Rule 36(4), i.e. the ITC matching and claim based on vendor GSTR filings is one such insertion into the law which is creating more harm than good. In this article, we have analysed the impact, practical suggestions, and also touched upon the validity of Rule 36(4) in GST law.
Before enacting any law in India, I am sure that government would have received feedback from all sectors and stake holder. The law has undergone many amendments due to correcting drafting errors, changing business scenario and difficulty faced in adopting such provisions equally. In this paper, the authors try to express how to increase the […]
Introduction: Since implementation of GST, there were confusion regarding rate of GST applicable on supply of motor vehicles. In this article, the GST implications on supply of old/used vehicles including following aspects have been discussed: 1) General classification 2) GST rate changes (including abatement) and value 3) Special valuation 4) Illustrations 5) FAQs 6) Upcoming/ […]
Unlike earlier days, the manufacturing entities instead of carrying out entire operations themselves, outsource few processes to job workers. This helps the manufacturers to get the job done faster and more efficiently. Few other advantages are discussed below: ♦ Reduction and to keep check of operational costs ♦ Improves focus on core business of manufacturers […]
The government has taken a pre-emptive action to curb incorrect Input Tax Credit (ITC) claims after various frauds were unearthed in the past year on claimed ITC on fake invoices, or through physically non-existent businesses. To ensure, ITC claimed is bona-fide and eligible, a new rule was inserted vide Rule 36(4) on 9th October 2019 […]
Unlike in FY 2017-18 where the assesses were provided with extension of time limit for rectifying the errors or omissions and availment of input tax credit through removal of difficulties (ROD) order no. 02/2018, the time limits for FY 2018-19 have yet been extended.
The new returns are being introduced replacing GSTR 1 and GSTR 3B which is being filed by majority of the assessee. Those who are under composition scheme could continue to file GSTR 4. It is estimated that around 17% of the assessee are under composition scheme. Other returns such as Non-Resident Foreign Taxpayer Returns (GSTR 5), ISD returns (GSTR 6), TDS returns (GSTR 7), TCS Returns (GSTR 8), and Casual Taxable Person (GSTR 11) would continue as it is.
In light of the recent barrage of notifications, Act amendments, we have prepared a small article on few major changes that GST has undergone, and the impact it could have on the GST returns in the year 2019. We would be speaking on the following topics: 1. RCM on Security Personnel services 2. RCM on […]
The main intention of removal of difficulties (ROD) order no. 02/2018 was to facilitate all the registered persons providing additional opportunity to rectify the errors or omissions of the financial year 2017-18 including availment of the GST input tax credit which was not availed within the due date i.e. September 2018.
Introduction The GST council in its 27th council meeting on 4th May 2018 had approved the proposed simplified GST returns format. In the 31st GST council meeting dated 22nd December 2018, the new return filing system has been proposed to be introduced on a trial basis with effect from April 2019 and make it mandatory from July 2019 which is […]
