GST
GST Council Meet: Amidst the discussion of 28% tax on online gaming and casinos, these issues will be looked at
The 47th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising representatives of all states and union territories, will continue till June 29. The council meeting is being held after six months. Two reports of the Group of Finance Ministers of the states will also be presented in the GST …
Auction for Sale (re-issue) of (i) ‘7.38 GS 2027’, (ii) ‘GoI Floating Rate Bond 2028’, (iii) ‘7.54% GS 2036’ (iv) ‘6.99% GS 2051
The Government of India (GoI) has announced the Sale (re-issue) of (i)“7.38%Government Security, 2027” for a notified amount of Rs 9,000 crore (nominal) through pricebased auction using uniform price method; (ii)‘‘GoI Floating Rate Bonds, 2028”for a notified amount of Rs 4,000 crore (nominal) through price based auction using uniform price method; (iii) “7.54% Government Security 2036” for a notified amount of Rs 10,000 crore (nominal) through price based auctionusing uniform price methodand …
Preparations to give relief to traders in GST, may be announced to waive late fee
In the meeting of the GST Council to be held in Chandigarh, it can be considered to give more relief to the businessmen. Along with this, changes in GST rates of more than a dozen items can also be discussed. At the same time, the GST rates on casinos and online gaming will also be …
Preparations to give relief to traders in GST, may be announced to waive late fee Read More »
47th GST Council Meeting Chaired by Smt. Nirmala Sitharaman
The two-day meeting of the GST Council will be attended by Minister of State for Finance Shri mppchaudhary besides Finance Ministers of States & UTs and Senior officers from Union Government & States. Union Finance Minister Smt. Ĺlnsitharaman will chair the 47th meeting of the GST Council at 11 AM in Chandigarh on 28th and …
47th GST Council Meeting Chaired by Smt. Nirmala Sitharaman Read More »
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Latest GST News, Information, Notifications & Announcements [Period 20/06/22 to 26/06/22]
GST WEEKLY UPDATE :13/2022-23 (26.06.2022) Period for levy and collection of Compensation Cess extended till March 31, 2026: The CBIC vide Notification No. 1/2022–Compensation Cess dated June 24 June, 2022 has issued the Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022 w.e.f. July 1, 2022, to extend the period for levy and …
Taxpayer is Eligible To Claim ITC As Per Invoice in Absence Of System Based Matching: Gujarat High Court
In the case of M/S New Nalbandh Traders vs State Of Gujarat, the Gujarat High Court has held that: On the perusal of the aforesaid provisions, it can be said that there is a specific mechanism for reversing the credit in the case of a discrepancy in the ITC availed by the recipient, against the …
Loss of 9 thousand crores to MP due to GST compensation being closed from July
The GST compensation being received by the MP government for five years is ending from July 1. At present, whatever revenue the government gets, 15% to 20% of the GST compensation remains, now this will stop. Due to this, in the three quarters of the ongoing financial year, about 9 thousand crore rupees to the …
Loss of 9 thousand crores to MP due to GST compensation being closed from July Read More »
Attention GST Taxpayers who are under QRMP Scheme!
Attention GST Taxpayers who are under QRMP Scheme! Today is the last date to deposit due tax liability for May, 2022 by using Form/Challan PMT-06. Late payment will attract interest.
Govt extended GST Compensation Cess levy extended till 31/03/2026
As expected Govt extended GST Compensation Cess levy extended till 31/03/2026 which was coming to an end on 30th June 2022. Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022 | Notification No. 1/2022–Compensation Cess | Dated: 24th June, 2022. (Department of Revenue) New Delhi Notification No. 1/2022–Compensation Cess | Dated: …
Govt extended GST Compensation Cess levy extended till 31/03/2026 Read More »
Method To Calculate Aggregate Turnover Under GST
Aggregate turnover is computed on all India basis for a person having same Permanent Account Number (PAN). It is sum of value of all outward supplies falling in the following four categories: Taxable supplies Exempt supplies Exports of goods or services or both Inter-state supplies. but excludes the value of inward supplies on which tax …
Method To Calculate Aggregate Turnover Under GST Read More »
GST council to consider making e-way bill mandatory for gold, precious stones
The GST Council is likely to consider making an e-way bill mandatory for intra-state movement of gold or precious stones worth Rs 2 lakh and above and also e-invoicing mandatory for certain B2B transactions. The council in its meeting on June 28-29 is likely to consider the report of the panel of state finance ministers …
GST council to consider making e-way bill mandatory for gold, precious stones Read More »
GST Council rejected the proposal to change the rate of 113 things! Rates of some selected items will change
In the next week’s meeting of the GST Council, the tax rates of some selected items are going to be changed, which has been recommended by the fitment panel. According to the information received, the demand for changing the Goods and Services Tax (GST) rates on 113 items has been turned down. Live Mint has …
Attention GST Taxpayers who are under QRMP Scheme!
Attention GST Taxpayers who are under QRMP Scheme! Deposit due tax liability for May, 2022 by using Form/Challan PMT-06 by June 25, 2022. Late payment will attract interest.
