Procedure for recovery for Mismatch in GSTR 3B and GSTR-1 Returns: Central Government introduced amendment to Section 75 (12) of the CGST Rules, 2017 by inserting an explanation thereby paving way for recovery of self-assessed tax without having to resort to proceedings u/s 73 or Sec 74 of the CGST Act, 2017. The explanation defines […]
Central Government has brought into effect the provisions of Finance Act, 2021 effective from 1st January, 2022. In the Budget of 2021-22, changes in Finance Bill, 2021 were proposed to make changes in CGST Act, 2017. Accordingly, CGST Act, CGST Rules and IGST Act, 2017 has been amended. We have examined the proposed changes in […]
Outcome of 45th GST Council Meeting held on 17th September 2021 The GST Council met for the 45th time on 17th September 2021 at Lucknow. The Council discussed and approved: (I) Recommendations relating to GST rates on Goods and Services; (II) Issue of Compensation Scenario; and (III) Recommendations relating to GST Law and Procedure. I. […]
Taxpayers under regular category are filing GSTR 1 and GSTR 3B to report their transactions. GSTR 1 is for reporting of details of outward supplies including amendments if any and GSTR 3B is for reporting summary transactions for payment of taxes and claiming ITC. Transactions relating to the tax period April 2020 to March 2021 […]
New functionality on Annual Aggregate Turnover (AATO) deployed on GST Portal for taxpayers- A. Introduction of the new functionality on taxpayers’ dashboard: √ The taxpayers can now see the exact Annual Aggregate Turnover (AATO) for the previous FY, instead of just the two slabs of Above or Upto Rs. 5 Cr. √ The taxpayers can […]
Clarification regarding extension of limitation under GST Law in terms of Hon’ble Supreme Court’s Order dated 27th April, 2021 – CBIC has issued a Circular No 157/13/2021-GST dated 20th July, 2021 clarifying on extension of limitation for various actions under the GST Laws pursuant to Hon’ble Supreme Court’s Order dated 27th April, 2021 The Government […]
The GST Council in 43rd meeting held on 28th May, 2021 at New Delhi had recommended some clarifications to be issued on GST Rate of certain goods and services. Now, CBIC has issued circulars on 17th June, 2021. The summary of the said important circulars are given below – Circular issuing clarifications on GST rate […]
Pursuant to the GST Council recommendations in their 44th meeting held on 12th June 2021 via video conferencing, CBIC has issued notifications relaxing GST rate on goods being used in Covid – 19 relief and management. The changes are summarized in below for ease of understanding – A. Reduction in GST rates for goods used […]
GST Compliance Relaxations pursuant to GST Council Recommendations – Pursuant to the GST Council recommendations in their 43rd meeting held on 28th May 2021 at New Delhi, CBIC has issued series of notifications relaxing GST compliance requirements. The changes are categorized in below major areas and summarized for ease of understanding – A. Reduction of […]
The GST Council met for the 43rd time on 28th May 2021 at New Delhi. The Council made certain key recommendations on changes in GST rates on supply of goods and services and changes related to GST law and procedure GST Law and procedures. The changes are categorized in below major areas and summarized for […]
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