Topic
Penalty Must Follow the Benefit - Decoding Section 122 (CGST Act)
Your Export Oriented Unit is busy. Material is coming in, finished goods are going out, and your bank is receiving foreign currency for the job work charges. On the shop floor, everything looks healthy. Then you file the Quarterly Performance Report (QPR) and-surprise-your Net Foreign Exchange (NFE) is negative. It feels absurd: how can an EOU that earns foreign exchange show a foreign exchange loss?.......... Read More
Penalties vs. Punishment Under GST: Where Do You Draw the Line?
Imagine this: A thriving business diligently files its GST returns, confident that everything is in order. But one misstep-perhaps an incorrect invoice or an unintentional tax shortfall-could lead to hefty fines or, in severe cases, even imprisonment. The GST framework is not just about tax collection; it’s a meticulously structured system that enforces compliance with clear-cut penalties and, in certain cases, criminal prosecution....................... Read More