GST Circulars

Clubbing of GST refund claims across two financial years is allowed
Blog
CA. Sachin Jindal

Clubbing of GST refund claims across two financial years is allowed

The refund of ITC is a key constituent of Goods and Service Tax (“GST”), and it is a pre-requisite for the department to ensure the smooth operation of the same to avoid any unnecessary increase in the cost of goods/services. However, various issues keep on evolving with the use of the system. The government has issued several GST Circulars to curb these issues. Department has received various representations seeking clarification on some issues related to refund under GST.  We are really pleased to share this with you as our efforts have finally brought the sigh of relief for the taxpayers

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Interest on GST Delayed Payments
Blog
CA. Sachin Jindal

Interest Payable on Gross GST Liability, as Declared in GSTR-3B: CBIC

Taxpayers are liable to pay interest on delay in the deposition of GST liability, as declared in GSTR-3B. Section 50 of the Central Goods and Service Tax Act, 2017 contains interest related provisions. However, whether interest is payable on the gross amount of GST liability or net amount of GST liability (i.e., after setting off ITC Balance) is still under dispute. On 10th February 2020, the CBIC (Central Board of Indirect Taxes and Custom) issued a notice (F. No. CBEC-20/16/07/2020- GST) regarding the amount of payable interest on Delayed Tax.  The CBIC has declared that the taxpayers, who have filed

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Goods and Service Tax
CA. Kapil Mittal

Could not file TRAN- 1 and TRAN- 2 due to technical glitches, last chance to file till March 2020

For the purpose of proper transition to GST, transfer of ITC lying under pre-GST regime to GST regime was a prerequisite. Taxpayers need to file TRAN-1 and TRAN-2 for this purpose. Initially, government offered a sunset date beyond which taxpayers were not allowed to transfer unutilised ITC. However, due to technical glitches at the  GST portal, many taxpayers failed to file such forms by due date. Hence, the due date got further extension for filing GST TRAN-1 and GST TRAN-2. The new dates to file TRAN-1 and TRAN-2 are 31.03.2020 and 30.04.2020 respectively.  Rule 117(1A) of CGST Act 2017-  “[(1A)

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Fake ITC Claims
Blog
CA. Sachin Jindal

Fake ITC Claims: CGST Departments Has Started Blocking Fake Claims

The Office of Directorate General of GST Intelligence has released a new notification to take actions against fake ITC claims. The DGGI  issued the notification in the interest of Principal Chief Commissioners and Chief Commissioners, CGST, asking them to block Input Tax Credit under the 86(1)(a) of CGST Rules 2017. As the rule suggests, the Zonal Chief Commissioners can block or unblock Input Tax Credit availed against fake invoices. The Principal DG has released the notification to take action against the ITC claims issued without the proper receipt of Goods or services. However, the notification suggested some implementation to proceed

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

Electronic Invoice under GST|Detailed Discussion on E-Invoice

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. However e-invoicing under GST is mandatory application from 1st October 2020 for tax payer having turnover more than 500 cr. 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

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

How to Calculate 10% Provisional ITC in FORM GSTR-3B as per the New CGST Rule

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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