GST

The Central Board of Indirect Taxes and Customs (CBIC) has clarified that such consultations with the assessee, prior to issuance of show-cause notice (SCN) in case of demands of duty is above Rs 50 lakh (except for preventive/offence related SCNs), is mandatory and shall be done by the SCN-issuing authority.

The new Quarterly Return and Monthly Payment Scheme (QRMP) will be introduced for GST taxpayers by the Central Board of Indirect Taxes and Customs (CBIC) before the end of the year. Instead of filing 12 returns at present, this will allow only 4 GSTR-3B returns during the entire year.