, the department has clarified that how the difference should be dealt of Input Tax Credit appearing in GSTR-2A and ITC claimed in GSTR-3B for FY 2017-18 and 2018-19 vide Circular No. 183/15/2022-GST dated 27th December, 2022.
In the 48th GST Council meeting, the GST council suggested changes in GST rates of certain products, clarified GST rates applicable, decriminalization of certain offenses under GST, rationalization of GST provisions, etc.
For the purpose of monitoring Merchant Trading Transactions, RBI has issued guidelines for Merchant Trade Transactions (“MTT”). These guidelines have been amended various times over the period of time based on changes in the market and transactions. The latest guidelines were issued vide circular No. RBI/2019-20/152 A.P. (DIR Series) Circular No.20 dated 23rd January, 2020.
CBIC has issued a detailed instruction on Revised procedure of granting IGST Refund to Risky Exporters. The board has made changes in the SOP prescribed earlier vide Instructions No. 04/2022-GST dated 28th November 2022.
Hon’ble CESTAT stated that exemption notification is issued by Central Government in the exercise of power given under section 93 of the Finance Act, 1994. Exemption notification is approved after obtaining approval from both houses of parliament. However, no power is extended to CBIC to modify the scope of the exemption notification. Therefore, conditions attached by CBEC to exemption issued by the Central Government are illegal, unauthorized, and of no effect.
On 1st October, The government announced 7 new PLI schemes which are not part of the original program, and these schemes are provided to promote manufacturing in India. As per government officials, the PLI scheme has been very well received.
Section 38 of the CGST Act contains provisions related to furnishing details of inward supplies wherein an earlier proposed model of GST was provided, i.e., the recipient can take action of add/delete/modify on invoices entered by the supplier in his outward supply return.
Finance Act, 2022 introduced various amendments under GST Law. However, most of the amendments were not implemented till date. Now, with effect from 1st October 2022, the following amendments are made applicable.
High Courts have continued to face petitions from taxpayers requesting to direct GST Authorities to reopen TRAN-1 and TRAN-2 filing portals so that taxpayers who have missed filing it or filed it incorrectly can have another chance to file it. In many verdicts, High Courts have directed GST authorities to reopen the portal.
By CA. Sachin Jindal
Last update on October 3,2022
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