Changes in GSTR 1 & GSTR 3B – reporting of ITC & other details
Changes in reporting of input tax credit in GSTR-3B [Notification No. 14/2022 – Central Tax dated 5th July 2022 read with Circular No.170/02/2022 dated 6th July 2022] is as below: Changes relating to supplies through E-commerce operators. As per Section 9 (5) of the CGST Act (and the corresponding provisions under the SGST Acts, IGST Act, […]
Implementation of 47th GST Council Meeting Recommendations – Notifications and Circulars
In the 47th GST council meeting, certain recommendations were given for Refunds of accumulated ITC are not to be allowed in certain cases rate changes on certain goods & services Clarifications on GST rates on certain goods & services Certain trade facilitation measures by way of amendment in CGST Rules like change in the formula […]
Clarification on-demand and penalty in respect of fake GST invoices (Circular No. 171/03/2022-GST )
A number of cases have come to notice where the registered persons are found to be involved in issuing tax invoices, without actual supply of goods or services or both (hereinafter referred to as “fake invoices”), in order to enable the recipients of such invoices to avail and utilize input tax credit (hereinafter referred to […]
Impact on E-commerce sector from 47th GST Council meeting’s recommendations:
E-commerce means the supply of goods or services, or both, including digital items, through a digital or electronic network. (Described in Section 2(44) of the CGST Act, 2017) E-Commerce Operator has been defined as any person that directly or indirectly owns, maintains, or manages a digital or electronic facility or platform for e-commerce (under Section […]
Impact on Real Estate sector from 47th GST Council meeting’s recommendations:
The real estate sector is a vibrant economic sector. In the 47th meeting on June 28-29, 2022, the GST Council clarified many issues concerning tax slab rates and procedural changes. The following are changes that have an impact on the Real Estate sector: RATE CHANGES RELATED TO CONSTRUCTION/WORK CONTRACT SERVICES AND GOODS: Description From To […]
Key Recommendations in 47th Meeting of the GST Council – 28th and 29th June ,2022
The GST COUNCIL has made the following recommendation relating to changes in the GST rates on supply of goods and services and changes related to GST law and procedures: RECOMMENDATIONS RELATING TO GST RATES ON GOODS AND SERVICES Refunds of accumulated ITC will not be allowed on Edible oils and Coal Rate Rationalization to remove […]
GST ON CRYPTOCURRENCY TRANSACTIONS
GST on CryptoCurrency – subject matter of dispute from the taxability Cryptocurrency is made up of two different words, “crypto” and “currency”. Hence, it can be said that cryptocurrencies are currencies that use the science of cryptography. This is because these currencies widely use encryption techniques. This means that encryption techniques are used for two […]
Maintenance work being scheduled on the e-Invoice System on 5th June 2022 between 9pm and 10pm
There is a maintenance work being scheduled on the e-Invoice System on 5th June 2022 between 9pm and 10pm. During this interval, the e-Invoice services will not be available for the GST taxpayers of the following states ONLY. Also please note that e-waybill portal and e-waybill APIs will function as usual without any problem for all […]
Addition of 6% tax rate in GSTR-1 online
GSTN added 6% tax rate in GSTR-1 on the GST Portal It may be noted that 6% tax rate has been added in the item details section of all the tables of form GSTR-1, except HSN table 12.In case your outward supplies attracts 6% tax rate, you are required to upload the details against 6% […]
₹1,40,885 crore gross GST Revenue collection for May 2022; increase of 44% year-on-year
GST collection crosses ₹1.40 lakh crore mark 4th time since inception of GST; 3rd month at a stretch since March 2022 Posted On: 01 JUN 2022 1:28PM by PIB Delhi The gross GST revenue collected in the month of May 2022 is ₹1,40,885 crore of which CGST is ₹25,036 crore, SGST is ₹32,001 crore, IGST is ₹73,345 crore (including ₹ 37469 crore collected on import of […]