Some recent updates that you would not like to miss – (3th Feb 2017)

1.    Under GST, Invoice for Services should be raised within 45 days from provision of service in case of Banks, Non Banking Financial Corporations & Financial Institutions & 30 days in other cases.

2.      Interest cannot be demanded on excess Cenvat credit availed by assessee when it had not utilized such excess credit.

3.    If a taxable person has paid IGST/CGST/SGST mistakenly as an Interstate/intrastate Supply and the nature of which is clarified later on, in that case he shall have to pay the  appropriate tax and claim refund of the tax wrongly paid. CGST/SGST will not be adjusted against wrongly paid IGST or vice versa.

4.     Anyone transacting in cash above the newly imposed limit of Rs 3 lakh will have to pay a penalty of a similar amount, according to a top government official.

5.     Income Tax Department has asked taxpayers to verify online the deposits they made in their accounts post demonetisation and respond to queries of any mismatch.

6.      Act of increasing share capital without member's approval is compoundable offence

7.    Withdrawal limits has been removed on current accounts by Reserve Bank of India w.e.f. 01.02.2017 and weekly cap has been increased from Rs. 10,000 to Rs. 24,000 on saving bank accounts with same date of effect.

Have a great day ahead!