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GST - Latest News & Updates

Key updates from the 42nd GST Council Meeting

The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. The GST Council has made the following recommendations: 1. Levy of Compensation Cess to be extended beyond the ..

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Expectations from 39th GST Council Meeting

The 39th GST Council meeting will be held on the 14th March 2020, at Vigyan Bhawan, New Delhi. Taxpayers and practitioners have huge expectations from the meeting as the meeting is being held just two weeks before the last date of filing Annual Returns for FY 18-19 and the implementation of the New Return System. Below are some expectations from the 39th GST Council Meeting: 1. Deferment and relaxation of e-Invoicing under GST : The GST Council in its 35th GST Council Meeting ann..

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Frequently Asked Questions on GST e-invoice/IRN System

A. E-invoice - Basics: 1. What is 'e -invoicing'? As per Rule 48(4) of CGST Rules, notified class of registered persons have to prepare invoice by uploading specified particulars of invoice (in FORM GST INV-01) on Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN). After following the above 'e-invoicing' process, the invoice copy containing inter alia, the IRN (with QR Code) issued by the notified supplier to the buyer is commonly referred t..

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DGGI Rohtak arrests one more in Hisar for issuing fake invoices of Input Tax Credit

In pursuance of ongoing investigation of fraudulent passing of Input Tax Credit (ITC)wherein one person namely Sh. Satender Kumar Singla of Hisar was arrested on 12.11.2020,the Directorate General of GST Intelligence (DGGI), Regional Unit, Rohtak falling under Gurugram Zonal Unit has arrested one more person namely, Sh. Vikas Jain, of Jind on 23.11.2020. Sh. Vikas Jain was the proprietor of one of the firms and as a proprietor of a firm was found involved in  issuing fake invoices having ta..

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Documents Required for GST Registration

Since the first of July 2017 when GST was introduced in India, it has become a matter of concern for every business owner in the Indian market. Such a concern has partially emerged due to the complex structure of GST and its registration. In a country where only 25% of the entire population has access to smartphones, the persistence of a crowd with unawareness about digital platforms and their efficiency is inevitable. We, through the help of this article, aim to bridge the gap bet..

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GSTR-2B [Auto Drafted ITC Statement] effective from January 01, 2021

Following Key Points to remember while checking GSTR-2B  As per Notification number 82/2020 dt. November 10, 2020, An auto-drafted statement containing the details of Input Credit shall be made available to the registered person in FORM GSTR-2B.     Form-GSTR-2B is a statement based on the information furnished by your suppliers (GSTR01, GSTR-05 (i.e. registered non-resident taxable person , GSTR-06 ("ISD")).  Input credit shall be non-availabl..

Posted in articles |   2 comments |   993 Views

Place of supply under GST (Summarized)

Place of Supply is important to determine Whether the supply is Interstate or Intrastate. Resulting to which, Whether SGST/UTGST plus CGST is leviable or IGST is leviable. If inter-state transaction is wrongly treated intra-state or vice-versa and tax paid accordingly, then it can be rectified. However, procedural requirements increase and working capital will get blocked. Therefore, determining Place of supply is of paramount importance.   GOODS Place of ..

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FAQs on TDS under GST [Sec 51 of CGST Act, 2017]

GST Law mandates Tax Deduction at Source (TDS) vide Section 51 of the CGST/SGST Act 2017, Section 20 of the IGST Act, 2017 and Section 21 of the UTGST Act, 2017. GST Council in its 28th meeting held on 21.07.2018 had recommended the introduction of TDS from 01.10.2018. Q.1 Who shall be required to Deduct TDS under GST? Ans. Following classes of person shall be required to deduct tax at source @2% ( CGST 1% + SGST 1%) on the payment made or credited to the supplier: - a) Department or..

Posted in articles |   1 comments |   1930 Views

Dealing with Notices- Difference - ST vs. IT returns (AS26)

  CA Madhukar N Hiregange, CA Akbar Basha & Adv. Surabhi Parihar The recent spate of notices with GST officers in a tearing hurry has led to real concerns on whether the practices of the old VAT/ Central Excise/ Service Tax regimes are coming back. Industry hopes not. We have attempted to analyse, understand the stages of issue and possible defenses in this article. Causes of Differences The sharing of the income tax returns with the service tax, central excise and VAT ..

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Proprietor of a trading firm arrested in a case of fake transactions of over Rs. 35 Crore and availment of ITC of Rs. 3.51 Crore on fake invoices

On the basis of specific information regarding availment of ITC on fake invoices, searches were conducted on 19.11.2020 by the officers of DGGI, Nagpur Zonal Unit at the premises of a Nagpur based trading firm dealing in Paint, Cement and Iron & Steel products. The searches revealed that the trading firm was non-existent and a Printing Press was operating from the declared premises whose owner was not aware of any entity by the name and style of the said trading firm. The Proprietor of th..

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GST Portal releases salient features of Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme

Salient features of Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme Sl. No. Class of RPs with AATO of Default Return Option 1 Up to Rs 1.5 Cr., who have furnished Form GSTR-1 on quarterly basis in current FY Qtrly 2 Up to Rs 1.5 Cr., who have furnished Form GSTR-1 on monthly basis in current FY Monthly 3 ..

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New GST Returns: (QRMP) Quarterly Return Monthly Payment Scheme

Introduction GST Council in its 42nd meeting held on 05.10.2020, had recommended that registered person having aggregate turnover up to five (5) crore rupees may be allowed to furnish return on a quarterly basis along with monthly payment of tax, with effect from 01.01.2021. Eligibility for the QRMP Scheme In terms of notification No. 84/2020- Central Tax, dated 10.11.2020, a registered person who is required to furnish a return in FORM GSTR-3B, and who has an aggregate turnover of up t..

Posted in articles |   1110 Views

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