Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
The High Court dismissed the writ petition filed by the petitioner seeking permission to rectify/amend the GST number of the purchaser in GSTR-1 return after the expiration of the limitation period u/s 37(3) of the Central Goods and Services Tax Act, 2017. The Court held that if a person submits an erroneous GSTR-1 and does not correct it within the timeline, the subsequent GSTR-2A and GSTR-3B would also reflect the erroneous information, leading to cascading effects. The time limitation u/ss 37(1) and 37(3) is directly linked to Section 16(4), which allows input tax credit to be availed till the due date of furnishing the return u/s 39 for the month of September following the end of the financial year or furnishing of the annual return, whichever is earlier. The petitioner could not rectify the error beyond the statutory time limit prescribed under the GST Act.
The High Court dismissed the writ petition filed by the petitioner seeking permission to rectify/amend the GST number of the purchaser in GSTR-1 return after the expiration of the limitation period u/s 37(3) of the Central Goods and Services Tax Act, 2017. The Court held that if a person submits an erroneous GSTR-1 and does not correct it within the timeline, the subsequent GSTR-2A and GSTR-3B would also reflect the erroneous information, leading to cascading effects. The time limitation u/ss 37(1) and 37(3) is directly linked to Section 16(4), which allows input tax credit to be availed till the due date of furnishing the return u/s 39 for the month of September following the end of the financial year or furnishing of the annual return, whichever is earlier. The petitioner could not rectify the error beyond the statutory time limit prescribed under the GST Act.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
