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Articles Category : GST
PENALTY ON ISSUANCE OF FAKE INVOICE AND WRONG ITC CLAIM
Posted Date : 14-Jan-2023 , 03:53:01 pm | Posted By CA. PIYUSH KAPOOR

  PENALTY ON ISSUANCE OF FAKE INVOICE AND WRONG ITC CLAIM    This article describes the Fake GST Invoice and measures to address them. Also it helps to understand the applicability of GST Penalty on Fake Invoicing or ITC claim. It will also helpful to understand penalt...

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Category : GST | Comments : 0 | Hits : 480

Big Relief for E Invoicing under GST | Big relief for GST taxpayers in implementation of e-invoice
Posted Date : 05-Jan-2023 , 01:06:48 pm | Posted By S.Mahajan

E-invoice is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal. Under the electronic Einvoicing system, a unique identification number will be issued against every invoice by the Invoice Registration Portal (IRP) managed by the GSTN. &n...

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Category : GST | Comments : 0 | Hits : 769

How to report the missing invoices in GSTR-9 for F.Y. 2021-22
Posted Date : 15-Dec-2022 , 09:04:57 pm | Posted By S.Mahajan

What action needs to be taken if you have missing invoices while filing GSTR 1 till 30.11.2022???   So in such cases, the invoices which you missed out in the current GSTR 1, need to be considered in your upcoming filing of GSTR 1. And if while filing GSTR 3B also, you missed or not included...

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Category : GST | Comments : 0 | Hits : 1366

APPLICABILITY OF GST ON COLD STORAGE
Posted Date : 09-Dec-2022 , 03:46:11 pm | Posted By CA. PIYUSH KAPOOR

APPLICABILITY OF GST ON COLD STORAGE   This article helps to understand the applicability of GST on Cold Storage services, Definition of Agri Produce as well as ITC claim on Buildings and Plant and Machinery.   Introduction    A cold storage unit that...

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Category : GST | Comments : 0 | Hits : 1500

Applicability of e-Invoicing on Small Businesses under GST - FaQs
Posted Date : 12-Oct-2022 , 07:25:29 am | Posted By S.Mahajan

Introduction:- E-invoice is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal. Under the electronic Einvoicing system, a unique identification number will be issued against every invoice by the Invoice Registration Portal (IRP) managed ...

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Category : GST | Comments : 0 | Hits : 920

Analysis of Important Changes in GST from 1st October 2022
Posted Date : 07-Oct-2022 , 08:04:07 am | Posted By S.Mahajan

GST Important Changes applicable wef 1st October 2022   1. New restrictions on the claim of Input Tax Credit:-   From 01st October 2022 Govt. can restrict your ITC if your vendor has: ØDefaulted in paying tax for such a period or Short paid taxes by a certain percentage &Oslas...

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Category : GST | Comments : 0 | Hits : 1027

E-Invoice New Rules applicable wef 01/10/2022 | किसे बनाना है और किसे नहीं? | e-invoice New Limit
Posted Date : 01-Oct-2022 , 08:58:57 am | Posted By S.Mahajan

To whom will e-invoicing apply: The e-invoicing system applies to the GST registered persons whose aggregate turnover in the financial year exceeds Rs.20 crore at present. From 1st October 2022, it shall apply to those with a turnover of more than Rs.10 crore up to Rs.20 crore.Also, you have to not...

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Category : GST | Comments : 0 | Hits : 985

Important GST Notifications released in June 2022
Posted Date : 04-Jul-2022 , 08:10:07 pm | Posted By CA. Dr. Gaurav Bhambri

  GST Notification 8/2022 | E-comm operators (GSTIN listed in notification) who could not file GSTR 8 for specified tax periods due to technical glich on portal but have deposited tax for the said months in ECL are waived from interest on delay in filing GSTR 8.   No interest needs to be paid i...

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Category : GST | Comments : 7 | Hits : 16093

Support to resource crunched MSMEs :Extension of FY21 GST annual return .
Posted Date : 04-Jan-2022 , 06:31:29 pm | Posted By CA. Dr. Gaurav Bhambri

This Article mainly higlighting on relief to Covid-battered businesses on compliance front, the government on Wednesday extended till February 28 the deadline for them to file GST annual returns for 2020-21 fiscal ended March 2021. "The due date for furnishing annual return in FO...

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Category : GST | Comments : 5 | Hits : 5480

GST Rate analysis on Ice-cream parlours supplying manufactured ice creams
Posted Date : 15-Nov-2021 , 11:11:59 pm | Posted By CA Ronak Khandelwal

*Takeaway from 45th GST Council meeting*(Ice-cream parlours supplying manufactured ice creams) Recently in the 45th GST council meeting, it has been recommended that "Ice-cream parlours supplying manufactured ice-creams will be taxed @ 18% GST”. Further, the Circular issued pursuan...

