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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..

Posted in articles |   17 comments |   21969 Views

GST compensation cess levy extended till March 2026

The government has extended the time for levy of GST compensation cess by nearly 4 years till March 31, 2026. As per the Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022, notified by the finance ministry, the compensation cess will continue to be levied from July 1, 2022 to March 31, 2026. The levy of cess was to end on June 30 but the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state FMs, decided to extend it till March 2026 t..

Posted in news |   2196 Views

GST on Charitable And Religious Trusts

The GST Act exempts certain activities conducted by the Charitable Trust. Charitable Trust under GST Act An entity registered under Section 12 AA of the Income Tax Act 1961,all defined charitable activities are exempted under the GST Act. Charitable Activities under GST Act Notification No.12/2017-Central Tax (Rate) dated 28th June 2017 exempts services of the Charitable Trusts. Charitable Services means activities relating to: (i) public health by way of: (A) care or counse..

Posted in articles |   1 comments |   3504 Views

Recent case laws related to revocation of the cancelled GST Registration

GST registration can be cancelled in the following situation under GST laws Voluntary cancellation by the taxpayer In case of death of a taxpayer, the cancellation can be applied by his legal heirs Registration cancellation of tax officer Legal provisions regarding "cancellation or suspension of registration" and "revocation of cancellation" has been given under various sections and rules of GST Laws. Some of the relevant sections, Rules and Circulars are liste..

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Procedure for obtaining Refund under GST

The refunds under GST can arise in the following circumstances- The cash balance in the electronic cash ledger deposited in excess or Tax paid by mistake or The accumulated Input Tax Credit (ITC) is unable to be utilised for tax payments due to zero-rated sales or inverted tax structure. The forms in which a GST refund is claimed varies according to the type of GST refund being claimed. Let us discuss the same in detail. Refund pre-application form In order to claim the refu..

Posted in articles |   1 comments |   3957 Views

GST officials unearthed tax evasion worth over 125 crore

State GST (investigation) officials in Kochi have unearthed tax evasion to the tune of crores of rupees by a Perumbavoor gang, which allegedly forged bills using iron scrap dealership as a front and misappropriated input tax. Officials conducted raids at four locations in Perumbavoor on Monday. The department said that the raids were held with the assistance of armed police since there was information that the gang had connections with hawala-narcotic mafias. "Based on a tip-off that ..

Posted in news |   2 comments |   3408 Views

Amendments in GSTR 3B may be allowed in upcoming GST Council Meeting

The Goods and Services Tax Council is set to discuss a slew of law changes it is looking to introduce. This would include amendments to GSTR3B - the monthly GST return to be filed by taxpayers - among others. The GST Council will reportedly ease compliance bottlenecks for e-commerce suppliers by allowing them to register under the composition scheme, a move that is expected to ease registration and also reduce tax outgo.   The Council is also likely to allow the usage of the govern..

Posted in news |   2 comments |   5649 Views

GST officers seized stolen articles worth Rs. 29.10 lakh in Gujarat

The Surat police have registered a case in connection with a theft of 4,279 kilogram of copper scrap from a truck that was confiscated and parked in the compound of Gujarat State Goods and Services Tax (SGST) office at Nanpura in Gujarat. The stolen articles amounted to Rs 29.10 lakh, police said.   According to the complaint by GST officer Vipul Desai who approached the Athwalines police station, the mobile teams of SGST officers had stopped a truck (MH-04A-GC-1557), laden with co..

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47th GST Council Meeting - Location Changed To Chandigarh from Srinagar

The GST Council on Sunday said the location of its 47th meeting, which will be held during June 28-29, has been changed to Chandigarh, from Srinagar decided earlier. The Council-appointed group on ministers (GoM), headed by Karnataka Chief Minister Basavaraj Bommai, has already conducted its meeting to discuss various, including changes to tax slabs and rates. The GoM will submit its report before the GST Council meeting. "The 47th meeting of the GST Council will be held on 28-29 June, 2..

Posted in news |   549 Views

CBIC issued new guidelines for GST refunds

Recently CBIC has issued detailed guidelines for sanctioning, post-audit and review of refund claims. Key feature and short summary of the guidelines have been discussed below. Instruction No. 03/2022-GST dated 14-06-2022. It has been observed by CBIC that, proper speaking orders have not been issued while issuing the orders for GST refund claims and also currently different GST officers adopted different practices and procedures for sanctioning refunds, which created confusion among th..

