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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 47 dated 04.07.2022 as below:
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Index
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2. 47th GST Council meeting
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6. GST Notes by CMA Anil Sharma
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1. Five (5) year of GST
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The Prime Minister, Shri Narendra Modi has lauded the GST on marking 5 years and said that this is a major tax reform that furthered ‘Ease of Doing Business’ and fulfilled the vision of ‘One Nation, One Tax’.
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Advertisement GST ‘ONE TAX, ONE NATION‘ has been completed 5 years from its implementation as on 1’st July’2022. It is time for celebration of 5’th Anniversary of GST. The Government has been taken number of steps for the simplification of GST provisions and easing of compliances of filing of e-returns, e-invoices, e-way bills, etc. There are various amendments of GST …
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Introduction: It has been 5 years since GST was introduced with much fanfare on 01/07/2017. In the past 5 years, a lot of provisions have changed, there are more notifications/circulars/removal of difficult orders, etc. issued than the total of sections and rules combined. Coping up with them is challenging. At times, we are all geared up for advanced discussions but …
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PPT is published by Swamy Associates celebrating the 5th anniversary of GST. Read / Download PPT - Gist by Swamy Associates # 7 / 01.07.2022 GiST-July-1-Gist-by-Swamy-Associates-7-01.07.2022Download
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जीएसटी - सफर पाँच वर्षों का - एक समीक्षा १ जुलाई २०१७ से लागू हुए जीएसटी कानून को हमारे देश में अब पाँच वर्ष पुरे हो चुके है ।इन पाँच वर्षों में हमने इसमें ढेरों उतार -चढ़ाव देखे है । यह कानून सिर्फ एक ‘कर सुधार’ कानून ना रहकर अब 'व्यापार सुधार' कानून का रूप ले चूका है ।अब करदाताओं …
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The next Goods and Services Tax (GST) Council meeting will be held in Tamil Nadu’s Madurai in August, Union Finance Minister Nirmala Sitharaman said on Wednesday. Announcing this at the press meet after the two-day meeting of GST Council held in Chandigarh, she said the next meeting will be held during the first week of August. It will be held …
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The GST & Indirect Taxes Committee has published a PPT on the Recommendations of 47th GST Council Meeting held on 28 & 29 June, 2022. Pls. find the PPT below: PPT-by-ICAI-GST-Indirect-Taxes-Committee-03.07.2022Download
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A range of items will now come under the purview of the Goods and Service Tax as the GST panel headed by Union finance minister Nirmala Sitharaman accepted the recommendation of the Group of ministers from states on withdrawing exemptions with a view to rationalizing the levy. Here are the products that will now attract GST: All products listed below …
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As per the recent tweet by CNBC-TV18, sources say the GST Council meet concludes, no decision was taken on extending Compensation to states. It approved a proposal to impose a 12 percent tax on hotel rooms costing below Rs 1,000 per day. So far, only hotels above the threshold were charged 12 percent GST. The Council also agreed to levy a 5 …
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The 47th GST Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here in Chandigarh today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Choudhary besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance & States/ UTs. The GST Council has inter-alia made …
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3. 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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4. GST in Media
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The CBDT vide Notification No. 74/2022 dated June 30, 2022 has notified the following exceptions/ exclusions to the definition of Virtual Digital Assets (“VDA”) under the Income-tax Act, 1961 (“the IT Act”): Gift card or vouchers, being a record that may be used to obtain goods or services or a discount on goods or services.Mileage points, reward points or loyalty …
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The CBDT vide Notification No. 73/2022 dated June 30, 2022 has issued the Income-tax (Twenty Eighth Amendment), Rules, 2022 to further amend the Income-tax Act, 1961 (“the IT Act”) w.e.f. July 01, 2022, w.r.t. Exchange and Virtual Digital Asset (“VDA”), in the following manner: A new Form No. 26QF has been introduced under the IT Rules w.r.t. quarterly statement of …
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The CBDT vide Notification No. 75/2022 dated June 30, 2022 has issued the Income-tax (Twenty Eighth Amendment), Rules, 2022 to further amend the Income-tax Rules, 1962 (“the IT Rules”), in order to specify a Non-Fungible Tokens (“NFT”), to qualify to be a virtual digital asset, but shall not include a NFT whose transfer results in transfer of ownership of underlying …
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Following are the details of the Notifications issued regarding Customs duties on June 30, 2022. The details are as follows: I. INCREASE OF CUSTOMS DUTY ON GOLD Customs duty on gold has been increased from 10.75% to 15%. There has been sudden surge in imports of gold. In the month of May, a total of 107 tonnes of gold was …
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The gross GST revenue collected in the month of June 2022 is ₹144,616 crore of which CGST is ₹25,306 crore, SGST is ₹32,406 crore, IGST is ₹75887 crore (including ₹40102 crore collected on import of goods) and cess is ₹11,018 crore (including ₹ 1197 crore collected on import of goods). The gross GST collection in June 2022 is the second …
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The proviso to Sec 16(2) of CGSTA denies ITC where the recipient 'fails to pay' to the suppler the amount towards the value of supply along with tax payable thereon within 180 days from the invoice date. There is an exception to above u/r 37 wherein activities covered in Schedule I and the addition in the value of supply u/s …
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GST law is implemented in our Country with effect from 01.07.2017. It is now five years have been completed since the introduction of this new law. In these five years we have seen many ups and downs in this law. Rather it would not be incorrect to say that this law is now more popularly known as 'Business Reform' instead …
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It started when The Division Bench of Hon'ble Gujarat High Court vide its judgment in the case of MOHIT MINERALS PVT LTD Versus UNION OF INDIA & 1 OTHER - 2020 (1) TMI 974 - GUJARAT HIGH COURT] declared Entry No.10 of Notification No.10/2017-IGST (Rate) dated 28.6.2017 as ultra vires the Act. Given its ruling in the Mohit Minerals case, …
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Mr. CA Dr Arpit Haldia has made a detailed presentation on Works Contract in the form PPT. The same is given in below link. PPT-on-Works-Contract-Arpit-Haldia-27.06.22Download
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Author: CA Dr Arpit Haldia
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AAR of Andhra Pradesh State is compiled by Sri. B.S.Seethapathi Rao, Tax Consultant, Kakinada for the year 2017 to 2021 Pls. find the ruling below:- Advance-Rulings-under-GST-of-A.P.-State-GST-Authority-7.2017-to-6.2021.-Seethapati-RaoDownload
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Author: Subrahmanya Seethapathi Rao Bharatam
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6. 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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