Goods and Services Tax articles

Analysis of GST Circulars issued on 11th October, 2019

Analysis of 9 GST Circulars issued by CBIC on 11th October, 2019 CBIC has issued nine circulars which have great implications on the organization as a whole. Kindly find our analysis of the various Circulars; 1. Summary of Circulars: S No Issue Date Circular No. Subject 1 11/10/2019 Circular No. 113/32/2019-GST Clarification regarding GST...

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Gist of GST Circulars issued on 3rd and 11th October 2019

RECENT CLARIFICATIONS ON GST CBIC has recently issued three Circulars Nos. 111, 112 and 113, all dated 03.10.2019 to clarify on eligibility to file a refund application for a period and category under which NIL refund application has already been filed; Procedure to claim refund subsequent to favourable order in appeal or any other forum;...

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Restriction on availment of ITC not appearing in GSTR-2A

Restriction on availment of the input tax credits (ITC) not appearing in form GSTR-2A In a major move to linked the ITC of the recipient with the payment of the taxes by the suppliers of the services, Government of the India, Ministry of the Finance vide notification number 49/2019-Central Tax dated 09th October 2019, has amended Centra...

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Constitutional validity of notification capping ITC to 20%

Constitutional validity of this tyrannical notification No. 49/2019 dated 9-10-2019 capping the ITC to 20% The point of contention in this latest Notification No. 49/2019 dated 9-10-2019 wherein revenue placed the 20% as maximum cap for availing ITC on Invoices not uploaded by the supplier. Isn’t this notification is just a vice versa s...

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Input Tax Credit under GST- Conditions, Time limit, Depreciation

Article explains Conditions necessary for obtaining ITC under GST, Allowability of Depreciation on the GST tax component of capital goods and Time limit for taking ITC under GST. Input Tax Credit (ITC) is one of the core concepts of  the Goods and Services Tax. “Input Tax” in relation to a taxable person under the GST […]...

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ITC: Mandatory reconciliation to GSTR-2A?

Notification No. 49/2019-Central Tax has been issued by CBIC last week carrying our various amendments in the CGST Rules. One of the important amendments in the Rules which was pronounced in the GST Council press release is to permit the credit to the recipient only if the corresponding supplies have been reported in the GSTR-1 by his sup...

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Understanding Notification no. 49/2019 and it’s impacts on Economy

As per recent notification no. 49/2019 central tax dated 09/10/2019 ITC to be availed by a registered person can-not be more than below:- 1. 100% of eligible ITC appearing in GSTR-2A and; 2. 20% of eligible ITC appearing in GSTR-2A in respect of invoices/debit notes not reflecting in GSTR-2A. 3. Total of 1 & 2 […]...

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Analysis of Notification Nos. 44 to 49-Central Tax dated 09.10.2019

CBIC has issued Notification Nos. 44 to 49-Central Tax, all dated 09.10.2019 prescribing inter alia, due dates for furnishing forms GSTR-3B and GSTR-1, making filing of Form GSTR-9 optional for financial year 2017-18 and 2018-19 for assessees having aggregate turnover upto Rs. 2 crore in a financial year and waiver of late fees for assess...

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How to View Notices/ Orders & Reply to query on GST Refund Application

Manual > View notices/orders and File Reply to the Issued Notices How can I view notices/ orders and file reply to the issued notices by the GST Refund Processing Officer? To view notices/ orders and file reply to the issued notices by the Refund Processing Officer, perform following steps: A. Searching for your filed refund applicati...

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How to Track GST Refund Status- Procedure and FAQs

Article contains FAQs on Tracking GST Refund Status, Manual on Track Refund Status Post-Login, Manual on Track GST Refund Status  Pre-Login and Manual to Track Refund Status for IGST paid on account of Export of Goods. It also explains different status types of refund application for IGST and Cess paid on account of Export of […]...

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