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 […]
Key Changes in GST – effect from January 1, 2022.
GST Rates/Exemptions Textile Industry (Implementation of new rates deferred by 46th GST Council Meeting on 31-12-2021) At present, tax rate on raw material and final product are not uniform. Apparel and clothing up to Rs 1,000 per piece currently attracts 5 per cent GST. GST rate will be harmonized across the textile chain after amendment […]
Restaurant services provided through E-Commerce Operator will be now taxable in the hands of E-Commerce Operator from 1st Janauary, 2022
Presently, restaurant services provided through E-Commerce Operator were taxed at supplier level. However, vide Notification No.17/2021, dated November 18, 2021, the section 9(5) of the GST Act has been amended to include restaurant services provided through E-commerce operator like ZOMOTO, SWIGY, UBER Eats, and many such food delivery apps. With this amendment, now e-commerce operator will […]
GST on the supply of transportation of passenger service provided by an auto rickshaw through an ‘electronic commerce operator’
Previously, passengers were exempted from paying for metered cabs or auto rickshaws (including e-rickshaws) to transport them, with or without their stuff. GST will be applicable on such transportation services provided by auto rickshaws following the revision to the exemption entry. However an auto ride provided via offline modes such as street hailing will still […]
Withdrawal of Lower or Nil GST Rates for Government Authority or Government Entity
Effective from 1st January, 2022, the lower and Nil GST rate as available for supply of “Composite supply of works contract” [section-2(119) of CGST Act, 2017] to a Government Authority or a Government Entity is withdrawn and hence, from the effective date, following services, will be taxed at 18% if no other, specific rate or […]
45th Meeting of the GST Council – Key Proposals
Covid Relief measures by extending and adding some more drugs under GST concessional rate till 31st December 2021. Changes in GST rates will be applicable from 1st October 2021 unless otherwise not specified. GST rate changes in order to correct inverted duty structure, in footwear and textiles sector, as was discussed in earlier GST Council […]
Recommendations of 43rd GST Council meeting dated: 28th May, 2021
The 43rd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman through video conferencing on 28th May, 2021. The GST Council has made the following key recommendations relating to changes in GST rates on supply of goods and services and changes related to GST law and procedure: COVID-19 […]
Recent Updates & Compliance Calendar – Direct and Indirect Tax
DIRECT TAXES RECENT UPDATES Extending time for payment under VSV (Vivad Se Vishwas Scheme) to 30.06.2021 including timelines for assessment (Notification No. 39/2021 & 38/2021) Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income and Dividend Income (Notification No. 1 & 2 of 2021-DGIT ) CBDT notifies new Provisions of […]
GST calendar for April 2021 at a glance
*Due date Purpose Period Description 10th April 2021 GSTR-7 (Monthly) March’21 Summary of Tax Deducted at Source (TDS) and deposited under GST laws GSTR-8 (Monthly) March’21 Summary of Tax Collected at Source (TCS) and deposited by E-commerce operators under GST laws 11th April 2021 GSTR-1 (Monthly) March’21 Taxpayers having an aggregate turnover […]