Key recommendations of 48th GST Council meeting
GST Council recommends decriminalizing certain offences, increase in threshold of amount of tax for prosecution and reduction in amount of compounding in GST. The GST Council has inter-alia made the following recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST: Tax rates reduction: Husk […]
Seeks to empower the Competition Commission of India to handle anti-profiteering cases under CGST Act, 2017 with effect from 01.12.2022.
Now Competition Commission of India to examine Anti-Profiteering & CBIC amends rules related to National Anti-Profiteering Authority Any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices. Under section 171(2) Antiprofiteering […]
GSTR 9 instructions have been updated to reflect the extended time period for claiming ITC and amendment.
The CBIC amends the instructions of GSTR-9 in Notification No. 22/2022-Central Tax dated November 15, 2022, to reflect the increased time period for claiming Input Tax Credit (“ITC”) and amendment. The words “April to September 2022” have been substituted with “April 2022 to October 2022 filed upto 30th November 2022”. Against serial numbers 10 ,11 ,12 and […]
The GST Tribunal is expected to be established by December 2023 and should be completely paperless.
Since the implementation of GST in July 2017, businesses have faced interpretational and technical challenges, resulting in long drawn GST litigation. In the absence of GST Appellate Tribunals, taxpayers have frequently sought relief from High Courts through writ jurisdiction. Given the caseloads, the establishment of the GST Appellate Tribunal (GSTAT) has been highly awaited in […]
The Goods and Services Tax Network (“GSTN”) has added a new Federal Bank for GST payment.
The Goods and Services Tax Network (“GSTN”) has added a new Federal Bank, bringing the total number of banks accepting GST payments to 20. Here is the list of all the Banks: Axis Bank Central Bank of India Indian Bank Punjab and Sind Bank Bank of Baroda Federal Bank Indian Overseas Bank Punjab National Bank […]
Due to non-filing of GSTR-1, the GST Common Portal restricts GSTR-3B
Sequential filing of GSTR-1 & filing of GSTR-1 before GSTR-3B on GST Portal: A taxpayers shall not be allowed to file GSTR-1 if previous GSTR-1 is not filed and a taxpayer shall not be allowed to file GSTR-3B if GSTR-1 for the same tax period is not filed. These changes are being implemented prospectively and […]
NO GST ON RENTING OF RESIDENTIAL ACCOMMODATION FOR PERSONAL USE: Hon’ble Delhi High Court
On 27.09.2022, in a matter argued Revenue admitted that the impugned Notification has failed to differentiate between the premises taken on rent for personal use and taken on rent for business and that further steps would be taken to suitably modify the exemption notification. Consequently, the aforesaid clarification that renting of a residential dwelling by […]
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 […]