Upcoming Important dates in June 2022 for compliance under Goods and Services Tax (GST).
GST Return Due date Description GSTR-1 (May, 2022) 11-06-2022 Turnover more than 5 crore or opted to file monthly return IFF(Optional) – May 2022 13-06-2022 Opted for Quarterly filing as per QRMP scheme GSTR-3B (May 2022) 20-06-2022 Turnover more than 5 crore or opted to file monthly return PMT-06 25-06-2022 Who has opted to file […]
Landmark Judgement of Supreme Court on GST on ocean freight – 19th May 2022
Synopsis In a landmark Judgment in the case of Mohit Minerals Pvt Ltd Supreme court held that the impugned levy imposed on the ‘service’ aspect of the transaction is in violation of the principle of ‘composite supply’ enshrined under Section 2(30) read with Section 8 of the CGST Act. Since the Indian importer is liable […]
Due date extended for GSTR 3B and PMT-06 for the month of April,2022
Due date for furnishing Form GSTR-3B for the month of April, 2022 extended till the May 24, 2022 due to the non-availability of Form GSTR-2B for the month of April, 2022 on time.(vide Notification No. 05/2022- Central Tax dated May 17, 2022 ) Due date for furnishing Form GST PMT-06 (for taxpayers under QRMP Scheme) […]
GSTN issued advisory on GSTR-2B issues
There is Problem while generating GSTR-2B for April month on GST Portal. It has been noticed that in a few cases, certain records are not reflected in the GSTR-2B statement for the period of April 2022. However, such records are visible in GSTR-2A of such recipients. The technical team is working to resolve this issue […]
1/3rd deduction for land value under GST is optional – MUNJAAL MANISHBHAI BHATT Versus UNION OF INDIA (Gujarat High Court)
1/3rd deduction for land value under GST is optional and can be permitted at the option of a taxable person, particularly in cases where the value of land or undivided share of land is not ascertainable- MUNJAAL MANISHBHAI BHATT Versus UNION OF INDIA (Gujarat High Court) Sale of land is included in the Entry No. […]
GST Rate Changes in Bricks and Earthen or roofing tiles
The government on March 31 ,2022 notified the GST rates that would be applicable from 1st April ,2022 .Those businesses who do not wish to opt for the composition scheme would be subject to 12 per cent GST with ITC. Amendment related to person engaged in making supply of the goods as per below HSN […]
Introduction of Restoration of Cancelled Registration based on Appellate order
Communications have been received from field formations about passing judicial / appeal orders against cancellation orders, passed suo-motu by the Range officers u/s 29 of the CGST Act, 2017. It has also come to notice that taxpayers in certain cases, had obtained orders from High Courts / appellate authorities to restore registrations cancelled on their […]
Advisory for Importers to avail benefit of IGCR Rules (Import of Goods at Concessional Rate of duty)
IGCR module is developed by ICEGATE, CBIC to provide a digital service to importers to avail benefits under the IGCR Rules (Import of Goods at Concessional Rate of Duty). The broad provisions are as under: i. Available post log in on ICEGATE for importers in their existing account, registered with valid DSC. ii. Provision of […]
Upcoming GSTR-1 Enhancements & Improvements:
GSTR-1/IFF can be viewed as usual by navigating in the following manner : Return Dashboard > Selection of Period > Details of outward supplies of goods or services GSTR-1 > Prepare Online The following changes are being done in this phase of the GSTR-1/IFF enhancements : 1.Removal of ‘Submit’ button before filing: The present two-step filing of […]
GSTR 2A Form removed from GST Portal by GSTN – From January 2022
GSTR-2A has been deleted from the GST Portal January 2022 onwards by the Goods and Service Tax Networks (GSTN). The following are the key changes in CGST Rules notified in Notification No. 40/2021 – Central Tax With effect from 1st January 2022, ITC shall be allowed only to the extent invoice/debit notes are reported in GSTR-1 […]