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Category : GST | Comments : 0 | Hits : 1599

LEGALITY STATUS OF ITC BLOCK BY GST DEPARTMENT
Posted Date : 07-Oct-2021 , 04:11:18 pm | Posted By CA. PIYUSH KAPOOR

The article explains the Meaning of Input Tax, Eligibility and Condition of Taking input tax credit, what is Blocked Credit under GST, and the Legality of block credit   Introduction   “input tax” in relation to a registered person, means the central tax, State tax, integra...

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Category : GST | Comments : 0 | Hits : 1936

Highlights of 45th GST Council Meeting dated 17th September, 2021
Posted Date : 20-Sep-2021 , 11:50:49 am | Posted By Ishita Ramani

Introduction The 45th GST Council Meeting was held on 17th September, 2021 under the charimanship of Honourable Finance Minister Smt. Nirmala Sitharaman. The said Meeting took place at Lucknow, Uttar Pradesh. The meeting was attended by MOS Shri Pankaj Chaudhri besides Finance Ministers of States &...

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Category : GST | Comments : 0 | Hits : 1885

Drinking water supply through mobile tankers taxable at 18%
Posted Date : 16-Aug-2021 , 11:46:09 pm | Posted By CA Ronak Khandelwal

Drinking water supply through mobile tankers taxable at 18% 1. Supply of drinking water to the public through mobile tankers or dispensers by a charitable organization is taxable at 18 percent under the GST, AAR has ruled. 2. The Andhra Pradesh bench of the Authority for Advance Ruling ...

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Category : GST | Comments : 0 | Hits : 1690

Drinking water supply through mobile tankers taxable at 18%
Posted Date : 16-Aug-2021 , 11:45:53 pm | Posted By CA Ronak Khandelwal

Drinking water supply through mobile tankers taxable at 18% 1. Supply of drinking water to the public through mobile tankers or dispensers by a charitable organization is taxable at 18 percent under the GST, AAR has ruled. 2. The Andhra Pradesh bench of the Authority for Advance Ruling ...

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Category : GST | Comments : 0 | Hits : 1282

GST Monthly Journal_3rd Edition_August 2021
Posted Date : 09-Aug-2021 , 12:27:03 pm | Posted By Ankit Khandelwal

Latest updates by way of Notifications issued   Notification No. 29/2021- Central Tax dated 30.07.2021 [Omission of Section 35(5) of the GST Act i.e. GST Audit and Substitution of Section 44 – by inserting Self-Certified Reconciliation Statement]   The said notification omi...

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Category : GST | Comments : 0 | Hits : 2166

GST REGISTRATION
Posted Date : 21-Jul-2021 , 03:12:43 pm | Posted By CS MANJU LAUR

GST Registration   GST   GST is the biggest tax reform of the Country that subsumed various taxes in a single tax. With the introduction of GST the cascading effect has been abolished. It is an indirect nature tax applicable on the supply of goods or services or both. The taxable event...

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Category : GST | Comments : 0 | Hits : 431

GST on Supply of Electricity - Dilemma of Levy
Posted Date : 06-Jul-2021 , 05:50:29 pm | Posted By Ankit Khandelwal

Introduction Electricity or Electrical Energy is one of the major source of revenue for the state governments as it comes under the state list of the Constitution wherein they are collecting electricity charges from the customers. This is one of the major contentious issues whether it would be supp...

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Category : GST | Comments : 0 | Hits : 640

Article on Dynamic QR Code!
Posted Date : 03-Jul-2021 , 02:32:43 pm | Posted By Shilpa Sardana

Dynamic QR Code for B2C Transactions: B2C transaction means all the supplies made to unregistered person or consumers. B2C invoices are those invoices where the end user will not be claiming input tax credit. E-invoicing refers to a method of processing invoices in an electronic format and on a un...

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Category : GST | Comments : 0 | Hits : 732

TAX EVASION UNDER GST AND MEASURES TO CURB IT
Posted Date : 19-Jun-2021 , 05:40:56 pm | Posted By CA. PIYUSH KAPOOR

Introduction Goods and Services Tax (GST) was implemented in the Indian economy from 1st July 2017 to replace the multiple indirect taxes and surcharges which were levied before 1st July 2017 with a single customized tax structure and also with the objectives of eliminating the cascading effect...

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Category : GST | Comments : 0 | Hits : 1401

Relief Measures announced in GST Compliances
Posted Date : 25-May-2021 , 11:57:58 am | Posted By CA Ronak Khandelwal

Relief Measures announced in GST Compliances   Extension in due date for filing GSTR-4: - Composition taxpayers for FY 2020-21- The due date extended to 31st May 2021 from current 30th April 2021.   Waiver of late fees in GSTR-3B: - GSTR-3B for the month of Marc...

