Advisory for Importers to avail benefit of IGCR Rules (Import of Goods at Concessional Rate of duty)
IGCR module is developed by ICEGATE, CBIC to provide a digital service to importers to avail benefits under the IGCR Rules (Import of Goods at Concessional Rate of Duty). The broad provisions are as under: i. Available post log in on ICEGATE for importers in their existing account, registered with valid DSC. ii. Provision of […]
GSTN has enabled facility for filing Letter of Understanding (“LUT”) for FY 2022-23 on GST Portal for taxpayers.
Disclaimer: This article is only a knowledge-sharing initiative and is based on the Relevant Provisions as applicable and as per the information existing at the time of the preparation. In no event, RMPS & Co. or the Author or any other persons be liable for any direct and indirect result from this Article or any […]
The Limit for Mandatory E-invoicing has been reduced from Rs. 50 crores to Rs. 20 crores
CBIC has made the e-invoicing system mandatory for all registered persons with a turnover of more than Rs.20 crore from April 1, 2022. (Turnover exceeds in any FY from 2017-18 and onwards). Original Notification 13-2020 has been amended from time to time and turnover limit is now reduced to Rs. 20 crores in latest Notification […]
Upcoming GSTR-1 Enhancements & Improvements:
GSTR-1/IFF can be viewed as usual by navigating in the following manner : Return Dashboard > Selection of Period > Details of outward supplies of goods or services GSTR-1 > Prepare Online The following changes are being done in this phase of the GSTR-1/IFF enhancements : 1.Removal of ‘Submit’ button before filing: The present two-step filing of […]
GSTR 2A Form removed from GST Portal by GSTN – From January 2022
GSTR-2A has been deleted from the GST Portal January 2022 onwards by the Goods and Service Tax Networks (GSTN). The following are the key changes in CGST Rules notified in Notification No. 40/2021 – Central Tax With effect from 1st January 2022, ITC shall be allowed only to the extent invoice/debit notes are reported in GSTR-1 […]
INTEREST INCOME TAXABLITY AND IMPLICATIONS UNDER GST LAW
TYPES OF INTEREST INCOME AND ITS TAXABLITY As per the provision of GST Law a person is required to take registration if aggregate turnover exceeds the threshold limit. Exempt income is part of aggregate turnover and hence question arise whether all types of interest income is part of aggregate turnover? Meaning of Interest “Interest” means […]
Guidelines for recovery of tax in case of difference in GSTR -1 and GSTR-3B
Tax declared under GSTR-1 but not included in GSTR-3B, will be considered as “Self Assessed Tax” and hence, direct recovery of such tax under Section 79 will be possible even without issuing any Show Cause Notice. (Amendment in Section 75(12)). There may, however, be some cases where there may be a genuine reason for difference […]
Upcoming functionality – Interest Calculator in GSTR-3B
To facilitate taxpayers in doing self-assessment, the new functionality of interest calculator is being released in GSTR-3B. This functionality will assist taxpayers in calculating the interest applicable for delayed filing of returns. Interest computation The interest computed by the system has been aligned with the Section-50 of the CGST Act, 2017, as amended. Consequently, interest […]
Key changes in CGST Rules Notified on 29th December, 2021
With effect from 1st January 2022, ITC shall be allowed only to the extent invoice/debit notes are reported in GSTR-1 by the vendors and the availability of ITC has been communicated to the recipient in GSTR-2B. (Rule 36(4)) Due date for furnishing Annual return in Form GSTR-9(mandatory for registered person whose aggregate turnover is Rs. 2 […]
Filing of refund claim by the taxpayers registered in erstwhile Union Territory of Daman & Diu for the period prior to the merger with U.T. of Dadra & Nagar Haveli
The mechanism for filing of refund claim by the taxpayers registered in erstwhile Union Territory of Daman & Diu for the period prior to the merger with U.T. of Dadra & Nagar Haveli New GSTINs with UT Code 26 were created for the taxpayers of erstwhile UT of Daman and Diu w.e.f 1st August 2020 […]