E-invoice mandatory for all registered persons with a turnover of more than Rs.5 crore from 1st August ,2023
CBIC has made the e-invoicing system mandatory for all registered persons with a turnover of more than Rs.5 crore from 1st August ,2023. (Turnover exceeds in any FY from 2017-18 and onwards). Tabular presentation for understanding applicability of E-invoice: Once E-invoicing is implemented, it will be implemented for all subsequent financial years. As a result, […]
2 Factor Authentication (for taxpayers with AATO above 100 Cr) is further extended
Mandatory 2 Factor Authentication (for taxpayers with AATO above 100 Cr) is further extended till 20/08/2023 for the last time, based on requests from some of the taxpayers. After this no further extension will be provided. Users are requested to register for 2FA immediately and also create sub-users so that EWB activities are managed without […]
UNDERSTANDING THE DIFFERENT TYPES OF NOTICES ISSUED UNDER GST
NOTICE: Communication sent by GST Authorities to assesses is named as notice under GST.A notice can be called by different name. i.e., Show cause notice, demand notice, scrutiny notice etc. The common grounds for receiving notices under GST are lapses on the part of the taxpayers such as not registering under GST when otherwise required […]
28% GST on Online Gaming Industry – 50th GST Council meeting decision.
The 50th GST Council meeting witnessed intense discussions surrounding the taxation of casinos, horse racing, and online gaming. The GoM’s recommendation for a uniform 28% tax rate on all three activities, along with the proposal to include online gaming and horse racing as taxable actionable claims in Schedule III, has raised concerns among stakeholders in […]
Understanding ITC Availability for Warranty Replacement of Parts and Repair Services During the Warranty Period
Clarification on availability of ITC in respect of warranty replacement of parts and repair services during warranty period : During the warranty period, replacement goods /services are supplied to customers free of charge and as such no separate consideration is charged and received at the time of replacement. Clarification in respect of GST liability as […]
E-Invoice Exemption Declaration Functionality Now Available
Goods & Services Tax (GST) | News and Updates 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 […]
Clarification on TCS Liability in Case of Multiple E-commerce Operators in One Transaction
Introduction: The Central Goods and Services Tax Act, 2017 (CGST Act) provides provisions for TCS (Tax Collection at Source) liability in e-commerce transactions. A query has been raised regarding the TCS liability in situations involving multiple E-commerce Operators (ECOs) in a single transaction, particularly in the context of Open Network for Digital Commerce (ONDC). Platform-centric […]
GST : Summary of recent notifications and circulars.
CBIC issued Notifications and Circulars to give effect to recommendation of the 50th GST Council Meeting. It includes extensions in amnesty schemes for GSTR-10 non-filers, GSTR-9 non-filers, deemed withdrawal of assessment orders, and revocation of registration. Also circulars provide clarification on topics such as Input Tax Credit (ITC) for common input services, holding of shares […]
KEY HIGHLIGHTS OF 50TH GST COUNCIL MEETING
The 50th meeting of the GST Council witnessed the release of a short video film titled ‘GST Council- 50 steps towards a journey,’ highlighting the Council’s progress. The film, available in Hindi, English, and regional languages, will be shared on various social media platforms. Additionally, the Council recommended changes in GST tax rates, trade facilitation […]
Council To Decide On New GST Rule: May have to explain discrepancy in ITC Claims
The GST Council is likely to decide on a new rule in GST law under which businesses would be required to explain the reasons for excess input tax credit (ITC) claimed or deposit the amount with the exchequer, sources said. They said the Law Committee, comprising tax officers from Centre and states, has opined that […]