GST on Export related to Ocean Freight & Air Freight
The exemption from GST on export freight was extended twice by the government after it was introduced in 2018 and the last extension ended on 30 September 2022 after a two-year run. Exporters will have to pay GST of 18% on export freight if the exemption is not extended further, which would raise the logistics […]
Important Changes(Amendment made in Finance Act,2022 notified w.e.f. 1st Oct 2022)
Changes Related to Input Tax Credit Earlier, the due date of availment of Input tax credit for any financial year was provided as the due date of furnishing of the return under section 39 for the month of September i.e. 20th October in case of monthly return filers and 22nd / 24th October in case […]
Applicability of extended timeline under GST for F.Y 2021-22 onwards.
Time limit for the following compliances in respect of a particular financial year has been extended and fixed as 30th November of the next financial year, or furnishing of the relevant annual return, whichever is earlier: It is clarified that the extended timelines for compliances listed in below table are applicable to the compliances for FY […]
Single Click NIL filing of GSTR-1
Introducing Single Click Nil Filing of GSTR-1 Single click Nil filing of GSTR-1 has been introduced on the GSTN portal to improve the user experience and performance of GSTR-1/IFF filing. Taxpayers can now file NIL GSTR-1 return by simply ticking the checkbox File NIL GSTR-1 available at GSTR-1 dashboard. It has been constant endeavor to […]
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 However, the exemption on such service has been withdrawn with effect from 18.07.2022.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 […]
FAQs – GST on ‘Pre-packaged and labelled’ Goods : Effective from 18th July, 2022
The changes relating to GST rate, in pursuance of recommendations made by the GST Council in its 47th meeting, are coming into effect from the 18th of July, 2022. One such change is moving from imposition of GST on specified goods when bearing a registered brand or brand in respect of which an actionable claim […]