BUSINESSES GST

Sebi Clarification on Block Mechanism in Clients demat account

Securities and Exchange Board of India (SEBI) vide notification no. SEBI/HO/MIRSD/DoP/P/CIR/2022/143 dated 27th October, 2022 in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, and Section 19 of the Depositories Act, 1996, to protect the interests of investors in securities and to promote the development of, …

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Latest GST News, Information, Notifications & Announcements [Period 19/09/22 to 25/09/22]

E Invoice mandatory w.e.f.01.10.2022: Every registered taxable person whose aggregate annual turnover exceeds Rs.10 Cr in any of the financial year since 2017-18 is liable to issue e-invoice by way of uploading its tax invoice in json file on Invoice Registration Portal (IRP) in accordance with e-invoice schema in INV-01 and getting back digitally signed …

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FSSAI Mandating the non-issuance of Offline Renewal of FSSAI license

FSSAI’s Notification on Vegan Foods

FOOD SAFETY AND STANDARDS AUTHORITY OF INDIA vide gazette id no. CG-DL-E-16062022-236584 dated 10th June, 2022 published dated 14th June, 2022 has released the “Food Safety and Standards (Vegan Foods) Regulations, 2022”. It’s a concept that prohibits the consumption of all the byproducts obtained from animals and thus one cannot consume dairy, eggs, meat, and …

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Latest GST News, Information, Notifications & Announcements [Period 08/08/22 to 14/08/22]

GST Applicability has been clarified by the Finance Minister: The Union Finance Nirmala Sitharaman on August 2, 2022 in Rajya Sabha said that, There is no GST on cash withdrawals from banks; nevertheless, the GST tax will apply only when the bank purchases cheque books from the printer. “5+5=10 transactions per month are totally free …

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Latest GST News, Information, Notifications & Announcements [Period 25/07/22 to 31/07/22]

GST WEEKLY UPDATE : 17/2022-23 (24.07.2022) Advisory on Upcoming Changes in GSTR-3B: The Government vide Notification No. 14/2022 – Central Tax dated 05th July, 2022 has notified few changes in Table 4 of Form GSTR-3B requiring taxpayers to report information on ITC correctly availed, reversal thereof and declaring ineligible ITC in Table 4 of GSTR-3B. …

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New GST Rates: 10 Household Items That Will Cost More From July 18

New GST Rates: 10 Household Items That Will Cost More From July 18

From next week, several household items including hotels and bank services among other things, will get costlier after the GST rates were hiked for several items in the 47th Goods and Services Tax meeting in Chandigarh last month. The GST rate hike on these items will be implemented from Monday, July 18, after which the …

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GST: Request For Re-credit Of Amount in Electronic Credit Ledger

Circular No. 174/06/2022-GST, Dated 6th July 2022 Request For Re-credit of Amount in Electronic Credit Ledger I/ We have been granted refund under the following category (please tick the relevant category): a. Refund of IGST, obtained in contravention of sub-rule (10) of rule 96 of the CGST Rules, 2017. b. Refund of unutilised ITC on …

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Breaking: CBIC Prescribes Manner Of Re-credit in Electronic Credit Ledger Using PMT-03A

Vide Circular No. 174/06/2022-GST, Dated 6th July 2022, the CBIC has prescribed manner of re-credit in electronic credit ledger using FORM GST PMT-03A. Circular is as under: Difficulties were being faced by the taxpayers in taking re-credit of the amount in the electronic credit ledger in cases where any excess or erroneous refund sanctioned to …

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CBIC Issues Clarifications On Applicability Of Demand And Penalty Under CGST Act

Vide Circular No. 171/03/2022-GST, Dated 6th July 2022, the CBIC has issued clarification on various issues relating to applicability of demand and penalty provisions under the Central Goods and Services Tax Act, 2017 in respect of transactions involving fake invoices. Circular is as under: A number of cases have come to notice where the registered …

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Breaking: CBIC Issues Clarifications On Mandatory Furnishing Of Correct Details in GSTR-3B And GSTR-1

