New Update: GSTN now allows filing of GSTR-9 and GSTR-9C for the financial year 2022-23
Mark your calendars! The due date for filing GSTR-9 and GSTR-9C for the financial year 2022-23 is December 31, 2023. The Goods and Services Tax Network (GSTN) has now enabled the option to file the Annual Return and Reconciliation Statement, specifically Form GSTR-9 and GSTR-9C, on the GST portal for the Financial Year 2022-2023. Disclaimer: […]
Game-Changing Tech: AI Revolutionizes Tax Compliance in GST
The implementation of the Goods and Service Tax (GST) system has simplified the indirect taxation system also known as “one nation, one tax” system. The curiosity inspired me to explore this topic in depth and write the article on how AI can be companion to us when it comes to the compliance work. Introduction of […]
CBIC rolls out Automated Return Scrutiny Module for GST returns in ACES-GST backend application for Central Tax Officers
Empowering Central Tax Officers with Efficient Compliance Review: CBIC has rolled out the Automated Return Scrutiny Module for GST returns in the ACES-GST backend application for Central Tax Officers this week. This module will enable the officers to carry out scrutiny of GST returns of Centre Administered Taxpayers selected on the basis of data analytics […]
GST E-Invoicing Limit will be reduced to 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). The threshold limit for e-invoicing has changed as per CBIC Notification No. 10/2023-Central Tax dated May 10, 2023. Once E-invoicing is implemented, it will be implemented for all subsequent financial years. As a result, once E-invoicing is implemented, […]
Guidelines for GST Special All-India Drive against fake registration
Issue of unscrupulous elements misusing the identity of other persons to obtain fake/ bogus registration under GST, with an intention to defraud the Government exchequer was deliberated during the National Co-ordination Meeting of the State and Central GST officers. Such fake/ non-genuine registrations are being used to fraudulently pass on input tax credit to unscrupulous […]
“Supreme Court Reverses Gujarat High Court and Upholds ‘Pre-Import’ Condition as Prospective”
CASE : UNION OF INDIA & ORS VERSUS COSMO FILMS LIMITED An Advance Authorization is a license issued to exporters by the government that allows them to import inputs, raw materials, or capital goods without payment of basic customs duty, additional customs duty, or any other taxes or cess, subject to certain conditions. The imported […]
New facility to verify document Reference Number (RFN) mentioned on offline communications issued by State GST authorities
The GST portal (“System”) generates various documents, such as notices/ orders, etc which are communicated to the taxpayer. Most such documents have a system-generated unique identifier DIN (Document Identification Number)/ RFN (Reference Number). These documents, by virtue of being generated by the System, are already traceable in the portal, mostly on the taxpayer’s dashboard. Still, […]
“Revoking GST Registration Cancellation: Implications for Input Tax Credit”
CASE: Allyssum Infra Vs Union of India (Gujarat High Court) The petitioner, which is a partnership firm engaged in the business of real estate projects, has challenged in this petition order of cancellation of its Goods and Services Tax Registration. The Goods and Services Tax registration of petitioner came to be cancelled on the ground […]
GST implications on Transfer of Development Rights in Real Estate
Introduction: The real estate sector in India is a significant contributor to the economy and has grown significantly in recent years. The government has implemented various policies and regulations to boost the sector, including the Goods and Services Tax (GST). The Goods and Services Tax (GST) has had a significant impact on the real estate sector, particularly in relation to the transfer of development rights (TDR). The purpose of this article is to provide a clear understanding of the GST implications for TDR in the real estate sector, including applicable rates and exemptions for residential and commercial projects. Meaning of TDR: TDR stands for Transfer of Development Rights. Owner of land allows promoter (builder ) to develop the land and construct on in his land. Taxability of TDR depends on whether transfer of TDR is for construction of residential apartments, or it is for the commercial units. If […]
Tenancy Rights under GST
INTRODUCTION The transfer of tenancy rights against tenancy premium which is also known as “pagadi system” is prevalent in some States. In this system the tenant acquires, tenancy rights in the property against payment of tenancy premium(pagadi). The landlord may be owner of the property but the possession of the same lies with the tenant. […]