TAXABILITY OF RENTING OF RESIDENTIAL DWELLING UNDER GST
Renting of residential dwelling for the purpose of residence was earlier exempted. However, the exemption on such service has been withdrawn with effect from 18.07.2022. Now onwards renting of residential property for the purpose of residence is also taxable if the recipient of service is registered under GST. Prior to July 18th,2022 Services by way […]
GSTR 9-9C for FY 2021-22 has been enabled on GSTN Portal
GSTR-9 [GST Annual Return] It is mandatory for turnover exceeding 2 Crores and optional for taxpayers having annual aggregate turnover of up-to Rs. 2 crores. GSTR-9C [GST Audit- Reconciliation Statement] It is applicable to taxpayers having annual aggregate turnover of more than Rs.5 crore. It is optional for taxpayers whose turnover is exceeding Rs.2 Crore […]
First set of Nine Forms to be launched on August 31, 2022
As per update from Ministry of Corporate Affairs (“MCA”) on July 15, 2022, the MCA is launching first set of Company Forms on MCA21 V3 portal. These forms will be launched on 31st Aug 2022 at 12:00 AM. Following forms will be rolled-out in this phase: DIR3-KYC Web, DIR3-KYC Eform, DPT-3, DPT-4, CHG-1, CHG-4, CHG-6, […]
E-Invoicing (B2B) under GST for Taxpayer having Turnover more than Rs.10 Crore w.e.f. 01 October 2022 (Turnover in any FY from 2017-18 onwards)
The CBIC issued Notification No. 17/2022–Central Tax dated August 01, 2022, to amend Notification No. 13/2020 – Central Tax, dated March 21, 2020, to decrease the e-Invoicing aggregate turnover limit from 20 crores to 10 crore w.e.f. October 01, 2022. CBIC has made the e-invoicing system mandatory for all registered persons with a turnover of more than Rs.10 crore […]
Deadline for Existing Units – Gujarat IT/ITeS Policy – 2022-27
Hello Readers, With an ambitious target to increase exports from the existing Rs 3,000 crore to as high as rs 25,000 crore in the information technology (IT) sector, the Gujarat government rolled out its new Information Technology & Information Technology-enabled Services (IT & ITeS) policy, 2022-2027. The Policy will enable all innovative ecosystem, establish a […]
Special Economic Zone (SEZ) – Recent updates
1. GOVT AMENDS SEZ NORMS TO HELP COMPANIES OPT FOR FLEXIBLE WORK OPTIONS The government has amended the Special Economic Zones (SEZ) Rules, 2006 to accommodate the work-from-home model of employment, a move expected to change the demand for leasing of space at information technology parks. This proposal for working from home will cover a […]
SC directs GSTN to open portal for filing TRAN-1 for all taxpayers
The Revenue filed SLP before the Supreme Court as various High Courts had allowed writ petitions filed by the registered taxpayers seeking directions to avail Transitional Credit beyond statutory time limit. (Union of India vs. M/s Filco Trade Centre Pvt. Ltd. and Anr.) The Apex Court has issued the following Tran-1 directions: Goods and Service […]
FAQs – GST on ‘Pre-packaged and labelled’ Goods : Effective from 18th July, 2022
The changes relating to GST rate, in pursuance of recommendations made by the GST Council in its 47th meeting, are coming into effect from the 18th of July, 2022. One such change is moving from imposition of GST on specified goods when bearing a registered brand or brand in respect of which an actionable claim […]
GST ON PRE-PACKAGED AND LABELLED FOOD ITEMS. EFFECTIVE FROM 18-07-2022
Currently, certain food items are exempt from GST if they are not put up in the unit container or they are unbranded or if the supplier waives the right to the brand through a declaration. The GST council recently recommended revising the scope of GST exemption to exclude the specified food items if the Supplies […]
Changes in GSTR 1 & GSTR 3B – reporting of ITC & other details
Changes in reporting of input tax credit in GSTR-3B [Notification No. 14/2022 – Central Tax dated 5th July 2022 read with Circular No.170/02/2022 dated 6th July 2022] is as below: Changes relating to supplies through E-commerce operators. As per Section 9 (5) of the CGST Act (and the corresponding provisions under the SGST Acts, IGST Act, […]