CBIC UPDATE Archives

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

Leave a Comment / GST / By Dhanraj Sharma / July 6, 2022 July 6, 2022 / BUSINESSES GST, CBIC, CBIC UPDATE, featured, Input Tax Credit, INTEREST, ITC

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

Leave a Comment / GST / By Dhanraj Sharma / July 6, 2022 July 6, 2022 / BUSINESSES GST, CBIC, CBIC UPDATE, featured, GSTR-4

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

Leave a Comment / GST / By Dhanraj Sharma / July 6, 2022 July 6, 2022 / BUSINESSES GST, CBIC, CBIC UPDATE, CMP-08

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 …

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

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

1 Comment / INCOME TAX / By Dhanraj Sharma / July 6, 2022 July 6, 2022 / BUSINESSES GST, CBIC, CBIC UPDATE, GST ANNUAL RETURN, GSTR, GSTR-9, GSTR-9A

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 …

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

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Breaking: Government Suspends Two GST Officials For Illegal Detention Of Chartered Accountants

Leave a Comment / GST / By Dhanraj Sharma / May 23, 2022 May 23, 2022 / BUSINESSES GST, CA, CBIC, CBIC UPDATE, CHARTERED ACCOUNTANT, featured, GURUGRAM GST REFUND CASE, ICAI, NIRMALA SITHARAMAN, Smt. Nirmala Sitharaman

On 23rd May 2022, Union Minister Smt. Nirmala Sitharaman held a meeting with ICAI delegation in Gurugram GST refund case. CBIC has tweeted the updates of meeting as under: Smt @nsitharaman held a meeting with @theicai delegation, led by VP Shri Aniket Sunil Talati. The MoF had invited the ICAI on Saturday to discuss various …

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CBIC is Organizing Webinar On GST Audit. Check Date And Time

Leave a Comment / GST / By Dhanraj Sharma / April 18, 2022 April 18, 2022 / BUSINESSES GST, CBIC, CBIC UPDATE, featured, GST Audit, gstr-9c

Webinar on GST Audit– Taxpayers Perspective Hosted by DGTS DZU/KZU, CBIC on Tuesday, 19th April, 2022 from 3 PM To join the webinar, Please Click Here Meeting number: 2517 541 0965 Password: 1234 Webinar on GST Audit–Taxpayers PerspectiveHosted by DGTS DZU/KZU, CBIC on Tuesday, 19th April, 2022 from 3 PMJoin through https://t.co/Vvo6ExJNXf Meeting number: 2517 …

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Breaking: CBIC Issues SOP For Scrutiny Of Returns For F.Y. 2017-18 And F.Y. 2018-19

GST / By Dhanraj Sharma / March 23, 2022 March 23, 2022 / BUSINESSES GST, CBIC, CBIC UPDATE, featured, GST Audit, GSTR, GSTR-1, GSTR-2A, GSTR-3B, GSTR-9, gstr-9c

Vide Instruction No. 02/2022- GST, Dated 22nd March 2022, CBIC has issued SOP for scrutiny of returns for F.Y. 2017-18 and F.Y. 2018-19. Let us tell you that Section 61 of the CGST Act and Rule 99 of the CGST Rules are dealing with scrutiny of returns. Section 61 of CGST Act (1) The proper …

Breaking: CBIC Issues SOP For Scrutiny Of Returns For F.Y. 2017-18 And F.Y. 2018-19 Read More »

CBIC Issues Big Update On E-Invoice Under GST

GST / By Dhanraj Sharma / February 25, 2022 February 25, 2022 / BUSINESSES GST, CBIC, CBIC UPDATE, E-INVOICE, E-INVOICES, featured, gst e-Invoice

Vide Notification No. 01/2022- Central Tax, Dated 24th February 2022, the CBIC has reduced the applicability of e-invoice. Now, e-invoice requirements will be applicable to taxpayers whose aggregate turnover above Rs. 20 crore in any of the previous years from 2017-18 till 2021-22. Copy of Notification attached:

CBIC Setups GST Refund Help Desk For Refund Related Issues Faced By Taxpayers

GST / By Dhanraj Sharma / February 17, 2022 February 17, 2022 / BUSINESSES GST, CBIC, CBIC UPDATE, featured, gst refund

