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2nd National GST Conference
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CA. Kapil Mittal

The 2nd National GST Conference: Decisions Made on Streamlining The Goods and Service Tax System

The 2nd National GST Conference of the State Tax Commissioners and the Chief Commissioners of Central Tax held on 7th January 2020 in Delhi. Under the chairmanship of Dr. Ajay Bhushan Pandey, Revenue Secretary, Ministry of Finance, the main motto of this conference was to discuss and streamline the Goods and Service Tax system. The key focus of the conference was to find out and plug revenue leakages. 1. A Brief of The National GST Conference This was only the 2nd edition of all India Conference. Both central and states’ tax administrations were present to build the synergy by sharing their inputs

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SOP of GST 3B
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CA. Kapil Mittal

Action against taxpayers fails to furnish GSTR-3B within Due Date

Standard Operating Procedure to be followed in case of non-filers of returns includes best judgement assessment by proper officer for nonfillnig of GSTR 3B with in due dates. Every taxpayer is liable to make payment of Goods and Service Tax (“GST”), alongwith filing of return in form GSTR-3B, on monthly basis by 20th of the following Month. If taxpayer fails to furnish GSTR-3B by such due date then he is mandatorily required to pay late fee of INR 20/INR 50 per day. GST Portal will auto-populate the penalty for late filing in GSTR-3B of following month. Further, if taxpayer fails

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CGST 7th Amendment Rules- Amendments in refund forms and GSTR-9
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CA. Kapil Mittal

CGST 7th Amendment Rules- Amendments in refund forms and GSTR-9

Under Goods and Service Tax (“GST”), Annual return is required to be furnished in form GSTR-9 and Reconciliation statement and certificate is required to be furnished in form GSTR-9C. As these forms are getting filed for the first time and considering the various issues faced by taxpayers, due date of filing of GSTR-9 and GSTR-9C has been extended till 30th November, 2019 for FY 2017-18. Similarly, taxpayers are also facing various issues in filing of form GST RFD-01 (Application of Refund).  To resolve the issues faced by taxpayers, department has made various amendments in form GST RFD-01 and also liberalize

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E-Invoicing-under-GST
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CA. Kapil Mittal

Electronic Invoice (“E-Invoice) under GST- Detailed Discussion

Electronic Invoice or E-invoicing under Goods and Service Tax (“GST”) is in discussion since long time and GST Council has decided to implement e-invoicing system in a phased manner with effect from 1st January, 2020 on Voluntary Basis. In this article we have made an attempt to discuss concept of electronic invoice in detail and we will cover various topics such as what is the need of electronic invoice? What is the process of generation of electronic invoice? Benefits of e-invoicing mechanism, etc. 1. Requirement of e-electronic Invoice One may come up with a question that what is the requirement

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Out-reach Program by CBIC under Sabka Vishwas Legacy Dispute Resolution Scheme, 2019
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CA. Kapil Mittal

Out-reach Program by CBIC under Sabka Vishwas Legacy Dispute Resolution Scheme, 2019

Mid of the year 2019, Central Board of Indirect Taxes & Customs (“CBIC”) introduced “Amnesty Scheme” by the name of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (“SVLDRS” or “Scheme”)” vide Chapter V of Finance Act, 2019 wherein Government has provided option to resolve litigation pending under Central Excise Act, Finance Act, 1994 and other notified acts by way of granting partial waiver from liability of tax, interest, and penalty. Accordingly, Scheme provides an option to taxpayer to resolve pending dispute by way of paying partial liability of applicable taxes. Taxpayer was eligible to opt benefit of scheme only where

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Clarification on Restriction in availing of input tax credit
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CA. Kapil Mittal

Clarification on Restriction in availing of input tax credit

Sub-rule (4) to rule 36 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the CGST Rules) has been inserted vide notification No. 49/2019-Central Tax, dated 09.10.2019. The said sub-rule provides restriction in availment of input tax credit (ITC) in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the CGST Act). To ensure uniformity in the implementation of the provisions of the law across the field formations, the

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Tran 1
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CA. Kapil Mittal

Punjab and Haryana High Court permitted filing of TRAN-1 or revision of already filed TRAN- 1 by 30 th November, 2019

Hon’ble HC permitted filing or rectification of TRAN-01 by 30 th November, 2019. Respondents may verify genuineness of claim of Petitioners but nobody shall be denied to carry forward legitimate claim of CENVAT/ITC on the ground of non-filing of TRAN-1 Petitioner was registered under Central Excise Act or Finance Act, 1994 or State VAT Laws and on the appointed date, i.e., 1 st July, 2017, Petitioner was having accumulated ITC under pre-GST regime. As per section 140 of CGST Act, 2017 read with Rule 117 and Rule 120 of CGST Rules, 2017, petitioner was permitted to carry forward ITC accumulated

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Sabka Vishwas (Legacy Dispute Resolution) Scheme
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CA. Kapil Mittal

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019| Chapter V of Finance Act, 2019

Government introduces the “Amnesty Scheme” to resolve long pending litigation by granting a waiver in tax, interest and penalty amount to some extent. Dictionary meaning of Amnesty is “an official pardon for people who have been convicted of political offenses”. Major objective behind such a scheme is to resolve litigation without wasting the time of departmental authorities and attractive tax reliefs are provided so that the maximum taxpayers can pay their defaulted amounts. On the same lines, Amnesty scheme in name of “Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (“SVLDRS” or “Scheme”)” has been introduced wide Chapter V of Finance

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gst cicular no 111
Blog
CA. Kapil Mittal

GST Refund subsequent to favorable order in Appeal or any other Forum

Goods and Service Tax (“GST”) provides an option to file appeal against order of lower authorities. Therefore, if refund application of any taxpayer gets rejected then he may file appeal with next appellate authority. Rejection order is passed in form GST RFD-06. CBIC received various representations asking to clarify procedure of claiming refund finalised through Appeals or any other Forum. Accordingly, CBIC has clarified such issue vide Circular No. 111/30/2019-GST about manner of handling such issue in following manner: 1. Pre-requiste of filing appeal against GST RFD-06 As of now, appeals against rejection of refund claims are handled in offline

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reduced income tax rates
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CA. Kapil Mittal

Reduced Income tax rate of 15% to new Domestic Companies Registered on or after 1 October 2019

A new section 115BAB has been inserted, giving an option of a reduced Income tax rate of 15% to new domestic companies setup and registered on or after 1 October 2019 and engaged solely in the business of manufacturing or production of any article or thing and research in relation to, ordistribution of such article or thing manufactured or produced by it. Upon considering the applicable surcharge of 10% and health and education cess of 4%, the effective tax rate works out to be 17.16%. This provision has been targeted at attracting fresh investments in manufacturing and thereby provide boost

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