GST Council Meeting

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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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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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Major Setback To End Consumer: Gold Will Become Expensive!

Major Setback To End Consumer: Gold Will Become Expensive!

The price of gold and silver jewelery may increase. The GST Fitment Committee has proposed to increase the rates of GST. The committee has said that the goods on which the rate of GST is currently 5 percent should be increased to 7 percent and the goods on which the rate is 18 percent should …

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Highlights of 45th GST Council Meeting dated 17th September, 2021

Introduction The 45th GST Council Meeting was held on 17th September, 2021 under the charimanship of Honourable Finance Minister Smt. Nirmala Sitharaman. The said Meeting took place at Lucknow, Uttar Pradesh. The meeting was attended by MOS Shri Pankaj Chaudhri besides Finance Ministers of States & UTs and Senior officers from Union Government & States. …

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Business Concept's Daily E-News Letter- 20th September 2021. Only for TC VIP Users

Business Concept’s Daily E-News Letter- 20th September 2021. Only for TC VIP Users

Business Concept’s Daily E-News Letter- 20th 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 GST Non-filers of 1 Monthly GST Return to be Barred from Filing GSTR-1 from Next Year Businesses that default on filing summary return …

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Must Read: Why Invoices in GSTR-1/ IFF are Now Most Important for Claiming ITC and to Avoid Paying Extra GST in Cash

Must Read: Why Invoices in GSTR-1/ IFF are Now Most Important for Claiming ITC and to Avoid Paying Extra GST in Cash

GST Council, in its 45th meeting, has recommended that when Section 16(2)(aa) of the CGST Act will be notified, then Rule 36(4) of the CGST Rules will be amended to provide that ITC of only invoices/ debit notes is allowed which are uploaded by the supplier in his GSTR-1/ IFF and are communicated to the …

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Read! Who Will Not be Able to File GSTR-1 From Next Year

Read! Who Will Not be Able to File GSTR-1 From Next Year

GST Council in its 45th meeting, has recommended that Rule 59(6) of the CGST Rules 2017 to be amended w.e.f. 01.01.2022 to provide that a registered person shall not be allowed to file GSTR-1, if he has not file GSTR-3B for the preceding month (previous month). Because of this amendment, a taxpayer will not be able …

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45th gst council meeting Decisions of GST Council Which Every Professional Should Read

11 Decisions of GST Council Which Every Professional Should Read

GST Council, in its yesterday’s meeting, has taken many decisions relating to important aspects of GST. Here is the compilation of 11 decisions which every professional should read: (1.) Relaxation in filing Form GST ITC-04: Now, Form GST ITC-04 to be filed as under: Once in 6 months, whose annual aggregate turnover is above Rs. …

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GST Council Meeting 2021 Updates

Big Problem to be Faced by Late Filers of GSTR-1. Late Fees will be Collected in GSTR-3B [Read Press Release]

On 17th September 2021, 45th GST Council Meeting has recommended that late fees for late filing of GSTR-1 will be collected through next GSTR-3B return. Till now, the portal is not levying late fees on GSTR-1. Other recommendations are mentioned in this press release: The GST Council’s 45th meeting was held today in Lucknow under …

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7 clarifications issued by GST

Total 7 clarifications issued in GST: Dated the 17th June, 2021

List of SEVEN GST Circulars issued providing clarity on the following issues: Sr No  Circular No.     Subject Link 1 Circular No. 149/05/2021-GST Clarification regarding applicability of GST on supply of food in Anganwadis and Schools https://www.cbic.gov.in/resources//htdocs-cbec/gst/Circular_Refund_149.pdf;jsessionid=1F334EF88A4D4E5E89D2F201081BF5FD 2 Circular No.150/06/2021-GST Clarification regarding applicability of GST on the activity of construction of road where considerations are received …

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Outcome 44thGST Council Meeting

44th GST Council Meeting Highlights dt.12.06.2021

Outcome of 44th GST Council Meet The 44th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. NirmalaSitharaman via video conferencing today i.e. 12th day of June, 2021, Saturday, via video conferencing in New Delhi. Union minister of state (MoS) for finance Anurag Thakur and finance ministers of states and …

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NIRMALA SITHARAMAN

44th GST Council Meeting Updates & Decision as per Press Briefing By Union Finance Minister

Finance Minister Nirmala Sitharaman chaired the 44th meeting of the GST Council through video conferencing. giving information about the decisions taken in this- GST on electric furnaces and temperature checking equipment has been reduced to 5 per cent and on ambulances to 12 per cent. These rates will be valid till September. GoM had recommended …

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44th GST Council Meeting on 12th June 2021

Finance Minister Smt. nsitharaman will chair the 44th GST Council meeting via video conferencing at 11 AM in New Delhi. The meeting will be attended by MOS Shri. anuragthakur besides Finance Ministers of States & UTs and Senior officers from Union Government & States.

Economic Relief Package Announced by the Finance Minister in the Wake of COVID-19

GST Council Meeting Highlights: Amnesty Scheme to provide relief to taxpayers regarding late fee for pending returns, Simplification of Annual Return [Read Other Key Decisions]

The 43rd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance …

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Monthly GST return filing deadline extended till June 26

43rd GST Council meeting Outcome: 8 Key highlights dated 28th May, 2021

43rdGST Council meeting outcome :8Key highlights dated 28thMay, 2021 The 43rdGST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. NirmalaSitharaman via video conferencing today i.e. 28thday of May, 2021 via video conferencing in New Delhi. Union minister of state (MoS) for finance Anurag Thakur and finance ministers of states and …

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GST Council to Meet Today for Some Most Important Issues

GST Council to Meet Today for Some Most Important Issues Matters to be discussed in meeting (as per sources) (1.) GST Fake Invoices and Fake ITC Fraud (2.) Implementing Some Other Provisions for GST Registration (3.) GST Compensation to States etc. Sources said that GST evasion worth Rs 93,642 crore has been unearthed and 408 …

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GSTR 9 & 9C GST Annual Return & GST Audit Due date for FY19-20 extended to March 31

Big decision of GST Council, Compensation cess to be held even after 2022

According to sources, it has been decided that the Compensation Cess on luxury and many other items will be extended from June 2022. This decision has been taken to protect the states from harm. According to the rule, this was to take only five years after the GST came into force. States are demanding from …

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Important meeting of GST Council on Monday

The important meeting of the GST Council is going to take place on Monday. According to the information received from the sources, in the same meeting of GST, a final decision has to be taken on both the issues proposed by the central government for compensation. As of now, no non-BJP ruled states except Odisha …

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