Analysis of Recommendations and Changes w.r.t. the 48th GST Council Meeting
48th GSTC Meeting has brought about various significant recommendations and clarifications in GST Laws. CBIC has also issued various Notifications and Circulars to comply with such recommendations. In order to analyze the above in detail
Analysis of Changes made effective from 1st October 2022
Changes made in Provisions relating to Input Tax Credit. Two Way Matching Concept / New GST Returns Scrapped. Change in Time Limits. Stringent provisions in filing of GSTR-1, GSTR-3B, GSTR-5 and GSTR-8. Amendment
Renting of Residential Dwelling - Impact of Tweaking the Exemptions on Industry
Shelter is a basic human need crucial for survival. It provides security, personal safety and protection from the weather, and prevents ill health and disease. Adequate housing provides people with dignity and the opportunity to lead a normal life. To
Healthcare Industry under GST Net – Withdrawal of GST Exemption (Updated)
Healthcare Industry is one of the most prominent and significant industries around the globe. Health plays a crucial role in everyone’s life and everything follows thereafter. There is a saying that ‘Health is Wealth’, which means whe
Analysis and Implication of Changes made in GTA Services
In the abundance of changes took place to comply with the recommendations of the recently held 47th GST Council Meeting, one of the important decision is to remove the ambiguity regarding the option with the Goods Transport Agency Service Provider to o
Summary of change in Rates of various goods and/or services and changes made in Exemptions
47th GSTC Meeting has made a series of recommendations. Pursuant to them, CBIC has already issued a series of Non- Tariff Notifications and Circulars. CBIC has recently issued a series of Tariff Notifications to give effect to recommendations relating
Impact of GST on Renting of Residential Dwelling and Accommodation Services
Shelter is a basic human need crucial for survival. It provides security, personal safety and protection from the weather, and prevents ill health and disease. Adequate housing provides people with dignity and the opportunity to lead a normal life. To
Comparison of Relaxations in Reporting Requirements in GSTR-9 & GSTR-9C for FY 2020-21 and FY 2021-22
The CBIC had issued Notification No. 14/2022-Central Tax dated 06-07-2022 in order to simplify the reporting requirements in GSTR-9 and GSTR-9C. As some of the relaxations were available upto FY 2020-21 only, the detailed analysis of such relaxations i
Amendments made in GSTR-3B post 47th GSTC MeetingAnalysis & Challenges to be faced by Industry
The process of return filing under GST has been simplified over the period. With effect from December 2020, FORM GSTR-3B is getting auto-generated on the portal by way of auto-population of input tax credit (ITC) from FORM GSTR-2B (auto-generated inwar
Refinement in formula for claiming refund of ITC in case of Inverted Duty Structure
As per Section 54(3) of CGST Act, 2017 subject to the provisions of sub-section (10), a registered person may claim refund of any unutilised input tax credit at the end of any tax period: Provided that no refund of unutilised input tax credit shall be
Levy of IGST under RCM on Ocean Freight held Unconstitutional by SC Analysis of Judgement and Way forward for Taxpayers
With the passage of almost 5 years of GST, there have been many areas where there has been disputes between the Authorities and the taxpayers regarding the taxability of transactions. One such area is the imposition of tax on Ocean Freight services esp
FY 2021-22 Ending Activities in GST
Indirect Tax proposals made through Budget 2022 indicate the intent of the government to tighten the compliance regulations regarding the availment of Input Tax Credit and other compliance requirements under GST. Needless to say that seamless flow of I
Analysis of Changes Effective from 01-01-2022
In the recent days, CBIC has come up with certain changes that are effective from 1st January 2022. These changes involves changes made effective in CGST Rules, 2017, changes made in rate of tax on various goods or services. Apart from these changes, t
Refund of Tax paid under wrong head – Controversy prevails
In the abundance of decisions taken in the recently held 45th GST Council Meeting, one of the important proposal put forward was to remove the ambiguity regarding procedure and time limit for filing refund application in case a taxpayer pays the tax un
GST Actionable for September 2021
September 2021 marks an important month for completion of major compliances under Goods & Services Tax. We present below the list of activities which should be executed by the registered person in September 2021. Raed more...
Do you want to assure your ITC: Steps to be taken by Recipient at the time of Receipt of Goods / Services
Sec 16 of CGST Act allows ITC to be availed on all goods and/or services which are used or intended to be used by the Recipient in the course or furtherance of business. Sec 16(2) read with rule 36 lays down the conditions for availment of ITC. Further
Recent Important GST Updates for Taxpayers to Know
Rule 60(7) of CGST Rules-2017 prescribes for generation of auto-drafted statement containing the details of input tax credit in FORM GSTR-2B for counter-party recipients. As per Rule 60(8) of CGST Rules-2017, FORM GSTR-2B shall be made available to the
FY 2020-21 Ending Chores in GST
Since, we are approaching towards the end of FY 2020-21 and ushering towards new financial year, FY 2021-22, it is important to consolidate the data for previous financial year and undertake various compliance related requirements for the coming financ
Analysis of Proposed Amendments in GST in Budget 2021
Budget 2021 is hailed as a very development-oriented budget which aims for creating and augmenting social infrastructure. However Indirect Tax proposals indicate the intent of the government to tighten the compliance mechanism and increase the scope of
ITC Statement Form GSTR-2B
The GST Council, in its 39th meeting held at New Delhi on 14th March 2020 has deferred the implementation of the new GST return system to 1st October 2020 and the present return system (GSTR-1, GSTR-2A & GSTR-3B) will be continued until September 2
"Interest on Delayed Payment of Tax – on Gross or Net Tax Liability – Bone of Contention Remains "
There has been a big controversy that whether interest on delayed payment of tax has to be paid on gross tax liability or net tax liability paid through electronic cash ledger after adjustment of input tax credit? As per section 50(1) of the CGST Act,
