Maximize Your ITC Tracking Efficiency with GSTN’s New Electronic Credit Reversal and Re-claimed Statements!
A new feature called Electronic Credit Reversal and Re-claimed Statements on the GSTN portal has been introduced. This statement is here to help you keep track of your ITC, from reversing it (Table 4B(2)) to reclaiming it (Table 4D(1) and 4A(5)). It covers each return period, starting from the August 2023 return period. Correct Reporting, […]
Latest Notifications Related to E-commerce Operators:
Notification No. 34/2023-Central Tax on 31st July 2023 This notification specifies the category of persons who are exempted from obtaining registration under the said Act, subject to certain conditions. Here are the key points mentioned in the notification: Notification No. 36/2023 – Central Tax on 4th August 2023 CBIC has empowered e-commerce operators with specific […]
Amendment in Import Policy of Laptops, Tablets, Computers etc.
The move seems to be aimed at promoting domestic manufacturing, and probably targeted at China since more than 75 per cent of India’s total $ 5.33 billion imports of laptops and personal computers in 2022-23 was from the neighboring country. Policy conditions are introduced as under: This Article is only a knowledge-sharing initiative and is […]
Recommendations of 51st GST Council Meeting
Clarity on taxation of supplies in casinos, horse racing and online gaming The GST Council in the 50th meeting held on 11.07.2023 had deliberated on the Second Report of the Group of Ministers (GoM) on Casinos, Racecourses and Online Gaming and had recommended that the actionable claims supplied in Casinos, Horse racing and Online gaming may […]
Clarifications regarding applicability of GST on Certain Services
These clarifications were recommended by the GST Council in its 50th meeting held on July 11, 2023.Circular No. 201/13/2023-GST addresses two issues which are as below: Issue 1: Services Supplied by DirectorsThe first issue pertains to whether services supplied by directors of a company in their personal capacity, such as renting of immovable property to […]
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 […]