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Category: GST

Recommendations of the 42nd GST Council Meeting

Recommendations of 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 transition period of five years…

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GST e-invoicing – Relaxation and latest changes

GST e-invoicing – Relaxation and latest changes

1.‘e-invoicing’ for certain classes of taxpayers has come into effect from 1-10-2020. 2. Keeping in view the hardships faced by the taxpayers due to COVID-19 lockdown and as some of these taxpayers are still not ready, as a last chance, Government had given relaxation that invoices raised by notified taxpayers during October, 2020 without following e-invoice procedure (i.e. uploading invoice details on e-invoice portal (IRP), obtaining IRN and issuing invoice with QR Code) will be deemed to be valid and no penalty…

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Standard Operating Procedure (SOP) for referring IT issues to the IT Grievance Redressal Committee

Standard Operating Procedure (SOP) for referring IT issues to the IT Grievance Redressal Committee

1. Vide Circular No. 39/13/2018 dated 03.04.2018 an IT Grievance Redressal mechanism has been set up to address the difficulties faced by a section of taxpayers owing to technical glitches on GST Portal. The method of resolution of the difficulties will be approved by the GST Implementation Committee (GIC) which shall act as the IT Grievance Redressal Committee and shall approve and recommend to GSTN the steps to be taken for redressal of grievances. The relief could be in the…

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GSTR 9C Audit Checklist – Points to be verified while conducting an audit

GSTR 9C Audit Checklist – Points to be verified while conducting an audit

GSTR 9C is an audit form that has to be filed by specified taxpayers annually in GST. This form has to be digitally signed by either a Chartered Accountant or Cost Accountant. While doing the GSTR 9C audit, the following points have to be considered: Reconciling GSTR 3B vs. GSTR 1 vs. GSTR 9 vs. Books   Reconciling GSTR 3B vs. GSTR 2A vs. GSTR 9 vs. Books   Is there any delay in filing GSTR 3B.? If yes, whether…

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Borrowing of money to meet GST revenue shortfall

Borrowing of money to meet GST revenue shortfall

As per provision in Sections 7, 8 & 10 of the GST (Compensation to States) Act, 2017, the issue of pending GST compensation and future course of action to meet the GST compensation shortfall has been discussed in 41st GST Council meeting on 27.08.2020 in the light of the opinion given by Ld. Attorney General of India, wherein States were given two options to meet their GST compensation shortfall for current FY from market borrowing. This was stated by Shri Anurag Singh…

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Delinking of Credit Note/Debit Note from invoice, while reporting them in Form GSTR 1/GSTR 6 or filing Refund

Delinking of Credit Note/Debit Note from invoice, while reporting them in Form GSTR 1/GSTR 6 or filing Refund

1. Till now, original invoice number was mandatorily required to be quoted by the taxpayers, while reporting a Credit Note or Debit Note in Form GSTR-1 or Form GSTR-6. 2. The taxpayers have now been provided with a facility on the GST Portal to: Report in their Form GSTR-1 or in Form GSTR-6, single credit note or debit note issued in respect of multiple invoices Choose the note supply type as Regular, SEZ, DE, Export etc., to identify the table…

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Saga of Interest Provision under GST

Saga of Interest Provision under GST

Understanding legal background: Section 50 of the CGST Act talks about when you should pay interest and what rate it should be paid. So section 50 said, interest has to be paid at 18% in cases where you delay paying tax to the government. That means if you cause a delay in filing your return, you end up paying interest. But the moot question that came was whether this interest has to be paid on Gross liability or net liability…

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No GST payable on recoveries from employees towards transport facility

No GST payable on recoveries from employees towards transport facility

AAR Maharashtra vide its order GST-ARA-23/2019-20/B-46 dated AUGUST  25, 2020 in the case of Tata Motors Limited rules that no GST is payable by the applicant on the nominal amounts recovered from its employees for availing transportation service for commuting to office in view of the fact that this transaction is not a supply as being covered under Schedule III of the CGST Act. ITC also available on such GST paid for motor vehicles taken on hire by the employer…

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Consolidated debit/credit note enabled on GST Portal

Consolidated debit/credit note enabled on GST Portal

Consequent to amendment to section 34 of CGST Act,2017 through CGST (Amendment) Act, 2018  which was made effective from February 1, 2019 , one credit note can be issued against one or more relevant tax invoices. Before this amendment, credit note/debit note could be issued only against one tax invoice, and giving reference to such a tax invoice was mandatory while reporting the debit/credit note in the GSTR1 on the GST Portal. Though the above amendment was effective from 1st…

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Various Due Dates of GST Returns due to Covid-19

Various Due Dates of GST Returns due to Covid-19

Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended due dates for GST Returns filings and provided relief to taxpayers which includes Relief in late fee and interest to taxpayers filing Form GSTR-3B, GSTR-1 and other returns. The same is summarised below for your ready reference. DUE DATE OF GSTR-3B Taxpayers having turnover more than 5 crores in previous FY Month Original Due Date No late fees if filed by No Interest if filed by Interest @9%…

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