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Interest on ITC wrongly shown in GSTR 3B but not utilised against liability

First, let us have a look at the relevant sections of the CGST Act in order to determine whether interest is applicable on input tax credit which is shown wrongly in the return but not utilised against the payment of output tax liability, as below: According to section 50 (3) of CGST Act, a taxable […]...

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GST on Works Contracts and Implication in Oil & Gas Sector

Dear Friends, as you are aware that as per 101st Constitution Amendment Act, 2016 below mentioned goods have been outside the purview of GST; i) Petroleum Crude; ii) High Speed Diesel Oil; iii) Motor Spirit; iv) Natural gas; v) Aviation Turbine Fuel. Some other products such as LPG, fuel oil, kerosene, naphtha etc are included […]...

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GST Registration Certificate in Form GST REG-06

Every person registered under Goods and Services Tax (GST) is issued GST registration certificate in Form GST REG-06. The registered person can download the GST registration certificate in Form GST REG-06 only from the GST portal (i.e. no physical copy is made available by the department). The present article explains the entire gist of G...

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GST Alert: Taxpayers Beware of Two Critical Dates viz. 15.10.2020 & 20.10.2020

GST Alert: Taxpayers Beware of Two Critical Dates viz. 15.10.2020 & 20.10.2020 CBIC-the Apex Body of Indirect Tax Administration in India has recently issued two very significant Notifications, mandating crucial GST Compliances viz. (i) Blocking of E-Way Bill (EWB) Generation Facility for Taxpayers with AATO over Rs 5 Cr., after 15th ...

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All about Form GST REG-05

The proper officer passes an order in Form GST REG-05 in case of rejection of any of the following application- -Application for GST registration, -Application for amendment of GST registration, -Application for cancellation of registration, or -Application for revocation of cancellation of registration. The present article explains the c...

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Recent Updates In GST till 12th October 2020

World Bank has now signaled that Indian economy may contract 9.6% in Financial Year 2020-21. It says that Indian economy was already slowing before the pandemic and its situation is worse than before. There had been a 33% rise in poverty. India’s growth is projected to rebound to 5.4% in Financial Year 2022. However, new […]...

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GST Portal – Known Issues & Suggested Solutions

Clause 1 of the Code on Wages, 2019 provides that the Code shall come into force on such date as the Central Government may, by notification in the official gazette appoint and different dates may be appointed for different provisions under the Code....

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 All about Form GST REG-04

The proper officer will issue a notice in Form GST REG-03, in case any additional information, clarification or documents is required from the applicant who has applied for the Goods and Services Tax (GST) registration. In response to such notice, the applicant is required to file a reply, providing such additional information, clarificat...

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Correct ITC errors of FY 19-20 before Sept 2020 GST return

The return of September month is the most significant one in GST.As it is the last chance for rectification of few mistakes in previous returns. Taxpayers need to check whether there are any differences in the outward supplies between the books and that as per GST Returns. If any differences exist, then taxpayers need to rectify the same,...

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New Concept of GSTR-2B Return & Its Scope – An Overview

GST Council in its 39th meeting held on 14th March 2020 had recommended to adopt and implement the incremental approach of linking the present system of filing of FORM GSTR-1 (details of the statement outward supplies) to the liability FORM GSTR-3B. This would be followed by the linking of the input tax credit in FORM […]...

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