The office of Pr. CCA, CBIC has setup a ‘GST Refund Help Desk’ for addressing payment related problems faced by the taxpayers. Contact details of the Help Desk is as under: Name of Nodal Officer: Ms Anita Rawat, Accounts Officer Toll Free Helpline Number: 1800-11-1424 Mail ID: gstrefunds-helpdesk@gov.in For payment/disbursement related issues in their refund …

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Breaking: Government Rescinds Anti Dumping Duty On Colour Coated Steel

GST / By Dhanraj Sharma / January 14, 2022 January 14, 2022 / CBIC, CBIC UPDATE, Customs Duty, featured

Vide Notification No. 2/2022- Customs (ADD), Dated 13th January 2022, Government has rescinded anti dumping duty on colour coated steel. The notification reads as under: In exercise of the powers conferred by sub sections (1) and (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18 and 23 …

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Alert: CBIC Issues Guidelines For Recovery Under Section 79 Of CGST Act

GST / By Dhanraj Sharma / January 8, 2022 January 8, 2022 / BUSINESSES GST, CBIC, CBIC UPDATE

Vide instruction no. 01/2022- GST, dated 7th January 2022, CBIC has issued guidelines for recovery proceedings under section 79 of the CGST Act 2017 where cases are covered under explanation to sub-section (12) of section 75 of the CGST Act 2017. The guidelines read as under: Sub-section (12) of section 75 of the CGST Act, …

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CBIC Issues Clarification On Tweets Claiming Sudden Increase in Rate Of Duty On Imports

CBIC Issues Clarification On Tweets Claiming Sudden Increase in Rate Of Duty On Certain Imports

BUSINESS & ECONOMY / By Dhanraj Sharma / January 4, 2022 January 4, 2022 / CBIC, CBIC UPDATE, Customs Duty, import

CBIC issues clarification regarding factually incorrect tweets claiming that the government has increased the rate of duty on imports against certain commodities post alignment of Customs Tariff to the Harmonized System of Nomenclature (HS)-2022 of World Customs Organisation.

Government Amends Customs Notification Number 36/2001 [Read Notification]

BUSINESS & ECONOMY / By Dhanraj Sharma / January 2, 2022 January 2, 2022 / CBIC, CBIC UPDATE, Customs Duty

Notification Number 107/2021- Customs (N.T.), Dated 31st December 2021 In exercise of the powers conferred by sub section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient to do so, has made the amendments in the …

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Government Amends Customs Notification Number 45/2021 [Read Notification]

BUSINESS & ECONOMY / By Dhanraj Sharma / January 2, 2022 January 2, 2022 / CBIC, CBIC UPDATE, Customs Duty

Notification Number 61/2021 (Customs), Dated 31st December 2021 In exercise of the powers conferred by sub section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of …

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Government Notifies Sea Cargo Manifest And Transhipment (Ninth Amendment) Regulations 2021

BUSINESS & ECONOMY / By Dhanraj Sharma / January 2, 2022 January 2, 2022 / CBIC, CBIC UPDATE, Customs Duty

Vide Notification Number 109/2021- Customs (N.T.) Dated 31st December 2021, Government has notified Sea Cargo Manifest and Transhipment (Ninth Amendment) Regulations 2021 to amend the Sea Cargo Manifest and Transhipment Regulations 2018. In the said regulations, in regulation 15: In sub-regulation (2), for the words, figures and letters, “till 31st December 2021, 2021”, the words, …

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Government Amends Customs Notification Number 07/2020 [Read Notification]

BUSINESS & ECONOMY / By Dhanraj Sharma / January 2, 2022 January 2, 2022 / CBIC, CBIC UPDATE, Customs Duty

Notification No. 108/2021- Customs (N.T.) Dated 31st December 2021 In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962) and sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), read with rules 3 and 4 of the Customs and Central …

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Most Important: CBIC Launches Separate Portal For All Information Related To GST, Customs, Service Tax etc.

