Goods and Services Tax - Page 30

Restricting use of ITC amount for discharging output tax liability in GST

CBIC Introduced new Rule 86B, which restricts the use of Input Tax Credit (ITC) for discharging the output tax liability, applicable on the registered person whose value of taxable supply other than exempt supply and export, in a month exceeds fifty lakh rupees....

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Rule 36(4) amended to reduce ITC entitlement from 10% to 5%  

Rule 36(4) amended to reduce ITC entitlement for invoices not furnished by supplier from 10% to 5%   The CBIC vide Notification No. 94/2020-Central Tax dated December 22, 2020 has issued Central Goods and Services Tax Rules (Fourteenth Amendment), 2020, inter alia, amending Rule 36(4) of the Central Goods and Services Tax Rules, 2017 (C...

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CBIC aligns rules of Cancellation of GST registration

Cancellation of registration under Rule 22 of the CGST Rules aligned with newly inserted sub-rule (2A) of Rule 21A  The CBIC vide Notification No. 94/2020-Central Tax dated December 22, 2020 has issued Central Goods and Services Tax Rules (Fourteenth Amendment), 2020, inter alia, amending Rule 22 of the Central Goods and Services Tax Ru...

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Biometric based Aadhaar authentication/verification process for GST registration

The CBIC vide Notification No. 94/2020-Central Tax dated December 22, 2020 has issued Central Goods and Services Tax Rules (Fourteenth Amendment), 2020, inter alia, substituting Rule 8(4A) of the Central Goods and Services Tax Rules, 2017 (CGST Rules), w.e.f. date to be notified later, in following manner: Every application made for the r...

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Late fee Waiver of Form GSTR-4 for FY 2019-20 for Ladakh UT

Waiver of late fee for delay in furnishing Form GSTR-4 for FY 2019-20 for the registered person having principal place of business in Ladakh  The CBIC vide Notification No. 93/2020- Central Tax dated December 22, 2020 inserted fourth proviso in Notification No. 73/2017- Central Tax dated December 29, 2017 to waive late fee on failure [&h...

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Know about sections of GST applicable from 1st January 2021

CBIC appoints January 1, 2021, as date on which various sections of Finance Act, 2020 shall come into force The CBIC vide Notification No. 92/2020- Central Tax dated December 22, 2020 appointed January 1, 2021, as date on which following sections of the Finance Act, 2020 shall come into force: Section of the Finance Act, […]...

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New CGST Rule 36(4) – ITC matching – Impact & Validity

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....

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Is Tran credit/ITC recovery mechanism defective under GST?

Trade has been witnessing numerous show-cause notices being issued to them of late, under Section 73(1) of the Central Goods and Services Tax Act, 2017 read with Rule 121 of the Central Goods and Services Tax Rules, 2017, for recovery of alleged claim and availing of TRAN-1 credit. Though there may be numerous reasons for […]...

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GIST of GST Notifications issued on 22.12.2020

Certain notifications have been issued by the CBIC yesterday night on certain critical aspects. A brief summary of them all is as below: Notification No. 92/2020 – Central Tax:  Following sections of the Finance Act, 2020 have been brought into effect from 01.01.2021 through this notification: Sec 119 – Amending Sec 10 of the CGST [&...

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New Rule restricting use of ITC for discharging Output Tax liability

A new sub-rule 4A under Rule 8 has been substituted which stated that every application made under Rule 4 shall be followed by biometric-based Aadhaar authentication and taking photograph along with taking biometric information, photograph and verification of such other KYC documents, as notified, unless the applicant is exempted under...

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Goods and Services Tax India

The Goods and Services Tax or better known as GST is a Value added Tax and is a comprehensive indirect tax which is levied on the manufacture, consumption, and sale of goods and services. The Goods and Services Tax in India would replace all the indirect taxes which are levied today on goods and services by the Central and the State governments. GST is intended to be comprehensive for most of the goods and services. Goods and Services Tax is a single indirect tax for the entire nation, which would make India a unified market. It is proposed to be a single tax on supply of goods and services, from a manufacturer to the end consumer. The credit of all the input taxes which are paid at each and every stage would be allowed in the following stages of value addition that makes GST basically a tax on value addition only at every stage. The end consumer would have to bear only the Goods and Service Tax which is charged by the final dealer within the supply chain, together with all the set-off benefits availed at previous stages.

At Taxguru, we provide all the latest GST news to our viewers. Our group of expert keep a close check on all the latest developments and provide a comprehensive analysis on GST updates. We keep updating our portal with articles on GST for the enlightening our readers. Bookmark us for all the GST articles and much more on GST.

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