16 Jan 2023 05:53 PM
New

Live Course on Refund of Input Tax Credit Under GST – Detailed Analysis

Source: https://taxguru.in/goods-and-service-tax/live-refund-input-tax-credit-gst-detailed-analysis.html

As we all know working capital plays a critical role in the functioning of a business. Processing of timely GST refunds will help your businesses and facilitate trade through the release of blocked working capital funds. In order to provide solution to the various REFUND related issues, we have come up with an integrated lecture series on the same. In those series we will cover complete provisions related to refunds with live practical examples and relevant case studies. Upgrade your knowledge with respect to the items treated as claimable or non-claimable, documentation and various other Sections, Sub Sections and rules of Various types of REFUND of Input Tax Credit under GST.

16 Jan 2023 05:58 PM
New

Reduce late filing fees for Form GSTR 9, GSTR 4 & GSTR 10

Source: https://taxguru.in/goods-and-service-tax/reduce-late-filing-fees-form-gstr-9-gstr-4-gstr-10.html

As a measure to streamline compliance and to instill discipline in the system it has been proposed in the above cited GST Council Meeting that among others, compliance under Section 44, are to be restricted for filing at a maximum of 3 years from the respective due dates for filing. The due dates for filing of the same are reproduced below for easy perusal and understanding: –

13 Jan 2023 06:34 PM
New

New Functionalities for Taxpayers on GST Portal in December, 2022

Source: https://taxguru.in/goods-and-service-tax/functionalities-taxpayers-gst-portal-december-2022-2.html

A taxpayer is suspended on the portal if they do not file six or more consecutive monthly returns /quarterly returns (QRMP) for two tax periods in Form GSTR 3B and are issued with a system generated notice for cancellation in Form GST REG-17. This was implemented on the portal w.e.f. October, 2022, for monthly filers and up to the September, 2022 quarter for quarterly filers.

13 Jan 2023 06:37 PM

GSTINs suspended: Advisory on “Initiating Drop Proceeding” by taxpayers

Source: https://taxguru.in/goods-and-service-tax/gstins-suspended-advisory-initiating-drop-proceeding-taxpayers.html

Recently, a functionality of Automated Drop Proceedings of GSTINs suspended due to non-filing of returns has been implemented on the GST Portal. This functionality is for the taxpayers who have filed their pending 6 monthly or 2 Quarterly returns.

13 Jan 2023 06:40 PM

Functionality to furnish LUT for FY 2023-2024 enabled

Source: https://taxguru.in/goods-and-service-tax/functionality-furnish-lut-fy-2023-2024-enabled.html

The Goods and Services Tax Network (GSTN) has enabled the functionality to furnish a Letter of Undertaking (LUT) for the Financial Year 2023-2024 on the GST Portal.

11 Jan 2023 05:32 PM

‘Govt may cut subsidies to shrink deficit’

Source: https://www.livemint.com/economy/govt-may-cut-subsidies-to-shrink-deficit-11673372630808.html

BENGALURU : The government will likely narrow its fiscal deficit to 5.9% of GDP in 2023-24 from 6.4% estimated for the current fiscal, “fully funded" by subsidy cuts, Goldman Sachs estimated in its fiscal outlook report on Tuesday.

11 Jan 2023 05:35 PM

India is on path of reform, transform and perform: PM Modi to global investors

Source: https://www.livemint.com/news/india/india-is-on-path-of-reform-transform-and-perform-pm-modi-to-global-investors-11673435085620.html

NEW DELHI: Inviting global investors to India, Prime Minister Narendra Modi on Wednesday said that the country was on the path of reform, transform and perform.

11 Jan 2023 05:41 PM

Gift or not? The confusion over GST on promotional schemes run by businesses

Source: https://economictimes.indiatimes.com/small-biz/gst/gift-or-not-the-confusion-over-gst-on-promotional-schemes-run-by-businesses/articleshow/96900657.cms

While the term ‘business’ has been defined under the Central Goods and Services Tax Act, 2017 (the CGST Act), there is no definite yardstick to find out whether an activity is carried out ‘in course or furtherance of business’.

11 Jan 2023 05:46 PM

Implementation of Recommendations of 48th GST Council Meeting

Source: https://taxguru.in/goods-and-service-tax/implementation-recommendations-48th-gst-council-meeting.html

Rule 37(1) of the CGST Rules is amended w.e.f 01.10.2022 to provide that a registered person, who fails to pay to the supplier, the amount towards the value of such supply (wholly or partly) along with the tax payable thereon, within the time limit, shall pay or reverse an amount equal to the ITC availed in respect of such supply proportionate to the amount not paid to the supplier along with interest
New Rule 37A of the CGST Rules inserted w.r.t. reversal of ITC by a registered person in the event of non-payment of tax by the supplier by the specified date and mechanism for re- availment of such credit, if the supplier pays tax subsequently

11 Jan 2023 05:49 PM

GST Council Newsletter for the month of December 2022

Source: https://taxguru.in/goods-and-service-tax/gst-newsletter-december.html

In a move to reduce the compliance burden of taxpayers, the Council decided to take measures for decriminalisation of the existing provisions of law. The minimum threshold of tax amount for launching prosecution under GST has been raised from Rs. One Crore to Rs. Two Crore, except for the offence of issuance of invoices without supply of goods or services or both. Similarly, the Council has reduced the compounding amount from the present range of 50% to 150% of tax amount to the range of 25% to 100% to make compounding provisions more attractive for the taxpayers. Further, offences that are specifically covered and are punishable under Indian Penal Code has been excluded from prosecution under the GST law.