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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E-Way Bill System equips Enrolled Transporters and Taxpayers with New Features

E-Way bill System is provisioned with the following new features for the Enrolled Transporters, Common Enrolled Taxpayers 1. De-registration for Transporters The transporters registered in e-Waybill Portal using Enrolment (based on PAN) and no longer want to continue in e-waybill system can now de- enrol themselves in the e-Waybill System. Once de-enrolled, they will not be able to access the e-Waybill portal. So, any enrolled transporter willing to de-register in EWB system can make use o..

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We are supplying, installing and testing Audio video equipment and air conditioning (complete with wiring and all). What will be the single HSN for Work Contract...

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E-invoicing in GST and it applicability

What is e-invoicing? 'e-Invoicing' means reporting details of specified GST documents to a government-notified portal and obtaining a reference number. It does not mean generating an invoice on the GST portal. The CBIC notified a set of common portals to prepare e-invoice via Notification No.69/2019 - Central Tax. Under this system a unique reference number will be issued against every invoice by Invoice Registration Portal (IRP). All invoices which reference number is generated ov..

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GSTN issues advisory on filing of declaration in Annexure V by GTA opting to pay tax under forward charge mechanism

The GTAs, who commence business or cross registration threshold on or after 1st April, 2023, and wish to opt for payment of tax under forward charge mechanism are required to file their declaration in Annexure V for the FY 2023-24 physically before the concerned jurisdictional authority.   The declaration may be filed within the specified time limits, as prescribed in the Notification. No. 05/2023-Central Tax (Rate), dated. 09.05.2023. Thanks, GSTN ..

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Last Chance: Extended Due Date for GTA Payments Expires Tomorrow!

Today i.e 31st May 2023 is the extended due date for Opt-in / Opt-out for Forward Charge / Reverse Charge for FY 2023-24 [Notification No.03/2022 - CT(R) dated 13.07.2022] The deadline for goods transport agencies to opt for GST payment has been extended to May 31, 2023. This means that all transport companies will have until May 31 to register for the GST and begin paying GST on their supplies. The action is intended to provide agencies with additional time to comply with..

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GST On Renting of Immovable Property

In this article, we will discuss renting of both commercial & residential property. 1. GST on Renting of Residential Dwelling A) If the residential dwelling is used for commercial purpose like office then GST is payable on Forward charge basis.   B) If the residential dwelling is used for personal purpose then the service is exempt for both registered & unregistered. C) If a Residential dwelling is used for commercial purpose but as a residence i.e Guest house etc. by..

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GSTN issues advisory on due date extension of GST Returns for the state of Manipur

Advisory on due date extension of GST Returns for the state of Manipur 1. Vide Notifications No. 11/2023 – Central Tax, 12/2023 – Central Tax and 13/2023 – Central Tax, all dated 24th May 2023, the Government has extended the due date of filing GSTR-1, GSTR-3B & GSTR-7 of April-2023 tax period till 31st May 2023 for all the taxpayers having principal place of business in the state of Manipur.   2. The said changes have been implemented on the GST Portal from 2..

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CBIC's Nationwide Sweep Exposes 10,000 Alarming Cases of Fake GST Registrations

Introduction The Central Board of Indirect Taxes and Customs (CBIC) has launched a special all-India drive to combat cases of fake Goods and Services Tax (GST) registration. In its first week, this joint initiative by central tax and state tax officers successfully exposed 10,000 instances of fraudulent GST registrations. The campaign, which began on May 15, 2023, is set to continue until July 15, 2023. During their investigations, officers discovered forged supporting documents, such as elec..

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Important Instruction on SOP for Scrutiny of GST Returns for FY 2019-20

Introduction The Goods and Services Tax (GST) Department has introduced Instruction No. 02/2023-GST, presenting an updated Standard Operating Procedure (SOP) for the scrutiny of GST returns. This revised SOP aims to enhance self-compliance and streamline the process, incorporating advanced features to facilitate efficient tax administration. In this article, we will outline the key elements of the instruction and discuss its implications for taxpayers. 1. New Online Workflow for Scrutiny o..

