GST

This article contains various Compliance requirements for the Month of January, 2023 under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.

Corporate Compliance Calendar for January, 2023 [Detailed]

Corporate Compliance Calendar For The Month of January, 2023 contains Compliance Requirement Under Income Tax Act, 1961, Goods & Services Tax Act, 2017 (GST), Other Statutory Laws, Foreign Exchange Management Act, 1999 (FEMA), SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015, SEBI (Depositories and Participants) Regulations 2018), SEBI Takeover Regulations 2011, SEBI (Prohibition of Insider Trading) Regulations, 2015, SEBI …

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GST Annexure to summon- Advisory for reversal/payment of inadmissible ITC-reg

Due to the grace of the GST department, a poor person has received a notice for depositing huge tax. The GST department has slapped one crore 39 lakh 79 thousand 407 rupees on the youth (GST Of Crores Slapped on jaisalmer Poor Man). It has been written that GST tax is due in the name …

GST Annexure to summon- Advisory for reversal/payment of inadmissible ITC-reg Read More »

GST Notice

Notice 143(1) for GST/Other refund reported under Clause 16 of Tax Audit

From the FY 21-22, Form 3CD is required to be filed prior to ITR. After introducing this mechanism, there are many instances where 143(1) notices are received immediately after filing of return for mismatch between form 3CD & ITR. One such instance is non-disclosure of GST refunds as income u/s 26 of Income tax act. …

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COMPLIANCE SHEET FOR THE MONTH OF JANUARY 2023

COMPLIANCE SHEET FOR THE MONTH OF JANUARY 2023 Date Act Particulars Period Description 07-01-2023 Income Tax TDS/TCS Payment for December, 2022 Dec, 22 Due date for deposit of Tax deducted/collected for the month of December, 2022. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central …

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GST RATES APPLICABLE FOR JUTE & JUTE GOODS Prepared by IJMA based on decisions taken in GST Council Meetings (based on present HS Code classification as adopted by the Indian jute industry)

GST RATES APPLICABLE FOR JUTE & JUTE GOODS

GST RATES APPLICABLE FOR JUTE & JUTE GOODS Prepared by IJMA based on decisions taken in GST Council Meetings (based on present HS Code classification as adopted by the Indian jute industry) HS Code Description of Item GST Rate 27101970 JUTE BATCHING OIL and textile oil, Lubricating oil, Waste oil 18% 42022230 JUTE HAND BAGS/SHOPPING BAGS 28% …

GST RATES APPLICABLE FOR JUTE & JUTE GOODS Read More »

Latest GST News, Information, Notifications & Announcements

Latest GST News, Information, Notifications & Announcements [Period 27/12/22 to 02/01/23]

GST WEEKLY UPDATE : 40/2022-23 (01.01.2023) 1. CBIC has notified the circular for recommendation of 48th GST Council Meeting w.e.f. 01.01.2023: (A) Tax Rate Changes: Sr. No. Description From To Goods 1. Husk of pulses including chilka and concentrates including chuni/churi, khanda 5% Nil 2. Ethyl alcohol supplied to refineries for blending with motor spirit (petrol) …

Latest GST News, Information, Notifications & Announcements [Period 27/12/22 to 02/01/23] Read More »

GST not payable on house rented to proprietor for residential purpose Read more at: https://economictimes.indiatimes.com/news/economy/policy/gst-not-payable-on-house-rented-to-proprietor-for-residential-purpose-cbic/articleshow/96647025.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

GST not payable on house rented to proprietor for residential purpose

From January 1, GST would not be payable on housing units rented to the proprietor of a proprietary concern for residential usage only, the CBIC has said. The Central Board of Indirect Taxes and Customs (CBIC) also notified amendments in GST rates effective from January 1, 2023 for certain goods and services, as per the …

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Rs 1,49,507 crore GST Revenue collected for December 2022, records increase of 15% Year-on-Year

Monthly GST revenues more than Rs 1.4 lakh crore for 10 straight months in a row The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711 crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and Cess is Rs 11,005 crore (including Rs …

Rs 1,49,507 crore GST Revenue collected for December 2022, records increase of 15% Year-on-Year Read More »

GST changes to come into effect from today

Big GST changes to come into effect from today

This, along with a number of tax changes, will come into effect from the New Year effective January 1, after notifications by the Central Board of Indirect Taxes and Customs (CBIC). These come following the decisions taken in the 48th meeting of the GST Council. The proprietor would, however, have to pay GST on reverse charge mechanism …

