Addition of 6% tax rate in GSTR-1 online
GSTN added 6% tax rate in GSTR-1 on the GST Portal It may be noted that 6% tax rate has been added in the item details section of all the tables of form GSTR-1, except HSN table 12.In case your outward supplies attracts 6% tax rate, you are required to upload the details against 6% […]
₹1,40,885 crore gross GST Revenue collection for May 2022; increase of 44% year-on-year
GST collection crosses ₹1.40 lakh crore mark 4th time since inception of GST; 3rd month at a stretch since March 2022 Posted On: 01 JUN 2022 1:28PM by PIB Delhi The gross GST revenue collected in the month of May 2022 is ₹1,40,885 crore of which CGST is ₹25,036 crore, SGST is ₹32,001 crore, IGST is ₹73,345 crore (including ₹ 37469 crore collected on import of […]
Upcoming Important dates in June 2022 for compliance under Goods and Services Tax (GST).
GST Return Due date Description GSTR-1 (May, 2022) 11-06-2022 Turnover more than 5 crore or opted to file monthly return IFF(Optional) – May 2022 13-06-2022 Opted for Quarterly filing as per QRMP scheme GSTR-3B (May 2022) 20-06-2022 Turnover more than 5 crore or opted to file monthly return PMT-06 25-06-2022 Who has opted to file […]
Landmark Judgement of Supreme Court on GST on ocean freight – 19th May 2022
Synopsis In a landmark Judgment in the case of Mohit Minerals Pvt Ltd Supreme court held that the impugned levy imposed on the ‘service’ aspect of the transaction is in violation of the principle of ‘composite supply’ enshrined under Section 2(30) read with Section 8 of the CGST Act. Since the Indian importer is liable […]
Due date extended for GSTR 3B and PMT-06 for the month of April,2022
Due date for furnishing Form GSTR-3B for the month of April, 2022 extended till the May 24, 2022 due to the non-availability of Form GSTR-2B for the month of April, 2022 on time.(vide Notification No. 05/2022- Central Tax dated May 17, 2022 ) Due date for furnishing Form GST PMT-06 (for taxpayers under QRMP Scheme) […]
GSTN issued advisory on GSTR-2B issues
There is Problem while generating GSTR-2B for April month on GST Portal. It has been noticed that in a few cases, certain records are not reflected in the GSTR-2B statement for the period of April 2022. However, such records are visible in GSTR-2A of such recipients. The technical team is working to resolve this issue […]
Reporting of GST @ 6% in GSTR-1
A new tax rate of 6% IGST or 3% CGST+ 3% SGST has been introduced on certain goods vide Notification No. 02/2022 dated 31st March 2022. Rate Amendment in Notification No 02/2022 was related to person engaged in making supply of the goods as per below HSN code: • Fly ash bricks or fly ash […]
1/3rd deduction for land value under GST is optional – MUNJAAL MANISHBHAI BHATT Versus UNION OF INDIA (Gujarat High Court)
1/3rd deduction for land value under GST is optional and can be permitted at the option of a taxable person, particularly in cases where the value of land or undivided share of land is not ascertainable- MUNJAAL MANISHBHAI BHATT Versus UNION OF INDIA (Gujarat High Court) Sale of land is included in the Entry No. […]
GSTN enabled functionality of Annual Aggregate Turnover (“AATO”) computation for the FY 2021-22 on taxpayers’ Dashboard
The functionality of AATO for the FY 2021-22 has now been made live on taxpayers’ dashboards with the following features: The taxpayers can view the exact Annual Aggregate Turnover (AATO) for the previous Financial Year (FY). The taxpayers can also view the Aggregate Turnover of the current FY based on the returns filed till date. […]
Advisory to composition taxpayers
Background: Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on quarterly basis while return in Form GSTR-4 is required to be filed on annual basis after end of a financial year. Reason of Negative Liability in GSTR-4: The liability of the complete year is required to be declared in […]