Analysis of 50th GST Council Meeting Recommendations
As you know that 50th GST Council meeting was held on 11th July 2023 at Vigyan Bhawan, New Delhi. We are sharing important recommendations and its impact in detail. SUMMARY Transporters will not be required to file declaration for paying GST under forward charge every year No RCM on services supplied by a director of […]
GST APPLICABILITY ON TOLERANCE OF AN ACT
The concept of “tolerance of an act” is not new to indirect tax laws. This concept was introduced in service tax regime from July 2012. Since then, companies have been paying service tax on amount recovered under the head “tolerance of an act” which includes payment / deduction towards late delivery charges, recovery of damages […]
Reconciliation of Input Tax Credit with GSTR-2A for the years 2017-18 and 2018-19 – whether mandatory or optional…..?
In the draft GST law, there was discussion about availment of Input Tax Credit (ITC) on the basis of GSTR-2. However, due to some practical and technical reasons it was never implemented. Accordingly, it was seen that taxpayers used to avail ITC on the basis of the below criteria: Receipt of valid invoice from the […]
GST REFUND FOR LAST 4 YEARS CAN BE CLAIMED NOW
As per Section 54 of the CGST Act, 2017, an application for claiming refund of tax or un-utilised input tax credit on account of export can be made before the expiry of two years from the relevant date. Relevant date is normally date of payment of tax or date of export goods or date of […]
Gist of Circulars issued in the last week of December 2022
Circular No. 183/15/2022-GST dated 27th December 2022 Sub: Clarification to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for FY 2017-18 and 2018-19 Clarification The Circular provides clarification where ITC is claimed in the GSTR-3B without the same appearing in the GSTR-2A for […]
GST AMENDMENTS EFFECTIVE FROM 1ST JANUARY 2022 – “HAPPY” NEW YEAR WISH FROM THE GOVERNMENT
The Government is wishing all taxpayers a very happy new year by making certain changes in GST law which are effective from 1st January 2022. Some changes are related to GST rates whereas some changes are related to law and procedure. Here I am sharing important changes related to law and procedure. Taxpayers will soon […]
No GST on employee transport recovery – AAR Maharashtra State
Applicability of GST on employee recovery has always been under debate. Under service tax regime, companies were paying service tax on recovery from employees and same practice has been continuing under GST regime also. Very recently i.e. on 16th December 2021, the Maharashtra bench of Advance Ruling Authority (AAR) in the case of M/s Integrated […]
Important Recommendations of 47th GST Council Meeting
47th GST Council meeting was held on 28th & 29th of June 2022 wherein various recommendations were made regarding revision of GST rates on certain goods / services as well as several changes in procedural and legal aspects. Change of GST rate also includes withdrawal of certain exemptions. Recommendations related to change of GST rates […]
Judgment of Hon’ble High Court where goods moved after 10 days of generation of e-way bill
A Single Bench of the Allahabad High Court has recently dismissed the writ petition (order dated 27th February 2023) filed by M/s Ayann Traders against the GST notice and order under Section 129(3) of the U P GST Act, 2017 for transporting goods 10 days after the generation of e-way bill. Brief facts of the […]
BUDGET 2023-24 – PROPOSED CHANGES IN GST
As we all know, GST related decisions are first discussed in GST Council meetings from time to time. Based on decisions, we have seen frequent amendments and clarifications vide Notifications and Circulars. Therefore, as expected, there are very few amendments proposed in this budget presented on 1st February 2023 for the financial year 2023-24. Important […]