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TAX COMPLIANCE TRACKER

Tax Compliance Tracker – January, 2023

Statutory Tax Compliance Tracker for January, 2023 explains Compliance requirement under Income Tax act, 1961 and Compliance Requirement under GST, 2017 for the Month of January, 2023. Tax Compliance Tracker – January, 2023   Sl.   Compliance Particulars       Due Dates   1 Due date for deposit of Tax deducted/collected for the month …

Tax Compliance Tracker – January, 2023 Read More »

CBIC Issues Clarification in respect of GST on residential property rent; effect from 1st day of January, 2023

Government has clarified on the new GST or goods and services tax rules on rent, which came into effect from 18th July. In a tweet, PIB said that “renting of residential unit taxable only when it is rented to business entity️.” It further clarified that “no GST when it is rented to private person for …

CBIC Issues Clarification in respect of GST on residential property rent; effect from 1st day of January, 2023 Read More »

11 major changes will happen from January 1, 2023

These 11 major changes will happen from January 1, 2023

Many new changes related to pockets are also going to happen. Some changes will be beneficial for you, while some changes can also be heavy on your pocket. At the same time, there are many such works which you can get done by December 31, then you can also get relief from paying a higher …

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Attention, GST Taxpayers, whose Aggregate Annual Turnover for the F.Y. 2021-22 is more than ₹ 2 Crore!

Attention, GST Taxpayers, whose Aggregate Annual Turnover for the F.Y. 2021-22 is more than ₹ 2 Crore! Whose Aggregate Annual Turnover for the F.Y. 2021-22 is more than 2 Crore Please file your Annual Return in FORM GSTR-9 for F.Y. 2021-22 Before Due Date 31st December, 2022 Attention, GST Taxpayers whose Aggregate Annual Turnover for …

Attention, GST Taxpayers, whose Aggregate Annual Turnover for the F.Y. 2021-22 is more than ₹ 2 Crore! Read More »

CBIC Issues Various Clarificatory Circulars On GST

Central Board of Indirect Taxes and Customs (CBIC)has recently issued a series of circulars clarifying various GST relatedissues. The CBIC, in its circular dated 27.12.2022, noted thatduringthe initial period of implementation of GST, i.e., the financial years 2017-18and 2018-19, many suppliers had failed to furnish the correct details in FORMGSTR-1, which led to certain deficiencies …

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Extend Due Date Immediately trends: GSTR-9 is trending on Twitter

GST Annual Return FY 2021-22; Taxpayers and Tax Professional demand Due Date Extension As per rule 80 in the CGST Rules, 2017, all the business* that are registered under CGST Rules, 2017 is required to file GST Annual Return for each fiscal year prior to the 31st of December of the following financial year. Thus, the …

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Govt clarifies GST ITC won’t be disallowed for FY18, FY19 mismatches in bonafide errors

The government on Tuesday clarified that input tax credit (ITC) under the GST regime won’t be disallowed to businesses during 2017-18 and 2018-19 in cases errors are bona fide as the Department looks to ensure uniformity in the implementation of the provisions of the law across the field formations. The Central Board of Indirect Taxes …

Govt clarifies GST ITC won’t be disallowed for FY18, FY19 mismatches in bonafide errors Read More »

GST Important Circular: Prescribing manner of filing an application for refund by unregistered persons
-re

Subject: Prescribing manner of filing an application for refund by unregistered persons -re Procedure for GST Refund to unregistered buyer in respect of under constructed flat/building booked but cancelled ✅Apply in online Form RFD-01✅Apply within 2 yr from date of issuance of letter of cancellation✅Documents as per Rule-89(2)✅Maxi refund = Tax paid✅Mini refund = 1k✅In …

GST Important Circular: Prescribing manner of filing an application for refund by unregistered persons
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Rule Change: Government has changed the GST rules for claiming input tax credit

GST taxpayers will be required to reverse by November 30 the input tax credit (ITC) claimed in the last fiscal in case their suppliers fail to deposit the due tax by September 30, the Finance Ministry has said. The taxpayers, however, can reclaim the ITC later following the deposit of taxes by the supplier. The …

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Clarification to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for FY 2017-18 and 2018-19 – reg.

Clarification to deal with difference in Input Tax Credit (ITC) availed inFORM GSTR-3B as compared to that detailed in FORM GSTR-2A – reg.

