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This website contains information about recent changes mainly in GST laws. It also contains Articles on various topic in GST. Please visit the website and read.
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Hi Reader,
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Please find tax updates in Newsletter 37 dated 08.03.2022 as below:
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Index
6. GST Notes by CMA Anil Sharma
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GST Update
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1. 08.03.2022 : GSTN – Scheduled Downtime
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Scheduled Downtime! We are enhancing the services on the site. The services will not be available from 08th March’22 12:00 AM to 08th March’22 06:00 AM. Do come back later! In case of any queries, please call us at 1800-103-4786. We appreciate your cooperation and patience.
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2. E-Invoice w.e.f. 01.04.2022
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E-Invoice is applicable to taxpayer having turnover exceeding Rs.20 Crore with effect from 01.04.2022. Notification No. 01/2022-Central Tax dated 24.02.2022.
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3. Guidelines for issuance of FORM GST DRC-07 in case of vehicles detained under E-way bill provisions – by MGST
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To address the issues faced by the proper officer regarding issuance of FORM GST DRC-07 online on BO, where the taxpayer is not under his jurisdiction and difficulties faced by the taxpayer while filing an appeal against the orders passed by the proper officer, the following guidelines, as scenarios given in the Table No.1
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4. 11.02.2022 : Guidelines for issuance of Show Cause Notices (SCNs)
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Proper Officers to make proper diligence before issuance of Show Cause Notice. SCN should be issued only after proper inquiry/ investigation i.e. when facts used are ascertained and allegations are prima facie made out… Read more
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5. 08.02.2022 : Haryana State launches GST Kosh
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Haryana State launches e-repository of updated GST Acts and Rules. It is the only portal in the country that provides for updated SGST Acts and rules. In
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future, the portal will provide for circulars, order and instructions.
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6. 02.02.2022 : List of GSTINs generating IRN Updated as on 02.02.2022
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IRP – Invoice Registration Portal has published list of GSTINs generating IRN updated as on 02.02.2022. Read more
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GST in Media
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Scheduled Downtime! We are enhancing the services on the site. The services will not be available from 08th March’22 12:00 AM to 08th March’22 06:00 AM. Do come back later! In case of any queries, please call us at 1800-103-4786. We appreciate your cooperation and patience. www.gst.gov.in
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Finance minister Nirmala Sitharaman on Monday highlighted that the Union Budget 2022-23 provided a tax predictable regime and vision for the next 25 years, in a post Budget interaction with industry in Bengaluru. She said the PM Gati Shakti project will help the industry by providing logistical convenience. “This Budget stands more for continuity, to provide a tax predictable regime …
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The GST Council in its next meeting may look at raising the lowest tax slab to 8 per cent, from 5 per cent, and prune the exemption list in the Goods and Services Tax regime as it looks to increase revenues and do away with states' dependence on Centre for compensation, sources said on Sunday. A panel of state finance …
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As a part of the special Anti-Evasion drive launched by CGST, Mumbai Zone against the fraudsters and tax evaders, CGST Commissionerate, Raigad has arrested a 29 year old man, who actively connived in creation of more than 15 sham firms, which were used for generation, availment and utilization of fraudulent GST Input Tax Credit (ITC) of Rs. 33 Crore by …
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E-Invoice is applicable to taxpayer having turnover exceeding Rs.20 Crore with effect from 01.04.2022. Notification No. 01/2022-Central Tax dated 24.02.2022 is issued in this regard. Read Notification. The taxpayer can check his eligibility of e-Invoicing at Option Search -> 'e-Invoice Status of Taxpayer' of the e-Invoice portal. Check here The eligible taxpayers are enabled presently on sandbox for testing. Check …
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GST Law
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The Central Goods and Service Tax, 2017 updated as on 01.01.2022 as published by Central Board of Indirect Taxes and Customs - CBIC is reproduced below for your easy reference and reading. Your suggestion / feedback is welcome at [email protected] THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 (OF 2017) AS AMENDED BY THE - THE CENTRAL GOODS AND SERVICES …
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Income Tax in Media
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The Income Tax Department conducted search & seizure operations on a multinational group, engaged in distribution of telecom products and providing captive software development services, on 15.02.2022. The ultimate shareholding of the group lies with a foreign entity of a neighbouring country. The searches, which were spread across Delhi, Gurugram and Bengaluru covered the main business premises and also the …
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The Income Tax Department carried out search and seizure operations on 25.02.2022 on certain contractors executing contracts of Brihanmumbai Municipal Corporation (BMC), a prominent person and their close associates. In all, more than 35 premises in Mumbai have been covered during the search operation. During the course of the search operation, numerous incriminating documents, loose sheets and digital evidences have …
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Revenue Secretary Tarun Bajaj on Saturday said that the old income tax regime must be disincentivised with a view to encourage more people to opt for the new income-tax regime. Bajaj mooted a shift towards a simplified taxation tax structure. The new tax regime, which comes with lower tax rates and fewer tax benefits, was introduced in 2020 but has …
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The government on Monday made it clear once again that it was moving away from tax exemptions. While Finance Minister Nirmala Sitharaman said India needs to “widen its tax base”, revenue secretary Tarun Bajaj said tax breaks “only benefit the superrich”. “We have a new income tax regime without exemptions which will never take off if we keep giving exemptions,” …
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Source: 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 a CII event, Bajaj said the …
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The 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 communicated to the taxpayer and extended …
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The 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 dated 30 July 2021. Through these …
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Authored by Mr. Sudeep. K, Article Assistant, HIREGANGE & ASSOCIATES, Chartered Accountants, Bengaluru Introduction It has been 4.5 years since GST has been implemented. Since then, many changes were seen by way of notifications, circulars & advance rulings. The annual return is one of the major aspects of GST law. The basic understanding of the adjustments, reconciliations that are to …
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By, B. S. Seethapathi Rao , Tax Consultant, Kakinada. Dated.12.01.2022. Part-1 . Click here Continued... Part-2, is as below P) Form GST DRC-01 is the summary of the show cause notice prescribed in rule 142 and must “accompany” a show cause notice. Show cause notice is incomplete unless accompanied by this summary in FORM GST DRC-01. There is a reference …
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Author: Subrahmanya Seethapathi Rao Bharatam
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This article is in the interest of those job workers who are engaged in the job-work for those activities/ processes/services which do not amount to manufacture. It is crystal clear that HSN 9988 & 9989 cover only manufacturing services and for non manufacturing services there is no specific HSN heading in rate notification. Read the know the viewpoint of the author.
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GST Notes by CMA Anil Sharma
1) CGST Act in Slides form: Respected Shri CMA Anil Sharma, Shri CMA Gurdev Singh Saini and Respected Smt. CMA Bhawna Sharma presenting CGST Act / IGST Act in simple language in PPTs to make dealers, professionals, academicians, students etc. understand the basics of GST laws. Each Chapter in CGST Act, 2017 is explained in the form of Slides as given below for easy understanding of the Act:
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Hope the above updates is of use to you. Please share your feedback at [email protected]
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