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CBIC issues SOP for scrutinizing returns from FY 2019-20 onwards

 The CBIC vide Instruction No. 02/2023-GST dated May 26, 2023 has issued Standard Operating Procedure ("SOP") for Scrutiny of Returns for Financial Year 2019-20 onwards. Attention is invited to the Instruction No. 02/2022-GST dated March 22, 2022, wherein a Standard Operating Procedure (SOP) was provided for scrutiny of returns under section 61 of Central Goods and Services Tax Act, 2017 (hereinafter referred to as "the CGST Act) read with rule 99 of Central Goods and Serv..

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Schedule III of CGST Act 2017: Related to Legal/Court/Tribunal services

General Overview As we are aware that any transactions/activities which fall within the scope of "Supply" as per Sec 7 of the CGST Act, 2017 will be chargeable to GST. Further, while analyzing the nature of transactions/activities for the purpose of chargeability of GST, there are instances- (i) Where there is no Consideration involved, but still it would be considered as "Supply" as per Schedule I of CGST Act, 2017. (ii) There are certain transactions/activities whi..

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Schedule III of CGST Act 2017: Related to Employee Services

General Overview As we are aware that any transactions/activities which fall within the scope of "Supply" as per Sec 7 of the CGST Act, 2017 will be chargeable to GST. Further, while analyzing the nature of transactions/activities for the purpose of chargeability of GST, there are instances- (i) Where there is no Consideration involved, but still it would be considered as "Supply" as per Schedule I of CGST Act, 2017. (ii) There are certain transactions/activities which..

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Section 60 Provisional Assessment under GST: A Comprehensive Guide

INTRODUCTION The Goods and Services Tax (GST) regime in India has brought about significant changes in the way taxation is conducted. One such provision under GST is Section 60, which allows a taxable person to make a provisional assessment of goods or services when they are unable to determine the value or rate of tax applicable. In this article, we will delve into the details of Section 60 and explore the procedures involved in the provisional assessment process. 1. Requesting Provisiona..

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Important guidelines issued for GST registration, Cancellation and Revocation to counter fake taxpayers

The Commissionarate of CT & GST, Odisha, Finance Department has issued Instructions vide No.CCT-PEI-POL-0155-2021/7869/CT&GST dated May 10, 2023 regarding care to be taken during the process of registration, cancellation of registration and revocation of cancellation of registration of fake taxpayers under GST. Instructions were issued vide this office Letter No. 7635/CT & GST dated June 11, 2019 to monitor the registration process with due diligence both at the stage of..

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GST Pre-Audit Advantages & Other Updates

Introduction They say, 'A good doctor cures the disease, but a great doctor cures the cause'. Identifying the root cause of non-compliance and putting in place controls and checkpoints is key to the growth and sustainability of any organization. In this article we focus on certain advantages taxpayers can obtain through pre-departmental audits conducted by competent professionals.   Advantages of Audit Area Activity Advantag..

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Demystifying GST Audits: A Comprehensive Guide to Section 65 & Rule 101 - Essential Insights for Businesses

Introduction GST audits play a vital role in ensuring tax compliance and transparency in business operations. Section 65 and Rule 101 of the GST Act provide the legal framework for conducting audits of registered persons. In this article, we will delve into the intricacies of these provisions, shedding light on the audit process from both the taxpayer's and the tax authorities' perspectives. By gaining a comprehensive understanding of GST audits, businesses can navigate this process w..

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E-commerce minnows face heat in fake GST registration crackdown

Small businesses that sell goods through e-commerce platforms fear a recently launched drive against fake Goods and Services Tax (GST) registrations could hit them hard because many of them run operations through co-working spaces or shared warehouses practices that may pose a hurdle during verification. Central and state indirect tax authorities launched a two-month drive on 16 May to weed out entities that secure GST registrations wrongfully, generate fake invoices and pass on bogus tax cre..

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Drive Against Fake GST Registration

GST came into force on 1st July, 2017 and we will be celebrating 6 years of GST this year. Currently, there are 1.39 crore businesses registered under GST. With GST evasion crossing over Rs 1 lakh crore in 2022-23, Centre and state tax officers have initiated a two-month-long special drive to identify fake GST registration. The objective of GST is seamless ITC, this campaign seeks to eliminate fake input tax credits. The GST Policy Wing had earlier this month written to Principal Chief ..

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