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Category : GST | Comments : 0 | Hits : 1395

MOOWR Scheme – Solving Working Capital Problems for Importers
Posted Date : 20-May-2021 , 09:44:58 am | Posted By May I Help You.

With a view to promote India as a global manufacturing hub and the commitment towards ease of doing business, CBIC has notified revamped regulation under Customs Law for manufacture and other operations in bonded warehouse - Manufacture and Other Operations in Warehouse (no.2) Regulations, 2019 (her...

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Category : GST | Comments : 0 | Hits : 1754

GSTR-2A & GSTR-2B and Rule-36(4)
Posted Date : 20-May-2021 , 12:36:21 am | Posted By CA Ronak Khandelwal

Question (1) Whether GSTR-2B Legally Recognized. Question (2) Validity of Rule 36(4) as per GST law. At present time 2B not legally valid and rule 36(4) not applicable any of the client in India. Conditions to Avail GST Input Tax credit prescribed in sec 16(2) (a) he is in possession of a tax ...

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Category : GST | Comments : 0 | Hits : 1663

INTEREST ON REVERSAL OF UNUTILSED ITC
Posted Date : 06-May-2021 , 12:21:48 pm | Posted By CA. PIYUSH KAPOOR

                                      INTEREST ON REVERSAL OF UNUTILSED ITC Introduction Input tax credit (ITC) is the tax paid by the buyer on the purchase of goods or services. Such tax which is pa...

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Category : GST | Comments : 1 | Hits : 3239

QRMP Scheme – A beneficial scheme for small and middle- level businesses and traders
Posted Date : 20-Dec-2020 , 09:28:29 am | Posted By DEEPTI ASAWA

A registered person who need to file a return in FORM GSTR-3B, and who has an aggregate turnover of up to 5 crore rupees in the preceding financial year, is eligible for the QRMP Scheme. The aggregate annual turnover for the preceding financial year shall be calculated in the common GSTN portal taki...

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Category : GST | Comments : 0 | Hits : 2659

Blocked Credit under Goods and Service Tax
Posted Date : 05-Sep-2020 , 11:25:26 am | Posted By Santhosh Gupta Kethepalli

Blocked Credit {Sec.17 (5) of CGST Act, 2017} Introduction:- Though the idea behind implementation of GST is free flow of tax credit, input tax credit is not available in respect of certain inward supply of goods or services as per Section 17(5) of the CGST Act, 2017.   Sec.17(5) - Cases where...

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Category : GST | Comments : 0 | Hits : 1132

Tax Collection at Source - Goods and Service Tax
Posted Date : 31-Aug-2020 , 10:40:23 am | Posted By Santhosh Gupta Kethepalli

TCS [TAX COLLECTION AT SOURCE] {Section 52 of CGST Act, 2017} Objective behind introduction of TCS: - refers to the Tax which is collected by the Electronic Commerce Operator when a supplier supplies some goods or services through its portal and the payment for that supply is collected...

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Category : GST | Comments : 0 | Hits : 570

E Way Bill - GST
Posted Date : 27-Aug-2020 , 12:38:26 pm | Posted By Santhosh Gupta Kethepalli

E Way Bill Electronic Way Bill [Sec.68 r.w.r. 138, 138A, 138B, 138C & 138D]   Information to be furnished prior to commencement of movement of goods and generation of e-way bill [Rule 138]:- Applicability:- Every Registered Person who Causes Movement of Goods of Consignment Valu...

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Category : GST | Comments : 0 | Hits : 677

Tax Deduction at Source under Goods and Service Tax
Posted Date : 25-Aug-2020 , 12:03:06 pm | Posted By Santhosh Gupta Kethepalli

TDS [TAX DEDUCTION AT SOURCE] {Sec.51 of CGST Act, 2017.} TDS stands for Tax Deduction at Source is a system, which was initially introduced by Indian Income Tax Department. For what:-  Prevent Tax Evasion and expands the tax net, as it provides for the creation of an Audit Trail. Sect...

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Category : GST | Comments : 0 | Hits : 670

Analysis of Judgement given by Gujarat High Court in the case of VKC Footsteps India Pvt Ltd vs. Union of India
Posted Date : 10-Aug-2020 , 12:50:42 pm | Posted By Shankit Sharma

Analysis of the Landmark Judgment Passed by the Hon’ble Gujarat High Court in the case of VKC Footsteps India Pvt Ltd vs. Union of India & Others dated 24.07.2020 Background & Provisions of the GST Law In GST, Refund of Unutilised Input Tax Credit is dealt with in Section 54(3) ...

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Category : GST | Comments : 0 | Hits : 739

Time Of Supply under RCM in GST With Practical Point
Posted Date : 26-Jun-2020 , 09:37:30 pm | Posted By Sandeeprawat

Time Of Supply under RCM in GST With Practical Point   Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Reverse charge means the...

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Category : GST | Comments : 0 | Hits : 903

 

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