RECENT GST UPDATES

Latest GST News, Information, Notifications & Announcements

Latest GST News, Information, Notifications & Announcements [Period 13/12/21 to 19/12/21]

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 …

Latest GST News, Information, Notifications & Announcements [Period 13/12/21 to 19/12/21] Read More »

GST Updates

Quarterly GST Updates- April 2021 to June 2021 (Including Covid-19 relaxations / updates)

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 …

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GST COLLECTION

Recent GST Updates and Amendments

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