CGST - Page 10

Builder denied benefit of ITC to buyers of flats and shops: NAA

Smt. Shubhra Vipin Gajbhiye Vs Pyramid Arcades Pvt. Ltd (National Anti-Profiteering Authority)

Smt. Shubhra Vipin Gajbhiye Vs Pyramid Arcades Pvt. Ltd (National Anti-Profiteering Authority) It is established from the perusal of the above facts that the Respondent has benefited from the additional ITC to the extent of 4.52% of the turnover during the period from July, 2017 to December, 2018 and hence the provisions of Section 171 o...

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Interest on delayed GST payment

Section 50 of CGST Act, 2017 articulates that every person who is liable to pay tax in accordance with the provisions of GST shall remit tax on or before scheduled dates, but fails to pay tax or any part thereof to the Government shall pay on his own interest at such rate not exceeding 18 […]...

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CBIC notifies CGST & IGST Act sections effective from 01.01.2020

CBIC notifies certain sections in the Finance (No.2) Act, 2019 pertaining to CGST & IGST Act, effective from 1st January 2020 The Central Board of Indirect Taxes & Customs (CBIC) has notified the following Sections of the Finance (No.2) Act, 2019 which pertain to various sections in the Central Goods and Services Tax Act, 2017 [&h...

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CBIC amends transition plan for UTs of J&K and Ladakh

Notification No. 03/2020–Central Tax [G.S.R. 5(E).] (01/01/2020)

Notification No. 03/2020–Central Tax dated 01st January, 2020 i. Seeks to amend the notification No. 62/2019-CT dt. 26.11.2019 to amend the transition plan for the UTs of J&K and Ladakh. ii. Taxpayer has an option to transfer the input tax credit (ITC) from the registered GSTIN, till the 31st December, 2019 30th October, 2019 in [&h...

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CBIC prescribes schema for e-invoices under GST

Notification No. 02/2020 – Central Tax [G.S.R. 4(E).] (01/01/2020)

Notification No. 02/2020 – Central Tax dated 01st January, 2020 i. Amendments to CGST Rules, 2017  to prescribe a schema for e-invoices which has been made optional from 01.01.2020. ii. In case of registered persons who could not submit the said declaration by the due date on account of technical difficulties on the common portal [&hel...

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CBIC notifies Sections of CGST Act 2017 Applicable from 01.01.2020

Notification No. 01/2020 – Central Tax [G.S.R. 2(E)] (01/01/2020)

Notification No. 01/2020 – Central Tax dated 1st January, 2020– CBIC notifies Sections of CGST Act 2017 Applicable from 01.01.2020 which brings into force certain provisions of the Finance (No. 2) Act, 2019 amending the CGST Act, 2017. The provisions of sections 92 to 112 (Amendments to CGST Act, 2017), except section 92 (Pertaini...

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Stringent Application of ITC Rules – Can business person Breathe

Restricting Input Tax Credit to 20 % as on 09.10.2019 and further squeezed to 10% from 1.1.2020 will kill the  business person or business. Reason is obvious,  as most of supplier of goods or services do not file GSTR-1 on due date and consequently recipient of goods or services can not file Form-3B waiting for […]...

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New service under reverse charge mechanism | 38th GST Council meeting

Notification No. 29/2019- Central Tax (Rate) [G.S.R. 971(E).] (31/12/2019)

Notification No. 29/2019-Central Tax (Rate)- To amend notification No. 13/2017- Central Tax (Rate) so as to notify certain services under reverse charge mechanism (RCM) as recommended by GST Council in its 38th meeting held on 18.12.2019. Government of India Ministry of Finance (Department of Revenue) Notification No. 29/2019- Central Tax...

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Joint Development Agreement- A GST perspective

Services by way of transfer of development rights (TDR) or Floor Space Index (FSI) (including additional FSI) on or after 01st April 2019 for construction of a project against consideration paid or payable by developer, wholly or partly, in the form of construction service of commercial or residential apartments in the project...

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CGST: Changes in GST rate on goods | 38th GST Council Meeting

Notification No. 27/2019-Central Tax (Rate) (30/12/2019)

Notification No. 27/2019- Central Tax (Rate) dated 30th Dec, 2019 i. Seeks to further amend notification No. 01/2017-Central Tax (Rate), to change the rate of GST on goods as per recommendations of the GST Council in its 38th Meeting. ii. Rate of GST rate on Woven and Non-Woven Bags and sacks of polyethylene or polypropylene […]...

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June 2020