Tag: GST

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 However, the exemption on such service has been withdrawn with effect from 18.07.2022.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 […]

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 […]

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 […]

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 […]

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, […]

Impact on E-commerce sector from 47th GST Council meeting’s recommendations:

E-commerce means the supply of goods or services, or both, including digital items, through a digital or electronic network. (Described in Section 2(44) of the CGST Act, 2017) E-Commerce Operator has been defined as any person that directly or indirectly owns, maintains, or manages a digital or electronic facility or platform for e-commerce (under Section […]