Bimal Jain
Quick Summary
GST GST has been a landmark reform of Independent India showcasing the spirit of Cooperative Federalism. While aspirations were high, there were huge challenges too. These challenges were overcome deftly and painstakingly under the guidance and oversight of the GST Council. The right balance betw
Daily Limit Reached
You have reached your daily limit of 2 Free Articles
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Articles Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The minimum tax amount threshold for launching prosecution under GST has been increased from Rs. 1 crore to Rs. 2 crores, with the exception of offences related to issuing invoices without the supply of goods or services.
The compounding amount has been reduced from the previous range of 50% to 150% of the tax amount to a new range of 25% to 100%.
Yes, certain offences under clauses (g), (j), and (k) of sub-section (1) of section 132 of the CGST Act, 2017, are being decriminalised.
Amendments have been proposed to restrict the filing of GSTR-1, GSTR-3B, GSTR-9/9C, and GSTR-8 to a maximum period of three years from the due date of filing the respective return.
The restriction on registered persons engaged in supplying goods through Electronic Commerce Operators (ECOs) from opting for the Composition Levy is being removed, allowing unregistered suppliers and composition taxpayers to make intra-state supplies of goods via ECOs under certain conditions.
If a recipient fails to pay the supplier the value of supply along with tax within 180 days of the invoice date, the ITC availed must be paid back along with interest. The recipient can re-avail the ITC once payment is made.
CAclubindia
