A revamped & enhanced version of Search HSN Functionality has been launched on the GST Portal. Advisory on Revamped Search HSN Code Functionality The Search HSN functionality was earlier given as a measure of facilitation to the taxpayer to search the Technical Description of any particular HSN code of any goods and/or service used in the Trade, …
GSTN Issues Advisory on Revamped Search HSN Code Functionality Read More »
1. As per Notification No. 35/2021 – Central Tax dated 24th September 2021, clause (a) of the sub-rule (6) of Rule 59 of CGST Rules, 2017 was amended. By way of this amendment, for the words “for preceding two months”, the words “for the preceding month” were substituted with effect from 1st January 2022. This …
New GST Update: Implementation of Rule-59(6), as amended, on GST Portal Read More »
1. Clarifications Regarding E-commerce Operators Liable To Pay GST On Restaurant Services: CBIC clarified that the e-commerce operators are liable to pay GST on restaurant services. The GST Council in its 45th meeting held on 17th September, 2021 recommended to notify‚ ‘Restaurant Service’ under section 9(5) of the CGST Act, 2017. Accordingly, the tax on …
New Functionalities On GST Portal: Registration: – A functionality has been introduced for taxpayers to withdraw their application for cancellation of registration, filled in Form REG-16 Effective date of Suspension will be displayed on Portal. Refunds, Registration, Returns and Payment: – Earlier companies were mandatorily required to use DSC on the GST Portal now the facility of using …
GST WEEKLY UPDATE : 36/2021-22 (05.12.2021) Amended FORM GST DRC-03 by inserting specific option to make payments w.r.t. DRC-01A: The CBIC vide Notification No. 37/2021 – Central Tax, dated December 1, 2021, has issued the Central Goods and Services Tax (Ninth Amendment) Rules, 2021, to further amend the format of FORM GST DRC-03 i.e. intimation of payment …
GST WEEKLY UPDATE– GST News – Get Latest Updates & Information on GST 1. Job work return Form ITC-04 on Inputs/Capital Goods sent to or Received from a Job Worker to be file before 25th October for the period 1st july to 30th sep-2021: The GST Taxpayers has to file Form ITC-04 in respect of …
The mandatory requirement of furnishing a Reconciliation Statement in Form GSTR-9C certified by a Chartered Accountant has been removed. (Read below relevant section along with relevant notification) As per Notification No.29/2021 CGST dated 30-07-2021 following amendments has been done in the Finance Act 2021. It shall be applicable from 01-08-2021. Sub-section 5 of section 35 …
Removed mandatory requirement of furnishing GSTR 9C from CA Read More »
Quarterly GSTUpdates (April 2021 – June 2021) Including Covid-19 relaxations / updates Goods and Services Tax is an indirect tax used in India on the supply of goods and services. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017. It is …
Central Tax (Rate) so as to notify CGST rates of various services as recommended by GST Council in its 43rd meeting held on 28.05.2021 vide Notification No. 02/2021 – Central Tax (Rate) | Dated 2nd June, 2021. MINISTRY OF FINANCE(Department of Revenue)New Delhi Notification No. 02/2021 – Central Tax (Rate) | Dated 2nd June, 2021 G.S.R. 377(E).— In …
Rule-60(7) of CGST Rules-2017 prescribes for generation of auto-drafted statement containing the details of input tax credit in FORM GSTR-2B for counter-party recipients. As per Rule-60(8) of CGST Rules-2017, FORM GSTR-2B shall be made available to the recipients after the Due date of filing GSTR-1/IFF by the suppliers. Notification No. 12/2021-CT and 13/2021-CT, both dated …
GST Update- Generation of GSTR-2B for April 2021: Team GSTN Read More »
1.Restriction on availing ITC – Rule 36(4)
➢ ITC can be availed only up to 105% of GSTR 2A, as against 110% earlier. Now, the
ceiling of 105% to be computed on invoices uploaded & returns furnished + invoices
furnished by quarterly taxpayer.
➢ Violation of the above could lead to suspension of registration
2.Restriction on use of ITC – Rule 86(B)
ITC in credit ledger can be used only to pay 99% of output tax liability. It is applicable to
taxpayers having monthly taxable supply exceeding Rs. 50 lacs.
Not applicable to the following taxpayers
➢ Paid Income tax exceeding Rs. One lac in each of the last two financial years
➢ Claimed refund of more than Rs. 1 lac on zero rated supplies or inverted duty
structure in the preceding financial year
➢ Discharged tax liability cumulatively in cash in excess of 1% in the current
financial year
➢ Govt. department, PSU, local authority or statutory body
The system has started providing auto-populated GSTR-3B on the basis of GSTR-1 & GSTR-2B from the tax period of November 2020 onwards. In this auto-populated GSTR-3B, liability on account of inward supplies attracting reverse charge auto-populated in Table-3.1(d) is also drawn from GSTR-2B of the taxpayer for the said tax period. The values in GSTR …
Today, GSTN has enabled option for opting quarterly filing of GST returns under QRMP scheme. Payment will be monthly in this scheme. The said option can be navigated through : Services >> Returns >> Opt-in for Quarterly Return However, the window will open on 5th December, 2020. Currently, the message as shown in below picture …
GSTN Enabled Option for Opting Quarterly Filing of GST Returns under QRMP Scheme Read More »
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 …