BUSINESS & ECONOMY / By Dhanraj Sharma / December 7, 2021 December 7, 2021 / BUSINESSES GST, CBIC, CBIC UPDATE, DGFT, featured

CBIC has launched a revamped tax information portal, through which all indirect tax legislations, rules, regulations and forms will be available for ease of reference of taxpayers. The content on this portal is being continuously updated and expanded in a phased-manner. Eventually, information under all categories in Customs, GST, Central Excise and erstwhile Service Tax …

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Government Issues Various Rate Notifications Under GST

GST / By Dhanraj Sharma / November 19, 2021 November 19, 2021 / BUSINESSES GST, CBIC, CBIC UPDATE, NOTIFICATION

Government has issued various Rate Notifications under GST covering: (1.) Changes in GST rate on textile, footwear, etc. (to mitigate inverted duty structure). Like rates of GST for textile products getting classified under Chapter 54, 55, etc. increased to 12%. (2.) Changes in service rate and exemption (major changes in entries related to governmental authority, …

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Time Limit For Filing Refund Application is Not Applicable For Refund Of Electronic Cash Ledger (Read Circular)

GST / By Dhanraj Sharma / November 18, 2021 November 18, 2021 / BUSINESSES GST, CBIC, CBIC UPDATE, GST Circular, GST CIRCULAR 2021, gst refund

Circular No. 166/22/2021-GST, Dated 17th November 2021 Issue: Whether the provisions of sub section (1) of section 54 of the CGST Act regarding time period, within which an application for refund can be filed, would be applicable in cases of refund of excess balance in electronic cash ledger? Clarification: No, the provisions of sub section …

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CBIC Issues Clarification in Respect Of Requirement Of Dynamic QR Code On B2C Supplies (Read Circular)

GST / By Dhanraj Sharma / November 18, 2021 November 18, 2021 / B2C Invoices, BUSINESSES GST, CBIC, CBIC UPDATE, GST Circular, GST CIRCULAR 2021, QR code on B2C Invoices

Circular No. 165/21/2021-GST, Dated 17th November 2021 CBIC stated, it is observed that from the present wording of S. No. 4 of Circular No. 156/12/2021 dated 21stJune 2021, doubt arises whether the relaxation from the requirement of dynamic QR code on the invoices would be available to such supplier, who receives payments from the recipient …

CBIC Issues Clarification in Respect Of Requirement Of Dynamic QR Code On B2C Supplies (Read Circular) Read More »

Great News: CBIC Issues Guidelines For Disallowing Use Of Electronic Credit Ledger Under Rule 86A Of The CGST Rules 2017

GST / By Dhanraj Sharma / November 5, 2021 November 5, 2021 / BUSINESSES GST, CBIC, CBIC UPDATE, CGST RULES, Input Tax Credit, ITC

CBIC, on 2nd November 2021, has issued guidelines for disallowing use of Electronic Credit Ledger under Rule 86A of the CGST Rules 2017. The board said, doubts have been raised by the field formations on various issues pertaining to disallowing debit of input tax credit from electronic credit ledger, under Rule 86A of the Rules. …

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Today is Last date for filing Form ITC-04 in respect of inputs/capital goods

GST / By Taxtimes / October 25, 2021 October 25, 2021 / CBIC, CBIC UPDATE, GST RETURN FILE, LAST DATE OF GST FILE

CBIC has also informed that, the due date for filing quarterly GSTR-3B return for the second quarter of the financial year 2021-22 under QRMP scheme (Quarterly Return Monthly Payment) is 24 October 2021. CBIC has made available this information through a tweet. Attention GST Taxpayers! Due date for filing Form ITC-04 in respect of inputs/capital …

Today is Last date for filing Form ITC-04 in respect of inputs/capital goods Read More »

Business Concept’s Daily E-News Letter- 26-09-2021 Only for TC VIP Users

TC VIP / By Dhanraj Sharma / September 26, 2021 September 26, 2021 / BHIM- UPI, BUSINESSES GST, CBDT, CBIC, CBIC UPDATE, INCOME TAX, Sony, UPI, UPI PAYMENT, WHATSAPP, whatsapp new fetures, Zee

Business Concept’s Daily E-News Letter- 26-09-2021 Please Click on Read More » to Read Full News Note: Only TC VIP Users can Access It For New User- More information, Please Visit Here [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] GST CBIC Makes Aadhaar Authentication of Taxpayers Mandatory for Claiming GST Refund The government has made Aadhaar authentication …