Clarification to deal with difference in Input Tax Credit (ITC) availed inFORM GSTR-3B as compared to that detailed in FORM GSTR-2A for FY 2017-18 and2018-19– reg. Section 16 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as “CGST Act”) provides for eligibility and conditions for availing Input Tax Credit (ITC). During the initial period …

Clarification to deal with difference in Input Tax Credit (ITC) availed inFORM GSTR-3B as compared to that detailed in FORM GSTR-2A – reg. Read More »

GST

GST Registration Big Rules Changed

GST Registration Rule Changes, OTP to be sent to mobile number & e-mail linked to PAN Card (i) in sub-rule (1), the words and letters, ―mobile number, e-mail address, shall be omitted; (ii) in sub-rule (2), in clause (a), after the words ―Direct Taxes, the words ―and shall also be verified through separate one-time passwords …

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Currently e-invoicing under GST turnover limit; CBIC Clarification

Some news reports have appeared in media today suggesting that though @GST_Council has recommended reducing threshold for generation of e-invoice to Rs.5 cr wef 1.1.23, the Govt. has yet to issue notification in the matter, giving rise to uncertainties amongst the taxpayers. It is clarified that presently, e-invoicing has been made mandatory for registered persons …

Currently e-invoicing under GST turnover limit; CBIC Clarification Read More »

CBIC detects Rs 62000-crore GST evasion via fake invoices during past 3 years

Tax authorities have detected Rs 62,000 crore worth of goods and services tax (GST) evasion (or frauds) using fake invoices during the past three years, said a senior official of the Central Board of Indirect Taxes and Customs (CBIC). This is the primary reason the government has kept such offences out of the increased monetary threshold of …

CBIC detects Rs 62000-crore GST evasion via fake invoices during past 3 years Read More »

GST PORTAL UPDATE

Latest GST News, Information, Notifications & Announcements [Period 20/12/22 to 26/12/22]

1.         GST Council has Proposed New Provision for Reversal of ITC in case of Non-Payment of Tax by Suppliers: 2.    Provisional Assessment in GST: Procedure: Finalization of provisional assessment: Interest liability 3.    CBIC constitutes Customs, Central Excise and Service Tax Settlement Commission aimed to resolve and settle Show Cause Notices: 4.    AAR & Judicial Decisions: …

Latest GST News, Information, Notifications & Announcements [Period 20/12/22 to 26/12/22] Read More »

GST Taxpayers Alert! Do this work before December 31, otherwise you will have to pay a heavy fine Details here

The last date for filing GSTR 9 form is 31st December for businessmen whose annual turnover is more than Rs 2 crore. The government has urged the people to file this form before the 31st. According to the instructions issued by the government, it is necessary to fill GSTR 9 form for taxpayers having a …

GST Taxpayers Alert! Do this work before December 31, otherwise you will have to pay a heavy fine Details here Read More »

GST registration could not be suspended and cancelled on basis of direction of Head Office without assigning any reason; High Court sets aside cancellation order

GST registration could not be suspended and cancelled on basis of direction of Head Office without assigning any reason; High Court sets aside cancellation order HIGH COURT OF TELANGANA S.B.Traders v. Superintendent UJJAL BHUYAN, CJ.AND C.V. BHASKAR REDDY, J. W.P.NOS.39498 & 39502 OF 2022 OCTOBER  28, 2022  Registration – Cancellation of registration – Show cause notice …

GST registration could not be suspended and cancelled on basis of direction of Head Office without assigning any reason; High Court sets aside cancellation order Read More »

You Can now Recover GST Paid on Under-Construction Property if the deal is Called Off

At its meeting on December 17, the Goods and Services Tax (GST) Council made some recommendations that will have wide ramifications. Among other things, it will help a lot of homebuyers, especially those who opt for under-construction properties. The council recommended that the GST rules be amended to allow a buyer to file an application …

You Can now Recover GST Paid on Under-Construction Property if the deal is Called Off Read More »

WEEKLY CORPORATE AFFAIRS

Newsletter Contents: • SEBI Updates • MCA Updates • RBI Updates • IBC Updates • Labour Law Updates • Press Information IPO & Investment updates • IRDAI Updates Department of Telecommunications • MSME Updates • Competition Commission of India • Current Affairs – FAQ’s WEEKLY CORPORATE AFFAIRS FROM 13.12.2022 TO 20.12.2022 [Sl. Particulars Link   …

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e are delighted to share our 97th E-Newsletter “Weekly Taxation Newsletter” dated 20th December, 2022 from 13th November, 2022 to 20th December, 2022 with you. This E - Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, Case Laws, International Taxation etc.

E-Newsletter “Weekly Taxation Newsletter”

We are delighted to share our 97th E-Newsletter “Weekly Taxation Newsletter” dated 20th December, 2022 from 13th November, 2022 to 20th December, 2022 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, Case Laws, …

E-Newsletter “Weekly Taxation Newsletter” Read More »