Vide Circular No. 170/02/2022- GST, Dated 6th July 2022, the CBIC has issued clarifications on mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/ blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B and statement in FORM GSTR-1. Circular is as under: The process of return filing …

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Breaking: Government Prescribes Manner Of Calculating Interest On Delayed Payment Of Tax

Vide Notification No. 14/2022- Central Tax Dated 5th July 2022, the CBIC has prescribed manner of calculating interest on delayed payment of tax. Rule 88B has been inserted in the CGST Rules 2017 for this purpose. Rule 88B of the CGST Rules as prescribed in the notification is as under: (1) In case, where the …

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Breaking: Due Date For Filing GSTR-4 Of FY 2021-22 Further Extended

Vide Notification No. 12/2022- Central Tax Dated 5th July 2022, the CBIC has extended due date for filing GSTR-4 of financial year 2021-22 to 28th July 2022. Notification States: In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the …

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Breaking: Government Extends Due Date For Filing CMP-08 For 1st Quarter Of FY 2022-23

Vide Notification No. 11/2022- Central Tax Dated 5th July 2022, the CBIC has extended due date for filing Form GST CMP-08 for the first quarter of financial year 2022-23 (i.e. 1st April 2022 to 30th June 2022) to 31st July 2022. Notification States: In exercise of the powers conferred by section 148 of the Central …

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Breaking: These Taxpayers Are Not Required To File GST Annual Return For FY 2021-22

Vide Notification No. 10/2022- Central Tax Dated 5th July 2022, the CBIC has exempted taxpayers having aggregate turnover upto Rs. 2 Crore in the Financial Year 2021-22 from filing GST Annual Return for the said Financial Year. Notification states: In exercise of the powers conferred by the first proviso to section 44 of the Central …

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GST Council Gives Relief To Taxpayers Claiming GST Refund

GST Council in its 47th Meeting has provided relief to taxpayers claiming GST refund. The press release states: Time period from 01.03.2020 to 28.02.2022 to be excluded from calculation of the limitation period for filing refund claim by an applicant under section 54 and 55 of CGST Act, as well as for issuance of demand/ …

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Breaking: GST Council Proposes Automatic Revocation Of Cancelled GST Registration

In its 47th Meeting, the GST Council has suggested automatic revocation of cancelled GST registration in certain cases. Press Release of 47th GST Council Meeting states: Provision for automatic revocation of suspension of registration in cases where suspension of registration was done by the system under Rule 21A(2A) of CGST Rules, for non-compliance in terms …

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GST Council Gives Big Relief To GST Composition Taxpayers

Waiver of late fee for delay in filing FORM GSTR-4 for FY 2021-22 and extension of due date for filing FORM GST CMP-08 for Q1 of FY 2022-23: (1.) To extend the waiver of late fee under section 47 for delay in filing FORM GSTR-4 for FY 2021-22 by approximately four more weeks, i.e. till …

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Major Relaxation To E-Commerce Operators (ECOs) By 47th GST Council Meeting

In-principal approval for relaxation in the provisions for suppliers making supplies through E-Commerce Operators (ECOs): (1.) Waiver of requirement of mandatory registration under section 24(ix) of CGST Act for person supplying goods through ECOs, subject to certain conditions, such as- (i.) the aggregate turnover on all India basis does not exceed the turnover specified under …

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Clarification On GST Rate Of Services in 47th GST Council Meeting

Clarification On GST Rate Of Services in 47th GST Council Meeting (1.) Due to ambiguity in GST rates on supply of ice-cream by ice-cream parlours, GST charged @ 5% without ITC on the same during the period 1.07.2017 to 5.10.2021 shall be regularized to avoid unnecessary litigation. (2.) Application fee charged for entrance or for …

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Clarification On GST Rate Of Goods in 47th GST Council Meeting

Clarification on GST Rate of Goods in 47th GST Council Meeting (1.) Electric vehicles whether or not fitted with a battery pack, are eligible for the concessional GST rate of 5%. (2.) All fly ash bricks attract same concessional rate irrespective of fly ash content (3.) Stones covered in S. No.123 of Schedule-I (such as …

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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 …

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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 …

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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 …

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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 …

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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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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 …

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