1) Notification No. 18/2021-Central Tax (Rate) dated 28.12.2021 is issued to amend the Notification No. 1/2017-Central Tax (Rate) dated 28.06.2017 which provides the GST rate on supply of goods. Read more 2) Notification No. 19/2021-Central Tax (Rate) dated 28.12.2021 is issued to amend the Notification No. 2/2017-Central Tax (Rate) dated 28.06.2017 which provides for GST […]
Why GST On Renting Of Immovable Property – Issue Pending Before Larger Bench Of Supreme Court
By, S.V.S. RAGHAVENDRA RAO, Advocate & Tax Consultant Every Commercial property owner in India are in quagmire due to contradictory provisions on levy of GST on renting of commercial Property and Landed property. So it is important to examine, the levy of GST on lease of Immovable property under Schedule II (2) versus exemption on […]
AMENDMENTS: GST CHANGES EFFECTIVE FROM 01ST JANUARY 2022
By, Mr. Parth Nagda The Central Government vide Notification No. 39/2021 – Central Tax dated 21.12.2021 seeks to bring into force certain clauses of Finance Act, 2021 prospectively from 1st January 2022 and some clauses which are effective retrospectively from 1st July 2017. Summary of the analysis of amendments are as follows: Amendment to Section […]
Due date of filing GST Annual Return has been extended to 28.02.2022
Due date of filing GST Annual Return in Form GSTR-9 and 9C has been extended from 31.12.2021 to 28.02.2022 vide Notification No. 40/2021-Central Tax dated 29.12.2021 Rule 80 of CGST Rules, 2017 has been amended to insert following provisions- after sub-rule (1), the following sub-rule shall be inserted, namely:- (1A) Notwithstanding anything contained in sub-rule […]
Table 5 of GSTR-9C – Reconciliation of Gross Turnover
Table 5 requires the reconciliation of gross turnover as per audited financial statements for the State/UT with the turnover declared in annual return in GSTR-9. In the reconciliation the adjustments like – (+) unbilled revenue in table 5B, (+) unadjusted revenue in table 5C, (+) deemed supply in table 5D, (-) credit note in table […]
Table 7 of GSTR-9 – Detail of ITC Reversed and Ineligible ITC for the financial year 2020-21
Table 7 of GSTR-9 requires the information of reversal of eligible Input Tax Credit (ITC) and details of ineligible ITC for the financial year 2020-21. In the table, following rules/sections are specified for reversal: Reversal – As per Rule 37 As per Rule 39 As per Rule 42 As per Rule 43 As per Section […]
Table 14 of GSTR-9C – Reconciliation of ITC declared in Annual Return with ITC availed on expenses (F.Y. 2002-21)
Table 14 of GSTR-9C requires the taxpayer to furnish the reconciliation of ITC declared in Annual Return in Form GSTR-9 with ITC availed on expenses as per audited Annual Financial Statement or books of account. The table 14 is reproduced below for reference: The instruction to above table as given in Form GSTR-9C is given […]
HSN Summary in Table 17 and 18 in GSTR-9 is optional for F.Y. 2002-21
Table 17 of GSTR-9 requires the taxpayer to furnish the information of HSN summary of outward supplies. Table 18 requires the information of HSN of inward supplies. In this table the information regarding HSN, UQC, Total Quantity, Taxable Value, Rate of Tax, Central Tax, State Tax / UT Tax, Integrated Tax, Cess is required to […]
WORKING FOR GST ANNUAL RETURN
By, Abhishek Raja Ram, CA in Practice, Abhishek Raja and Associates GST Laws makes provisions for Annual Return and Reconciliation Statement. These are required to be filed for each Financial Year (April – March) by 31st December of next Financial Year. In its continued endeavour to reduce the burden on small taxpayers, the government has […]
ESI/PF liability in Contract Labor of Contractor vis a vis Factory under GST
By, K. Srinivasan (IRS) Is there any GST liability on a Labor contract, on the consideration received inclusive of ESI & PF from the Contractee Factory? And paid by the contractor to concerned Department by recovering the same from his contract Laborers? The GST recovered by the Contractor from his contract Laborers towards ESI and […]