Negative balance in cash ledgers of some composition taxpayers to be nullified
GSTN has issued an advisory on negative balance in cash ledgers of some composition taxpayers. According to it, due to the reversal of amount in the cash ledger of some composition taxpayers, the balance in the cash ledgers had become negative. The government has now decided that the negative balance in the cash ledgers of such taxpayers should be nullified.
Accordingly, the negative balance has been nullified. All such taxpayers have been informed through email also.
- Distinction between religious & charitable purposes is determined by institution’s primary or dominant object
- Fit case to issue notice u/s 148 – Relevancy of material & application of mind to objections important
- AO is under an obligation to assign reasons for rejecting explanation of the assessee
- CBIC issues SoP for clearance of imported goods through Foreign Post Offices
- Sale deed executed with full knowledge of only part consideration paid, not void – SC