Auction for Sale (Issue/re-issue) of (i) ‘New GS 2024’, (ii) ‘7.10% GS 2029’, (iii) ‘6.54% GS 2032’ and (iv) ‘6.95% GS 2061’
Government of India (GoI) has announced the Sale (Issue/re-issue) of (i) ‘New Government Security 2024’ for a notified amount of 4,000 crore (nominal) through yield based auction using uniform price method; (ii) ‘‘7.10% Government Security 2029’ for a notified amount of 7,000 crore (nominal) through price based auction using uniform price method; (iii) ‘6.54% Government Security, 2032’ for a notified amount of 13,000 crore (nominal) through price based auction using uniform price method; …
GST Council to discuss slew of law changed. Council likely to allow amendments in GSTR3B
CNBCTV18Exclusive | GST Council to discuss slew of law changed. Council likely to allow amendments in GSTR3B, say sources Alert: GSTR3B is the monthly GST return to be filed by taxpayers. Here’s more
Latest GST News, Information, Notifications & Announcements [Period 13/06/22 to 19/06/22]
GSTN issued advisory w.r.t. availing ITC as per law and GSTR-2B: The Goods and Services Tax Network (“GSTN”) has issued an Advisory dated June 18, 2022 regarding availing Input Tax Credit (“ITC”) as per law and GSTR-2B. For some of the taxpayers, there was an issue in relation to duplicate entries in GSTR-2B which has since been …
Justin: 47th meeting of the GST Council will be held on 28-29 June, 2022 (Tuesday and Wednesday) at Chandigarh instead of Srinagar
The 47th meeting of the GST Council will be held on 28-29 June, 2022 (Tuesday and Wednesday) at Chandigarh instead of Srinagar.
GST Portal Update: Availing ITC As Per Law And GSTR-2B
Official GST Portal has posted an update that: For some of the taxpayers, there was an issue in relation to duplicate entries in GSTR2B which has since been fixed and correct GSTR2B has been generated. In this regard, taxpayers while filing GSTR3B are advised to check and ensure that the value of ITC they are …
GST Portal Update: Availing ITC As Per Law And GSTR-2B Read More »
Records To Be Retained For Credit Notes Under GST
The records of the credit notes have to be retained until the expiry of seventy-two months from the due date of furnishing of annual return for the year pertaining to such accounts and records. Where such accounts and documents are maintained manually, it should be kept at every related place of business mentioned in the …
Records To Be Retained For Credit Notes Under GST Read More »
GST Return Requirement For Input Service Distributor (ISD)
An ISD will have to file monthly returns in GSTR-6 within thirteen days after the end of the month and will have to furnish information of all ISD invoices issued. The details in the returns will be made available to the respective recipients in their GSTR 2A. The recipients may include these in its GSTR-2 …
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GST Return Requirement For Non-Resident Taxable Person
The non-resident taxable person shall furnish a return in FORM GSTR-5 electronically through the Common Portal, either directly or through a Facilitation Centre notified by the Commissioner, including therein the details of outward supplies and inward supplies and shall pay the tax, interest, penalty, fees or any other amount payable under the Act or these …
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47th meeting of the GST Council will be held on June 28-29, 2022 (Tuesday & Wednesday) in Srinagar
The 47th meeting of the GST Council will be held on June 28-29, 2022 (Tuesday & Wednesday) in Srinagar. @FinMinIndia @GST_Council @PIB_India
Time Of Supply Of Goods When Tax is To Be Paid On RCM Basis Under GST
Time Of Supply Of Goods When Tax is To Be Paid On RCM Basis Under GST It will be earliest of the following dates: Date of receipt of goods Date on which payment is entered in the books of accounts of the recipient or the date on which the payment is debited in his bank …
Time Of Supply Of Goods When Tax is To Be Paid On RCM Basis Under GST Read More »
Time Of Issue Of Invoice For Supply Under GST
As per section 31 of the CGST Act, 2017 an invoice for supply of goods needs to be issued before or at the time of removal of goods for supply to the recipient where the supply involves movement of goods. However, in other cases, invoice needs to be issued before or at the time of …
Composite/ Mixed Supply Under GST
A composite supply means a supply made by a taxable person to a recipient comprising two or more supplies of goods or services or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply. For instance, a travel …
Auction for Sale (Issue/re-issue) of (i) ‘New GS 2027’, (ii) ‘GoI Floating Rate Bond 2034’, (iii) ‘7.54% GS 2036’ (iv) ‘6.99% GS 2051’
Government of India (GoI) has announced the Sale (Issue/re-issue) of (i) “New Government Security, 2027” for a notified amount of ₹9,000 crore (nominal) through yield based auction using uniform price method; (ii) ‘‘GoI Floating Rate Bonds, 2034” for a notified amount of ₹4,000 crore (nominal) through price based auction using uniform price method; (iii) “7.54% Government Security 2036” for a notified amount of ₹10,000 crore (nominal) through price based auction using uniform price …
Taxable Supply And Supply in Taxable Territory Under GST
Taxable Supply Under GST For a supply to attract GST the supply must be taxable. Taxable supply has been broadly defined and means any supply of goods or services or both which is leviable to tax under the Act. Exemptions may be provided to the specified goods or services or to a specified category of …
Taxable Supply And Supply in Taxable Territory Under GST Read More »
Supply By A Taxable Person Under GST
Supply by a Taxable Person Under GST A supply to attract GST should be made by a taxable person. Hence a supply between two non-taxable persons does not constitute supply under GST. A “taxable person” is a person who is registered or liable to be registered under section 22 or section 24. Hence even an …
Inter State/ Intra State Supply Under GST
The location of the supplier and the place of supply determines whether a supply is treated as an Intra State supply or an Inter State supply. Determination of the nature of supply is essential to ascertain whether integrated tax is to be paid or Central plus State tax are to be paid. Inter-State supply of …