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 […]
GST ON PRE-PACKAGED AND LABELLED FOOD ITEMS. EFFECTIVE FROM 18-07-2022
Currently, certain food items are exempt from GST if they are not put up in the unit container or they are unbranded or if the supplier waives the right to the brand through a declaration. The GST council recently recommended revising the scope of GST exemption to exclude the specified food items if the Supplies […]
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 […]