Notification No. 49/2019 – Central Tax dated 9 October 2019 has announced a major change in availment of Input Tax Credit (‘ITC’) while filing monthly GST returns. Section 43(A) of CGST Act, 2017 (‘the Act’) and the recent amendment in rule 36 of the CGST Rules, 2017 provides that an assesse can claim twenty percent […]...
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GST implications on seigniorage charges (royalty) paid to the government for mining GST has always been confusing for the mining industry with its never-ending changes in GST rates for the infra works, subcontracted works with many conditions attached to it. When we talk about the mining industry, there are certain terms that are very com...
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DRC-07 is the summary of all orders. Every order which ultimately ends up in demand creation, liability is created through DRC-07. By submitting DRC-07 to GSTN, liability against the tax payer will be created in part B {other than return related liability} of the Liability Ledger....
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GST Council in the 37th meeting held on 20th September, 2019 at Goa inter-alia, decided to lower GST rates on hotel tariff, outdoor catering and other miscellaneous items. To give effect to its decision they have issued Notification No. 20/2019-Central Tax (Rate) dated 30th September, 2019 NATURE OF SERVICE PARTICULARS TAXABLE AMOUNT TAX ...
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Below are some of the important amendments made to CGST Rules 2017, vide Notification No. 49/2019 – Central Tax dated 9th October 2019: 1. Insertion of sub-rule (3) in Rule 36- Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded […]...
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In line with GST Council’s decision of 37th Council meeting on capping input tax credit, Sub Rule 4 to Rule 36 of the CGST Rules, 2017 has been inserted vide Notification 49/2019 dated 9th October, 2019 which makes it mandatory to review inputs as appearing in GSTR-2A of the taxpayer. It mandates that the taxpayer […]...
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Some important issues allied with newly inserted Sub rule 4 in Rule 36 of CGST Rules 2017. To comply with recommendations made by GST Council decision, Central Government, vide Notification No. 49/2019 – Central Tax, makes the amendment in rules to amend the Central Goods and Services Tax Rules, 2017. Where in Government inserted sub [&...
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The Government of India has issued several notifications (Notification No. 44/2019-Central Tax to Notification No. 49/2019-Central Tax) yesterday i.e. on 09-10-2019 for effecting several changes in the prevailing GST Rules and Law. The changes has been made either to give effect of the judicial pronouncements or to grant appropriate relie...
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CBIC has made the following changes in GST Rate in relation to Job Work vide Notification No.- 20/2019-CT (R) Dated: 30 Sep 2019. Changes are effective from 1st October 2019.Changes in Rates are as follows:- i) For diamond related services Rate of GST reduced from 5% to 1.5% on supply of job work services in relation […]...
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Introduction Notification No. 49/2019 dated 9-10-2019 places the 20% as maximum cap for availing ITC on Invoices not uploaded by the supplier. The discussion here in is centred around this new Rule of law.: Following points need to be considered before analysing this new Rule Para 4 of Press Release dated 18-10-18 stares in face […...
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