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 …
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 …
Highlights on Improvement in the GSTR-1/IFF Filing GSTN has implemented several enhancements/improvements to the GSTR-1/Invoice Furnishing Facility on the GST Portal, which will take effect on November 26, 2021. The purpose of this article is to highlight the most recent GSTR-1/IFF filing improvements. Summary of the Goods and Service Tax Network Notification: GSTN published On …
GST Instructions during the search operation: Instructions/Guidelines for methodologies to be supported during the search operation. Few instances have been notified by the CBEC & Central Vigilance Commission where the correct process has evidently not been tried to follow during the search procedure and or the statements /Panchnamas have not been recorded in accordance with …