Posted in articles |   11904 Views

GSTN | Availing ITC as per law and GSTR 2B

For some of the taxpayers, there was an issue in relation to duplicate entries in GSTR 2B which has since been fixed and correct GSTR 2B has been generated. In this regard, taxpayers while filing GSTR 3B are advised to check and ensure that the value of ITC they are availing is correct as per the law.   They may check the correct ITC value from download of Auto drafted ITC statement GSTR 2B or pdf of System Generated GSTR3B or on the ITC observed on the mouse hover of Table 4 in GSTR ..

Posted in news |   5745 Views

GSTN | Duplication of invoice error rectified and correct GSTR 2B generated

  A few taxpayers (recipients of supply) had reported that they have observed same invoice twice in GSTR2B i.e. April and May, 2022. The error has been rectified and correct GSTR 2B generated. ..

Posted in news |   3615 Views

ITC on Food/Drink related expenses

Background The factories and offices do have facilities for employees, one of which is canteen. The tax paid on canteen expenses has for long been a contentious issue and the same continues under GST as well. In this context in the article the paper writer has examined the eligibility to food/drink credit, more specifically ITC on canteen credit, the issues therein and important decisions.   Blocked credit and food/beverage expenses GST law has set out in section 17(5) the li..

Posted in articles |   9195 Views

47th GST Council meeting to held on June 28-29 in Srinagar

The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on June 28 and 29 in Srinagar. "The 47th meeting of the GST Council will be held on June 28-29, 2022 (Tuesday & Wednesday) in Srinagar," the Finance Minister's office tweeted. This is the second time that the GST Council meeting is being held in Srinagar. Before the launch of the Goods and Services Tax (GST) on July 1, 2017, the 14th meeting of the Council was held on May 18 and 19 in the city. GST..

Posted in news |   1 comments |   2301 Views

GoM on GST rate rationalisation to meet on June 17

The panel of ministers on GST rate rationalisation is scheduled to meet on June 17 to discuss possible tweaking in tax rates, sources said. The Group of Ministers (GoM) is likely to discuss possible changes in the tax slab, they said, adding that the final report of the panel would take some more time. The GST Council, comprising finance ministers of the Centre and states, is likely to meet by the end of this month and will discuss, among other things, the GoM interim report on rate ration..

Posted in news |   2334 Views

GST department arrests construction firm director, looks for two others in Rs 50 crore fraud

The director of Jaatvedas Construction Company Private Limited, Hitesh Amrutlal Patel (42), was arrested by the Maharashtra Goods and Services Tax (GST) Department on Tuesday under a special operation carried out against tax-evading firms. The department is also looking for two other directors of the company, Ashok Mewani and Narendra Patel. The Metropolitan Magistrate Court has remanded Patel to judicial custody of 14 days.   During an investigation against Jaatvedas Construc..

Posted in news |   3825 Views

Treatment of post sale discount in GST

While calculating GST on valuation of supply, discount shall not be the part of valuation but up to certain conditions, which are as follows:  When discount is known before or at the time of supply and such discount also recorded in invoice then such discount will not be part of value (i.e. no need to pay GST on it). Such discount shall be mentioned on the GST invoices. After the supply if such discount is established in terms of an agreement entered into at or before the ti..

Posted in articles |   5919 Views

Whether GST is leviable on royalty or not?

Off late, there has been a debate on the issue of whether GST is payable on royalty charged from mine owners by the state government. Royalty is the consideration which is charged by the state government from mine owners on account of excavation from mines which belong to state government. This issue has been an old one which was prevalent even under the erstwhile service tax regime. When the issue of levy of service tax on royalty came up before the honorable Rajasthan HC in the matter of M/..

Posted in articles |   3018 Views

GST Officer from Rajasthan arrested for allegedly taking bribe

The Rajasthan Anti-Corruption Bureau on Tuesday arrested a Central Goods and Services Tax (CGST) officer in Bharatpur district with bribe money of ₹ 4 lakh, according to an official statement. A complaint was received alleging that CGST Superintendent, Alwar, Dhanraj Kumawat had threatened to register a case against a person and demanded a bribe of ₹ 10 lakh, ACB Director General Bhagwan Lal Soni said in the statement.   The complainant informed that Kumawat was going to Alwar from..

Posted in news |   1 comments |   3390 Views

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