GST Notification

Standard Operating Procedure
GST Refund
CA. Kapil Mittal

Standard Operating Procedure in case of alerts in IGST Refund

On 23rd January 2020, the Central Board of Indirect Taxes and Customs (CBIC) has published Circular No.131/1/2020-GST regarding the Standard Operating Procedure (SOP). This new procedure is for those exporters whose refund has been stuck due to alerts in IGST refund at custom. In June 2018, the CBIC has noticed instances of fraudulent ITC claims using ineligible documents and subsequent utilization of the credit for the purpose of payment of IGST exports. In addition, there were substantial variations between the FOB value declared in the Shipping Bill and the Taxable Value declared in the GST returns, with the intent of

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File GSTR-3B Returns in staggered manner
GST Returns
CA. Sachin Jindal

Taxpayers Are Allowed to File GSTR-3B Returns in a Staggered Manner from Now On!

On 22nd January 2020, the Finance Ministry announced that taxpayers are now allowed to file GSTR-3B returns in a staggered manner. After taking the hassle of return filing into account, the Government has decided to ease the process for trade and industries. Hence they have introduced different measures. Here you are going to get a complete overview below. Therefore, go through the post now and understand all the changes that are going to come. Parameters for filing GSTR-3B Returns Before the release of the latest notification, every taxpayer used to have a deadline of the 20th of every month to

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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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Changes in Income Tax Return
Blog
CA. Khushboo Khaityan

Changes in Income Tax Return Forms for AY 2020-21: Know About major key changes

The Central Board of Direct Taxes has brought some significant changes to the Income Tax Return filing system. Very unlikely to other financial years where the changes in taxation policies used to take place in the month of April. This year we are noticing the updates in return filing process a bit earlier. As the changes suggest, this year’s return filing is not only about informing the Income Tax Department about your earnings and investments. But also about all the major expenses you made throughout the year. Apparently, the detailed disclosure is only to bring more transparency to our country’s

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Cancellation of GST by Officer and Revocation of GST Cancellation
GST Registration
CA. Kapil Mittal

Cancellation of GST by Officer and Revocation of GST Cancellation

Incorporation of penal provision in any kind of statute is a mandate to ensure that applicable person make compliance thereof. Similarly, Goods and Service Tax (“GST”) law provides for various penal action for non-compliance of GST provisions. One of such action is suo-moto cancellation of GST registration by proper officer. 1. Cancellation of GST Registration by proper officer 1.1 Grounds of Cancellation of GST Registration Section 29(2) of Central Goods and Service Tax Act, 2017 (“CGST Act, 2017”) provides for various grounds of suo-moto cancellation of GST registration by proper officer such as: Registered person contravenes provisions of GST Law

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Composition Scheme extended to supplier of Services
Composition scheme
CA. Kapil Mittal

Composition Scheme extended to supplier of Services

CBIC has extended benefit of composition scheme to supplier of service vide notification no. 2/2019-Central Tax (Rate) dated 7th March, 2019 upto first aggregate turnover of INR 50 Lacs. Supplier is liable to discharge GST @ 6% on such supplies.

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gst amendment act 2018
Goods and Service Tax
CA. Sachin Jindal

GST Amendment Act, 2018 & Its Impact: 20 Major Changes

[toc] THE CENTRAL GOODS AND SERVICE TAX (AMENDMENT) ACT, 2018 With the approval from the GST council in the meeting held on January 10 2019, the changes made by the CGST (Amendment) Act, 2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and GST (Compensation to States) Amendment Act, 2018 along with the corresponding changes in SGST Acts will be applicable from 1sr February 2019. Keeping in view the implementation of the amendments made in the GST taking place from 1st Feb 2019, it is highly recommended that you must be aware of the changes that have been made in

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Formats for filing Annual Returns revised GSTR-9 and GSTR-9C
GST Returns
CA. Sachin Jindal

Formats for filing Annual Returns revised GSTR-9 and GSTR-9C

[toc] 1. Formats for filing Annual Returns revised Revised Formats for filing Annual Return in Form GSTR – 9, Form GSTR – 9A, Form GSTR – 9C have been notified. The summary of changes made in GSTR – 9 is given below: 2. Details of outward and inward supplies liable to RCM made during the FY (Part – II) to be prepared based on GSTR – 3B There was a lack of clarity as to whether GSTR-9 has to be prepared on the basis of GSTR-1 or GSTR-3B. It has now been clarified that all the outward supplies for which

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Amendments to the CGST Rules (1)
GST Notification
CA. Kapil Mittal

Amendments to the CGST Rules

1. Introduction The Goods and Services Tax (‘GST’) Council in its 31st Meeting held on 22 December 2018 has made several taxpayer-friendly decisions. The GST Council has tried to address some of the difficulties faced by taxpayers by making clarificatory amendments to the CGST Rules in response to the representations received from various stakeholders. In order to give effect to the decisions of the GST Council, the Central Board of Indirect Taxes and Customs has issued Notification No. 74/2018 – Central Tax on 31 December 2018 in relation to various amendments pertaining to CGST Rules, 2017 (Link: ) The summary

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Exemption for intra-State supply of gold
GST Notification
CA. Kapil Mittal

Exemption for intra-State supply of gold

Notification No.26/2018-Central Tax (Rate) – Exemption for intra-State supply of gold when supplied by Nominated Agency under the scheme for ‘Export Against Supply by Nominated Agency’ (“FTP Gold Export Scheme”) The CBIC has provided an exemption to intra-State supply of gold by Nominated Agency to a registered person (‘recipient’) subject ot the following conditions: The supply is in accordance with the FTP Gold Export Scheme (as referred to in paragraph 4.41 of the Foreign Trade Policy, read with relevant provisions of Chapter 4 of Handbook of Procedures). The Nominated Agency and the recipient shall follow the conditions and observe the

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