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!
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