TaxTMI 
TaxTMI 
REMIDIES IF GTA HAS FOLLOWED FCM AND RCM IN THE SAME PERIOD
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....EMIDIES IF GTA HAS FOLLOWED FCM AND RCM IN THE SAME PERIOD<br> Query (Issue) Started By: - CHVN KUMAR Dated:- 1-6-2019 Last Reply Date:- 24-5-2020 Goods and Services Tax - GST<br>Got 5 Replies<br>GST<br>HI every one Please provide your valuable opinion for the following 1. GTA has followed the same methods for invoice raising i.e., FCM and RCM in the same period. 2. Department has any right t....
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....o convert entire turnover into taxable i.e, FCM Is there any directon / provision there in the Act in this regard? What are the remidies available for GTA in this regard Reply By KASTURI SETHI: The Reply: There is no remedy to this lapse. I have already replied on this issue in this forum a few months back. Filing an option for FCM is requirement of GST law. The Board has already issued clari....
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....fication in the form of FAQ on this issue. Now the SCN will be issued for imposition of penalty. Differential amount of tax along with interest will also be demanded. The department has statutory power to treat the whole taxable value under FCM. Issuance of an invoice under FCM is itself an option for FCM for the financial year. Invoice is also a sort of contract. Reply By YAGAY andSUN: The Reply....
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....: Priciple of unjust enrichment may apply. However in recent judgment refund cannot be filed even service tax is paid inadvertently. Reply By KASTURI SETHI: The Reply: Rightly advised by M/s.Yagay and Sun, Sirs. Thanks & regards for offering your views on the issue. Now the picture on the issue is very much clear. It is beyond doubt that the party can not adopt hybrid procedure. Reply By YAGAY....
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.... andSUN: The Reply: If any hybrid system is adopted then, Government will assume the tax paid on higher side was liable to be paid and any short paid tax will collected by issuance of SCN. Reply By KASTURI SETHI: The Reply: Dear Sir, I am also of the same view.<br> Discussion Forum - Knowledge Sharing ....