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Tax Tunnel comprises of young and passionate Chartered Accountants. Here, on one hand, we try to simplify the common yet complex issues of Direct and Indirect tax while on the other hand, we delve into insights towards complex and unique concepts or procedures of statutory and non statutory compliance's.


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Due date of TDS return and other compliances has been extended

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Relaxation of Certain provisions and compliance's  under Income Tax Act As we know in view of the spread of pandemic COVID-19, our government has given many relief from  time to time to taxpayer’s whether in terms of due date extension, payment of tax, filing of returns and  other compliance's for the benefit of taxpayer.  In view of this, the government has issued the “THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN  PROVISIONS) ORDINANCE, 2020” dated 31.03.2020 to give relaxation of certain provision including  extension of time limit, in the taxation and other laws.  After that, for considering the issues faced by the taxpayer’s the government has issued new  Notification-35/2020 date 24.06.2020 to amend the Sub Section (1) of Section 3 of The Taxation and  Other Laws (Relaxation Of Certain Provisions) Ordinance, 2020 for further reliefs. Further new Notification 56/2020 dated 29.07.2020 has amend the extended due date of  Incom...
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GSTR- 2B : GST upcoming Changes and Relaxations

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Presently, for claiming the Input Tax Credit (ITC), apart from the conditions mentioned under section 16, one of the condition is reflection of the same in GSTR-2A. This matching concept was made live by the Government in November 2019. Due to the which it has now become even more difficult for the taxpayers to maintain the records and claim the ITC. There are certain challenges in declaring ITC using GSTR-2A which includes: The Dynamic Nature of the statement GSTR-2A, this statements keeps on updating whenever a supplier files his GSTR-1. So, it becomes difficult for a taxpayer to determine his actual ITC and results in blocking working capital. It contains both uploaded as well as filed invoices. There is no User Interface where it reflects the total amount of ITC for a month just like in GSTR-1 where you can see the total amount of tax. It takes a lot of time to download the GSTR-2A when the number of invoice count is more than 1000 or 2000. In order to overcomes, some of these and ...
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Input tax credit is not available if reflecting in our GSTR-2A ?

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As the GST has been introduced in 2017, the main objective was to eliminate the cascading effect i.e. tax  on tax by providing input tax credit on the every purchase of goods and services which has been used in the course or  furtherance of business  as per the conditions specified under section 16 of CGST Act, 2017. Also, as we know that input tax credit will reduced the cost of goods and services and it will help  taxpayer’s to reduce his outward tax liability that has been arise at the time of supply by utilising these  input tax credit. But in GST law, all input which are available and reflecting in GSTR-2A is not eligible input and it can not be availed  and utilised against the outward tax liability. In other words, sub section (5) of section 17 of CGST Act,  2017  as amended by CGST Amendment Act, 2018 specifies the goods and services against which input tax  credit is not available even if these are reflecting in our GSTR-2A. These ...
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