FAQs GST OFFENSES, PENALTIES & APPEALS What is the definition of offence under GST? Offence is the breach of any law or rule and provisions prescribed under the GST Act and Rules. What are the different types of offences prescribed under GST? Under Sec 122(1), the following defaults involve a penalty of Rs 10,000 or …
SMT Nirmala Sitharaman Finance Minister Chairman of Goods and Services Tax Council has announced amendments to the Goods and Services Tax (Goods and Services Tax Appellate Tribunal) regulations. These changes include increasing the age limit for the President of Goods and Services Tax from 67 to 70 years, allowing members to serve until they reach …
Unjust Enrichment under the Goods and Services Tax Act Due to the fact that GST is an indirect tax structure and that the consumer has to bear its incidence, it is usually assumed that the owner of the business will transfer the incidence of tax to the final consumer. For the same reason, any refund …
Key Update on 47th GSTC Meeting recommendations. There were several proposals presented at the 47th GSTC Meeting. They have already been followed by a number of Non-Tariff Notifications and Circulars from CBIC. Recently, Central Board of Excise and Customs published a number of tariff notifications to implement suggestions for changes to the rates of various commodities …
Major Changes in GST by Finance act 2022 It’s harder to avail Input Tax Credit: A new clause (ba) has been inserted in section 16(2) stating that ITC in respect with an Invoice can only be availed if such ITC has not been restricted in detail communicate to buyers in form of auto generated …
GSTN Enabled ability to file LUTs on GST Portal for FY 2022-23 Goods & Service Tax Network has enabled facility for filing Letter of Understanding for FY 2022-23 on the Goods & Service Tax Portal. Letter of Understanding application is needed to be submit before 31st March 2022, on or before supply for Special …
GST Changes on ITC will Impact Company Cash Flow With the implementation of recent revisions to the law, matching of ITC under the GST Tax became more complicated and costly for taxpayers on Jan. 1. U/s 16 of the CGST Act, 2017, A critical adjustment was made, requiring the supplier to file a return and communicate …
Top Changes made under GST Amendments in Budget 2022 Under Budget 2022, certain relaxation, along with certain strictness were introduced by the Finance Minister for the GST Registered Taxpayers. Starting with the relaxations provided – Govt Proposes for the extension of deadline for claiming ITC. Now in order to undertake such amendment, section 16(4) of …
New GST Rate structure Applicable on Real Estate Sector Real estate sector is one of the most important economic sectors in any country, Particularly in India, where it has gotten a lot of attention in recent years. Impact of GST on the real estate sector particularly the residential housing sector, will be discussed in this article. …
GST Important changes which is effective from 01.01.2022 CBIC has issued notified various changes in GST regulations which is effective from 01.01.2022. You can find below are important top changes update you need to know. Inverted Duty Structure Correction in the Footwear and Textiles Sector In order to correct the inverted duty structure in the Footwear …