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Under the GST regime, the finance ministry has circulated a notice dated 1st Jan 2022 as the date towards the norms pointing 100% invoice matching essential for GST ITC (Input Tax Credit). Towards every taxpayer, the framework computes GST ITC based on the return furnished through his or her supplier. “These curb the chance of […]
The 2 GST notifications are furnished dated 21st Dec 2021 so as to draw the specific GST amendments into the compliance imposed from 1st Jan 2022. GST Central Tax Notification No. 38/2021 The same ask for drawing down the imposition of the particular sub-rules of Rule 2 Central Goods and Services Tax (Eighth Amendment) Rules, […]
The Rajasthan High Court in the case of Vinayak Plylam Marketing Vs Superintendent, Central Goods, and Service Tax and Ors. rendered tax authority to immediately unblock the GST ITC claimed inside the electronic credit ledger via applicant since the statutory time limits given in Rule 86A of the CGST Rules, 2017 has passed. Advocate Prakul […]
Gujarat Authority of Advance Ruling (AAR) held that Petronet’s activity of re-gasification of LNG owned via its enrolled GST customers amounts to providing service by Job Work and 12% GST payable. The petitioner is the owner of Petronet LNG ltd furnished that the same gives re-gasification services to its clients on the LNG owned through […]
The GST council and government had released some of the best and exciting amendments and changes to bring forward the most required features to the GST applicability for the common people as well as organizations alike. Some GST amendments in compliance are late fee relaxation, lowering down of provisions doubts and more. You can check […]
The latest guidelines are been circulated towards the GST assessees by the Finance ministry. As per the report, the assessee whose annual aggregate turnover (AATO) held with Rs 5 cr is not needed to furnish the reconciliation statement in Form GSTR-9C towards the FY 2020-21. GSTR-9C form is an annual GST reconciliation statement inside it […]
The Authority of Advance Ruling (AAR) of Gujarat state ruled that the Input Tax Credit (ITC) is not available towards the GST paid on input services of Lease Premium towards which GST has been imposed. The petitioner is the owner of JM chemicals furnished that long term lease premium gets privileged from the tax beneath […]
GST collection in November 2021 has been topping the charts since the implementation of GST as there is 25% growth from the same month last year and 27% higher than 2019-20. The GST revenue (gross) collected in the month of Nov 2021 is INR 1,31,526 crore and dividing it has CGST at INR 23,978 crore, […]
There are various businesses that furnish discounts, reduced costs, or extended payment cycles to clients in between the covid-19 pandemic who urge the government to define the impact of goods and services tax (GST) upon the amounts. As per the tax experts, the companies who provide the credit notes under GST or credit memorandums that […]
