381 Views The statement of outward supplies in FORM GSTR-1 is to be furnished by all normal taxpayers on a monthly or quarterly basis, as applicable. Quarterly GSTR-1 filers have also been provided with an optional Invoice Furnishing Facility (IFF) for reporting their outward supplies to registered persons (B2B supplies) in the first two months […]
UNION BUDGET 2022-23 – CHANGES PROPOSED IN GOODS AND SERVICES TAX
419 ViewsThe Finance Bill, 2022, has proposed various changes in CGST Act, 2017. The gist of proposed change are incorporated from clause 99 to clause 117 of the Finance Bill, 2022 summarised as under: 1. The entitlement of ITC with respect to supply is allowed, if such credit has not been restricted in the details […]
GSTR-9 and GSTR-9C for FY 2020-21
443 ViewsThe government has issued the notifications providing the details for filing of annual return in Form GSTR-9 and reconciliation statement in Form GSTR-9C for FY 2020-21. In its continued endeavor to reduce the burden on small taxpayers, the government has issued Notification No 29/2021-Central Tax, Notification No. 30/2021-Central Tax and Notification No. 31/2021-Central Tax […]
Tax authorities to inspect scope of GST levy on crypto
199 ViewsSource: Economic Times dated 11.02.2022 The finance ministry will soon meet with representatives of the cryptocurrency industry to discuss the fine print of indirect taxation on virtual digital assets, Business Today TV reported. The Central Board of Indirect Taxes and Customs (CBIC) is looking into the aspect of indirect taxes on virtual digital assets. […]
CAIT urges Centre to withdraw 12% GST rate on textiles
174 ViewsSource: Economic Times dated 11.02.2022 The Confederation of All India Traders on Thursday urged Union Finance Minister Nirmala Sitharaman to withdraw the proposed GST tax on textiles. In the GST Council meeting in late 2021, it was unanimously decided to defer the hike in tax rate on textiles from 5% to 12% and the […]
CGST Commissionerate in Navi Mumbai busts fake input tax credit racket, arrests proprietor of scrap metal firm
210 ViewsSource: Press Release dated 09.02.2022 CGST Commissionerate, Navi Mumbai has busted a fake ITC racket of Rs. 10.26 Crores and arrested the proprietor of M/s. Al-Marwah Traders on Tuesday (8th February, 2022). The firm was engaged in availing, utilizing and passing on a fraudulent Input Tax Credit (ITC) on the strength of bogus invoices […]
Group of Ministers to make recommendations to GST Council
297 ViewsSource: The Hindu dated 11.02.2022 It recommends physical verification of businesses at the time of registration The second meeting of the Group of Ministers (GoM) on GST System Reforms headed by Maharashtra Deputy Chief Minister and Finance Minister Ajit Pawar has decided to make seven recommendations to the GST Council. This includes the use […]
Government Open To Consider Restaurant Owners’ Demand For Higher GST Levy
168 ViewsSource : NDTV dated 09.02.2022 Government is open to consider the restaurant industry’s demand of shifting back to higher goods and services tax (GST) along with benefit of tax credit on their inputs, revenue secretary Tarun Bajaj said on Wednesday. Currently, a 5 % tax is levied on restaurant services, irrespective of whether it […]
Capital gains tax provisions need serious review, govt open to ‘tinkering’ to simplify it: Revenue Secretary Tarun Bajaj
151 ViewsSource: CNBC TV18 dated 09.02.2022 Lending a patient ear towards a long pending demand of the industry, Revenue Secretary Tarun Bajaj on Wednesday said the government is open to a detailed review of the current capital gains tax framework. He was of the view capital gains provisions need a serious review. While talking at […]
Will focus on scrutiny, audit of GST returns in coming year: says CBIC chairman
215 ViewsSource: Economic Times dated 10.02.2022 The Central Board of Indirect Taxes and Customs (CBIC) will focus on scrutiny and audit of goods and services tax returns in the coming year, and ease compliances for Special Economic Zones, its chairman Vivek Johri told ET’s Anuradha Shukla and Deepshikha Sikarwar in an interview. Edited excerpts: What […]
