Learn about the ineligible criteria to opt for Composition Scheme under the Goods & Services Tax in Finance Bill, 2023. Details, Impact & Analysis in this detailed analysis.
Detailed Analysis of Proposals made by GST Council vide 45th GST Council Meeting 1.0 Background of 45th GST Council Meeting: The GST Council inorder to reduce rates on certain products and provide some trade facilitation measures on account of 3rd wave of COVID – 19 which is expected to be outbreaking soon. The 45th GST […]
Detailed Analysis of GST Notifications issued on 29th August, 2021 for Amnesty Scheme & Extension of time-limit to apply for revocation in certain cases 1.0 Late Fees Amnesty Scheme in respect of GSTR 3B for the period July, 2017 to April, 2021 increased from 31st August, 2021 to 30th November, 2021 [NN 33/2021 – CT […]
1.0 Background of 43rd GST Council Meet: – The GST Council has last met on 5th October, 2020, it had been more than half year that GST Council has met to discuss the trade facilitation measures on account of 2nd wave of COVID – 19. The 43rd GST Council meeting was highly requested from trade […]
Introduction to Budget 2021 – 22 The Goods and Services Tax (GST) has completed around 3 years of its implementation. GST has been recently known for increasing compliance burden on taxpayers in view of simplifying tax systems and making it online. Further, GST was introduced with a motive to remove cascading effect by introducing a […]
Important Note: – Author in no manner through this article encourage any person to indulge in such activities. This article is only meant to understand the intent of law behind rule 86B which helps to curb fake invoicing. Preface to Frauds under GST & Intent of Law to bring Rule 86B Government with a motive […]
The 42nd GST Council Meeting held 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 […]
The emphasis of the provision is to restrict the ITC claimed by registered person in GSTR 3B whose corresponding details of sales have not been uploaded on GST Portal by supplier in his GSTR – 1 (i.e. GSTR – 1 have not been filed by supplier) thereby not visible to the recipient in its GSTR – 2A (Auto-populated return).
(1) Extension of Due Date to File GST Annual Return (GSTR 9) & GST Audit (GSTR 9C) (NN 69/2020 – CT dated 30th September, 2020) In order to provide relief to businesses grappling with the economic impact of COVID 19, the government on Wednesday i.e. 30th September, 2020 has extended the due date to file […]
[Amendment in Rule 43 of CGST Rules, 2017 vide Notification No. 16/2020 – Central Tax dated 23rd March, 2020] The need of these provisions arises when taxable person avails input tax credit in respect of CAPITAL GOODS & provides supplies being partly used for the purposes of business and partly for other purposes, or partly used […]