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Business Concept’s Daily E-News Letter- 22nd September 2021. Only for TC VIP Users

TC VIP / By Dhanraj Sharma / September 22, 2021 September 22, 2021 / BUSINESSES GST, CBIC, CBIC UPDATE, GSTN, GSTN PORTAL, INCOME TAX, INCOME TAX SEARCH

Business Concept’s Daily E-News Letter- 22nd September 2021 Please Click on News Heading to Read Full News Note: Only TC VIP Users can Access It For New User- More information, Please Visit Here [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] GST How to File Form GST PMT-09 on GST Portal To file Form GST PMT-09, Please Navigate …

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GST Breaking: CBIC Waives Off Late Fees and Interest for One Day Due to Glitches in GST Portal

TC / By Dhanraj Sharma / September 21, 2021 September 21, 2021 / BUSINESSES GST, CBIC, CBIC UPDATE, GSTN, GSTN PORTAL, GSTR-3B, LATE FEES

CBIC has tweeted on 20th September 2021 that: A few taxpayers have reportedly faced difficulty in the updation of their Electronic Cash Ledger on September 20, 2021 while filing their GSTR-3B returns. To mitigate their difficulties, GSTN has been directed to take up the issue of waiver of late fee and interest for one (1) …

GST Breaking: CBIC Waives Off Late Fees and Interest for One Day Due to Glitches in GST Portal Read More »

CBIC Issues Clarification on Doubts Related to Scope of “Intermediary” in GST

TC / By Dhanraj Sharma / September 21, 2021 September 21, 2021 / BUSINESSES GST, CBIC, CBIC UPDATE

Representations have been received citing ambiguity caused in interpretation of the scope of “Intermediary services” in the GST Law. The matter has been examined. In view of the difficulties being faced by the trade and industry and to ensure uniformity in the implementation of the provisions of the law across field formations, the Board, in …

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CBIC Issues Clarification on Various Issues in GST

TC / By Dhanraj Sharma / September 21, 2021 September 21, 2021 / BUSINESSES GST, CBIC, CBIC UPDATE, ITC

To ease the understanding of GST law, CBIC has issued clarifications on some GST related issues like section 16(4) of the CGST Act 2017 governing input tax credit in GST, Compulsion of carrying physical copy of invoice under GST etc. Circular No. 160/16/2021-GST, Dated 20th September 2021. To Download the Circular in PDF,

Business Concept’s Daily E-News Letter- 21st September 2021. Only for TC VIP Users

TC VIP / By taxconcept / September 21, 2021 September 21, 2021 / Android, Apple, BUSINESSES GST, CBIC, CBIC UPDATE, DGFT, import and export

Business Concept’s Daily E-News Letter- 21st September 2021 Please Click on News Heading to Read Full News Note: Only TC VIP Users can Access It For New User- More information, Please Visit Here GST CBIC Issues Clarification on Various Issues in GST To ease the understanding of GST law, CBIC has issued clarifications on some …

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CBIC ABOLISHES LICENCE RENEWAL REQUIREMENT FOR CUSTOMS BROKERS, AUTHORISED CARRIERS

TC / By CS LALIT RAJPUT / July 25, 2021 July 25, 2021 / CBIC, CBIC UPDATE, Customs Duty, TAXATION, TAXES

CBIC ABOLISHES LICENCE RENEWAL REQUIREMENT FOR CUSTOMS BROKERS, AUTHORISED CARRIERS The Central Board of Indirect Taxes and Customs (CBIC) has w.e.f. 23.07.2021 abolished the requirement of periodic renewals of Licence/Registration issued to Customs Brokers and Authorised Carriers. This would greatly help reduce the compliance burden cast on the trade, which had to otherwise make application …

CBIC ABOLISHES LICENCE RENEWAL REQUIREMENT FOR CUSTOMS BROKERS, AUTHORISED CARRIERS Read More »

CBIC Excluded government department & local authority from e-invoicing [Read Notification]

TC / By gm / June 2, 2021 June 2, 2021 / CBIC, CBIC UPDATE

The CBIC excluded the government department, local authority, from the requirement of issuing e-invoice.