FORM DRC-22- Automatic restoration of provisional attached property The Goods and Services Tax Council’s Fifty Two meeting was held under chairpersonship of the Nirmala Sitharaman (Union Finance & Corporate Affairs Minister) in Delhi on October 07, 2023. Goods and Services Tax Council recommended amendment in Rule 159(2) of the CGST Rules, 2017 and Goods and …
New Goods and Services Tax Advisory on Reporting of Input Tax Credit Reversal Opening Balance Under the GST Mechanism owner of businesses origination are allowed to claim ITC on GST paid on its purchases of services & goods. But, In such case few conditions & situations where Input Tax credit required to be reduced & …
GST Provision related to GTA (GOODS TRANSPORT AGENCY) Important amendment for good transport agency (GTA) under Reverse charge mechanism (RCM) & forward charge. As per new Notification certain option has been provided to goods transport agency (GTA) to charge GST under Forward charge and there are certain changes in Reverse charge mechanism (RCM) U/s 9(3) …
GSTN Clarification on Cross Charge vs Input Service Distributor (GST Circular 199/2023). Goods and Services Tax Circular issued recently has given clarification on various issues of Input Service Distributor VS Cross Charge The Goods and Services Tax Circular can be summarized as under: Company Head Office can claim input tax credits which are commonly used …
Goods and Services Tax Network issued advisory on New Bank Account Validation GSTN has issued Advisory dated April 24, 2023 on Bank Account Validation. It is recommended that the Goods and Services Tax System now includes capabilities for bank account validation. This feature was added to make sure that the bank information provided by GST …
Case Laws on Input Tax Credit is not available on lift & elevators Lift has become the part of the building and Input Tax Credit shall not be available in terms of Section 17(5)(d) of the Central Goods and Services Tax Act, 2017. In this the Authority For Advance Ruling finds that lift consists of …
Is GST E-invoicing limit going to be can be decreased to INR 1.5? The Goods and Services Tax Council may soon make e-invoice compulsory for Goods and Services Tax taxpayers with turnover of INR 5,00,00,000/-. Now the Central Board of Indirect Taxes and Customs has issued recommendations for mandatory new e-invoicing for Goods and Services Tax …
Two Factor Authentication compulsory from 15/07/2023 for all the taxpayers with AATO above 100 Crore NIC is implementing two-factor authentication for logging into the e-Way Bill/e-Invoice system to increase the security of the system. OTP will be used in addition to the username and password for login authentication. Two-Factor Authentication will be made compulsory from …
CBIC to implement more discloser from June 1 2023 to expedite clarances of Medicinal Products Customs Department will start requiring additional disclosures In order to speed up shipping clearances for the export & import of pharmaceutical products on June 1 onwards. When these new disclosures are put into place, the inquiries that Customs officials frequently …
SOP Instruction for Scrutiny of GST Returns of FY 2019-20 & onwards: CBIC. New instruction issued by CBIC for the Scrutiny of GST returns filed by taxpayers. The Central Board of Excise and Customs has recently issued instruction no. 02/2023-GST on 26.05.2023 regarding the standard operating procedure (SOP) for the scrutiny of Goods and Services …