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This website contains information about recent changes mainly in GST laws. It also contains Articles on various topic in GST. Visit the website and read.
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Hi Reader,
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Please find tax updates in Newsletter 17 dated 06.12.2021 as below:
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Index
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1. GST E-Invoice System update
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GST E-Invoice System
1) 01.12.2021 : List of GSTINs generating IRN updated as on 01.12.2021 is published by GST e-invoicing system, also called as IRP - Invoice Registration Portal. Read more
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GST in Media
1) 04.12.2021 : Karnataka: GST on garments, footwear set to go up from New Year. All eyes are on chief minister Basavaraj Bommai as he heads a group of ministers on rate rationalisation in the hope that it will lower the Centre’s proposed 12% GST on readymade garments, textile materials and footwear. It’s a steep hike from the current 5%. The GST council in September decided to hike the GST on all types of apparel, textile goods and footwear costing up to Rs 1,000 from 5% to 12% effective January 1, 2022 and the Central Board of Indirect Taxes and Customs (CBIC) on November 18 issued a notification about it. Read more
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2) 02.12.2021 : Minister calls for exempting educational services from GST. Higher Education Minister K. Ponmudi has written to Union Finance Minister Nirmala Sitharaman, urging her to exempt educational services from the Goods and Services Tax (GST). In his letter, the Minister said according to the Central Tax (Rate) notification, issued on June 28, 2017, education was exempted from the GST. He said educational services were classified under the heading 9992, which was subdivided into six groups, which were exempted from GST. These included services provided by educational institutions to students, faculty and staff. Read more
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Income Tax in Media
1) 05.12.2021 : Restructuring GST rates: Available options for the GST Council. In the 45th meeting of the GST Council held on September 17, 2021, the Council constituted a Group of Ministers (GoM) Committee to examine matters related to rationalisation of GST rates. The objective of the group is to simplify the rate structure of GST to reduce classification related disputes and enhance GST revenues. The specific objectives of the GoM on Rate Rationalization are the following: – review the exempted supply of goods and services under GST with an objective to expand the tax base as well as elimination of breaking of ITC chain, review the current tax rates of GST and recommend changes to generate required revenue, review the current rate structure of GST and recommend rationalization measures (including merger of tax slabs for simplification) and review the instances of inverted duty structure and recommend suitable rates to eliminate the same. Read more
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2) 04.12.2021 : Tax department sends reassessment notices to global fund houses. The Income Tax Department has reopened old assessments of at least a dozen global fund houses and private equity funds alleging under-reporting of income through the misuse of tax treaties. The department has asked them to explain irregularities in computation of income for the assessment years 2013-14, 2014-15 and 2015-16, the official said. Read more
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3) 03.12.2021 : Income Tax Department conducts search operations in Madhya Pradesh. The Income Tax Department initiated search and seizure operations on two major business groups of Indore on 25.11.2021. The first group is engaged in the business of mining, media and providing cable TV services and the second group is running a coaching academy. The search action has covered more than 70 premises in Madhya Pradesh and 5 other states. Read more
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Press Release
1) 03.12.2021 : Fake Input Tax Credit racket worth Rs. 12 crores busted by Thane CGST; One Arrested. The firm was getting Input Tax Credit from many trading companies and was further passing it on to Rolling Mills. This was done by getting inadmissible Input Tax Credit on the basis of invoices issued by fraudulent entities without receipt and supply of goods. The firm is involved in trading of Ferrous Waste and Scrap; remelting scraps ingots of Iron or Steel. The investigation has revealed that firm was indulged in fraudulent availment and utilization of Input Tax Credit (ITC) to the tune of Rs 12 crores without receiving the goods or services in violation of the provisions of CGST Act 2017. Read more
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2) 02.12.2021 : Income Tax Department conducts search operations on a real estate group in Mumbai and Navi Mumbai Region of Maharashtra. The Income Tax Department initiated search and seizure operations on a real estate group, engaged in the construction of residential and commercial projects, in Mumbai and Navi Mumbai Region on 25.11.2021. The group is mainly carrying out development of slum rehabilitation projects. The search action covered around 30 premises. The search action unearthed various methods of tax evasion adopted by the group. Several documentary and digital evidences have been found and seized demonstrating receipt of cash to the tune of Rs.100 crore, as part of consideration on sale of flats, which is not accounted for in the regular books of account. Read more
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GST Article
1) Burning issues in GST Input Tax Credit (ITC) - Respected speaker Mr. Bimal Jain Sir has clarified the following doubts for the benefit of all the recipient in webinar conducted by “Tax Experts’ Pan India and Tax Kerala (Malayalam Business Magazine)” on 23.11.2021. The question are :
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- the condition which states that invoice on which input tax credit is to be claimed has to appear in GSTR-2A is valid?
- rule 36(4) binds on the taxpayer which states that if invoice is not appearing in GSTR-2A then only 5% in excess of the input tax credit populated in GSTR-2A can be claimed.
- Is it not enough to satisfy the four (4) conditions stated above to claim input tax credit.
- What reply should recipient give when notice is received from department for the input tax credit claimed in GSTR-3B which is more than the input tax credit appearing in GSTR-2A. Read more
2) ASSESSMENT UNDER GST - By Mr. Ashish Miglani - INTRODUCTION In this article we will study about different types of Assessments under GST which can help each and every Professional as well as Taxpayer to be aware of how he can protect himself against the Read more
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