GST COUNCIL

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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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Latest GST News, Information, Notifications & Announcements [Period 20/12/21 to 26/12/21]

Latest GST News, Information, Notifications & Announcements [Period 20/12/21 to 26/12/21]

Latest GST News, Information, Notifications & Announcements 1. CHANGES IN HSN CODES AS PER HS-2022 w.e.f 01.01.2022: The WCO has announced the New (Seventh) edition of HSN – HS-2022 w.e.f 01.01.2022. India being party to HS Convention will also align its First Schedule of Customs Tariff Act with HS-2022. The necessary changes required were already …

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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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Why Petrol & Diesel Not Included in GST: Kerala High Court to GST Council

Why Petrol & Diesel Not Included in GST: Kerala High Court to GST Council

In the case of Kerala Pradesh Gandhi Darshanvedhi vs Union of India, Kerala High Court has asked GST Council that why petrol & diesel are not included in GST. The court has asked the GST council to file a statement in this regard within ten days. ‘The unprecedented hike in the price of petrol and …

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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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Advisory on Filing TRAN forms for Taxpayers

Amit Mitra Suggests ‘Course Correction’ to Steer Functioning of GST Council

Bengal finance minister Amit Mitra has suggested a ‘course correction’ to steer the functioning of the GST Council and bring back a ‘consensual atmosphere’ instead of the ‘acrimonious’ undercurrent which has engulfed this top federal decision-making body of indirect tax. In a letter written to Union finance minister Nirmala Sitharaman, Mitra noted how the GST …

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44th GST MEETING

GST Council meeting updates: GST on ambulances reduced to 12 percent in the meeting

Finance Minister Nirmala Sitharaman is giving information about the decisions taken in today’s meeting by holding a press conference. In the meeting, the rate of GST on ambulances was reduced to 12 per cent and for temperature checking equipment to 5 per cent. The Finance Minister said that the notification of exemption on the material …

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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

GST Council Approves Amnesty Scheme in GST to Clean-up Pendency in Return Filing

43rd GST Council Meeting approves Amnesty Scheme under GST to clean-up pendency in GST return filing. Agenda no. 9B(i) shows that GST Council has once again provided relief in GST late fees for previous GST Returns. Picture attached for your kind reference: Amnesty Scheme Details: Tax period covered: July 2017 to April 2021 Late fees …

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Tax Concept's Representation to Hon'ble Finance Minister and GST Council Seeking Clarification on Reporting of HSN Codes in Tax Invoices as well as in GSTR-1 w.e.f. 1st April 2021

Tax Concept’s Representation to Hon’ble Finance Minister and GST Council Seeking Clarification on Reporting of HSN Codes in Tax Invoices as well as in GSTR-1 w.e.f. 1st April 2021

When we refer relevant notifications, we can consider that above clarifications are not as per law. So, you are requested to please ask the GSTN to make necessary changes in the reporting of HSN Codes in GSTR-1 and not to issue any clarification which is not as per law.

Budget 2021: Alarming Situation for Taxpayers Registered under GST

With the insertion of Clause(aa) in Section 16(2) of the CGST Act by the Finance Act, 2021, now it is clear that Input Tax Credit (ITC) claimed on the basis of invoices which are not uploaded by the supplier in his GSTR-1, is required to be reversed and tax/interest/penalty has to be paid under section 73(5) of the CGST Act.

No Relief to GST Sector: Key Highlights of Union Budget 2021

No Major Relief to GST Sector: Key Highlights of Union Budget 2021

(1.) ITR filing exemption to citizens aged 75 years and above (only if income from pension and interest).

(2.) New period for re-opening of assessment for transparent tax system : Reopening of assessment period reduced from 6 years to 3 years except in the cases where tax evasion is 50 lakh or more (re-opening of assessment period is 10 years in these cases).

(3.) Constitution of Dispute Resolution Committee (for taxpayers having taxable income of 50 lakh and above and disputed income is 10 lakh).

Tax Associations Come Together against Wrong Implementation of Tax Laws in India

Tax Associations Come Together against Wrong Implementation of Tax Laws in India

Tax Associations Come Together against Wrong Implementation of Tax Laws in India As we all know that tax implementation in our country is very poor. When portals are not working, government extend due dates but when taxpayers are not able to do compliance due to any reason/ pandemic, government is not extending due dates and …

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GSTN Enabled Facility for “Communication between Taxpayers” on GSTN Portal

GSTN Enabled Facility for “Communication between Taxpayers” on GSTN Portal

GSTN Enabled Facility for “Communication between Taxpayers” on GSTN Portal Now, taxpayers registered on GSTN portal can send and receive notifications related to invoices/ debit notes/ credit notes for (A) file missing document, (B) rejected- amendment required, (C) rejected- wrongly send to me, (D) re-upload document, (E) payment made and (F) others. This will made …

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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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Tax Concept'

Tax Concept’s Letter to Hon’ble Prime Minister for Serious Issues Regarding GST

Tax Concept’s Letter to Hon’ble Prime Minister for Serious Issues Regarding GST Date : 11.10.2020 Ref.: TC/20-21/1 To, Hon’ble Prime Minister, Government of India, New Delhi Subject : To attract your kind attention on Serious Issues regarding GST Hon’ble Sir, GST was introduced in India to simplify the Indirect Tax Structure and to promote Ease …

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Outcome of 42nd GST Council Meeting Held on 05.10.2020

Outcome of 42nd GST Council Meeting Held on 05.10.2020

Outcome of 42nd GST Council Meeting Held on 05.10.2020 The GST Council has made the following recommendations:  (1.) Levy of Compensation Cess to be extended beyond the transition period of five years i.e. beyond June, 2022, for such period as may be required to meet the revenue gap. Further details to be worked out. (2.) …

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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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Is it right to stop the buyer from taking ITC under the guise of law?

In this article, i will discuss the decisions made by the government on Availment of ITC and will correlate with the financial position of taxpayers and Indian Constitution. So let’s start. On 9th October, 2019, the government inserted Rule 36(4) in the CGST Rules, 2017 by Notification No. 49/2019- Central Tax which prescribes that :“(4) …

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Tax Concept's Representation for Deferment of Section 16(2) of the CGST Act, 2017 due to COVID-19 Pandemic

TAX CONCEPT’S REPRESENTATION FOR DEFERMENT OF SECTION 16(2) OF THE CGST ACT, 2017 DUE TO COVID-19 PANDEMIC

Tax Concept’s Representation for Deferment of Section 16(2) of the CGST Act, 2017 due to COVID-19 Pandemic Date : 05.09.2020 Ref.: TC/GST/20-21/2 To, Smt. Nirmala Sitharaman Hon’ble Union Minister of Finance, Govt. of India & Chairperson – GST Council 134, North Block, New Delhi – 110 001 The Office of GST Council Secretariat, 5th Floor, …

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