Whether sale of land after levelling, laying down of drainage lines etc., is taxable under GST? – The Madhya Pradesh High Court -October 2022.
The Madhya Pradesh High Court has asked the local authority to reconsider its decision to levy 12% GST on a piece of land. The petitioner, Ms. Shraddha Tiwari approached the Court contending that GST at 12% has been levied upon the sale consideration for the purchase of developed land upon the petitioners who happen to […]
The Goods and Services Tax Network (“GSTN”) has added a new Federal Bank for GST payment.
The Goods and Services Tax Network (“GSTN”) has added a new Federal Bank, bringing the total number of banks accepting GST payments to 20. Here is the list of all the Banks: Axis Bank Central Bank of India Indian Bank Punjab and Sind Bank Bank of Baroda Federal Bank Indian Overseas Bank Punjab National Bank […]
Due to non-filing of GSTR-1, the GST Common Portal restricts GSTR-3B
Sequential filing of GSTR-1 & filing of GSTR-1 before GSTR-3B on GST Portal: A taxpayers shall not be allowed to file GSTR-1 if previous GSTR-1 is not filed and a taxpayer shall not be allowed to file GSTR-3B if GSTR-1 for the same tax period is not filed. These changes are being implemented prospectively and […]
NO GST ON RENTING OF RESIDENTIAL ACCOMMODATION FOR PERSONAL USE: Hon’ble Delhi High Court
On 27.09.2022, in a matter argued Revenue admitted that the impugned Notification has failed to differentiate between the premises taken on rent for personal use and taken on rent for business and that further steps would be taken to suitably modify the exemption notification. Consequently, the aforesaid clarification that renting of a residential dwelling by […]
GST on Export related to Ocean Freight & Air Freight
The exemption from GST on export freight was extended twice by the government after it was introduced in 2018 and the last extension ended on 30 September 2022 after a two-year run. Exporters will have to pay GST of 18% on export freight if the exemption is not extended further, which would raise the logistics […]
Important Changes(Amendment made in Finance Act,2022 notified w.e.f. 1st Oct 2022)
Changes Related to Input Tax Credit Earlier, the due date of availment of Input tax credit for any financial year was provided as the due date of furnishing of the return under section 39 for the month of September i.e. 20th October in case of monthly return filers and 22nd / 24th October in case […]
Applicability of extended timeline under GST for F.Y 2021-22 onwards.
Time limit for the following compliances in respect of a particular financial year has been extended and fixed as 30th November of the next financial year, or furnishing of the relevant annual return, whichever is earlier: It is clarified that the extended timelines for compliances listed in below table are applicable to the compliances for FY […]
Single Click NIL filing of GSTR-1
Introducing Single Click Nil Filing of GSTR-1 Single click Nil filing of GSTR-1 has been introduced on the GSTN portal to improve the user experience and performance of GSTR-1/IFF filing. Taxpayers can now file NIL GSTR-1 return by simply ticking the checkbox File NIL GSTR-1 available at GSTR-1 dashboard. It has been constant endeavor to […]
GST Related reporting (Clause 44) in Tax Audit Report.
Form 3CD of Tax Audit Report was amended in July 2018 by Notification No. 33/2018 dated 20.07.2018 Clause 44 on reporting of GST transactions was added. However its implementation was kept in abeyance till 31st March 2022. However, for tax audit reports filed from 1st April 2022 onwards, reporting under this clause will be mandatory. Hence, you […]
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 […]