of physical original invoice is one of the mandatory conditions under GST hence avoid accepting invoices on WhatsApp or like platform, self-invoicing is must for RCM transactions, ITC on passenger vehicles is blocked under GST thus not claim ITC on passenger vehicle.
Earlier, CA Ashok Chandak, Chairman of VIA Taxation & Corporate Law Forum welcomed CA Naresh Jakhotia and CA Sachin Jajodia. CA Mahendra Jaid has conducted the programme and proposed a formal vote of Thanks.
