Clarification regarding GST rates and classification
Based on the recommendations of the GST Council in its 48th meeting held on 17th December 2022, clarifications, with reference to GST levy, related to the following are being issued through Circular No. 189 & 190 : Clarification regarding GST rates and classification of certain goods: Particular HSN/Exemption Entry GST RATE COMPENSATION CESS RAB 1702 […]
Module wise new functionalities deployed in December,2022
Various new functionalities are implemented on the GST Portal, from time to time, for GST stakeholders. These functionalities pertain to different modules such as Registration, Returns, Advance Ruling, Payment, Refund and other miscellaneous topics. PDF of Functionalities deployed for the month of December,2022 is attached herewith for your ready reference. Disclaimer: This Article is only […]
Guidelines for difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to reported in FORM GSTR-2A for FY 2017-18 and 2018-19
Section 16 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as “CGST Act”) provides for eligibility and conditions for availing Input Tax Credit (ITC). During the initial period of implementation of GST, during the financial years 2017-18 and 2018-19, in many cases, the suppliers have failed to furnish the correct details […]
Key recommendations of 48th GST Council meeting
GST Council recommends decriminalizing certain offences, increase in threshold of amount of tax for prosecution and reduction in amount of compounding in GST. The GST Council has inter-alia made the following recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST: Tax rates reduction: Husk […]
Seeks to empower the Competition Commission of India to handle anti-profiteering cases under CGST Act, 2017 with effect from 01.12.2022.
Now Competition Commission of India to examine Anti-Profiteering & CBIC amends rules related to National Anti-Profiteering Authority Any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices. Under section 171(2) Antiprofiteering […]
GSTR 9 instructions have been updated to reflect the extended time period for claiming ITC and amendment.
The CBIC amends the instructions of GSTR-9 in Notification No. 22/2022-Central Tax dated November 15, 2022, to reflect the increased time period for claiming Input Tax Credit (“ITC”) and amendment. The words “April to September 2022” have been substituted with “April 2022 to October 2022 filed upto 30th November 2022”. Against serial numbers 10 ,11 ,12 and […]
The GST Tribunal is expected to be established by December 2023 and should be completely paperless.
Since the implementation of GST in July 2017, businesses have faced interpretational and technical challenges, resulting in long drawn GST litigation. In the absence of GST Appellate Tribunals, taxpayers have frequently sought relief from High Courts through writ jurisdiction. Given the caseloads, the establishment of the GST Appellate Tribunal (GSTAT) has been highly awaited in […]
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 […]