e-invoicing is a process of uploading details of an already generated invoice on the GST portal and generating an Invoice Reference Number (“IRN”) for such invoice. Idea behind e-invoicing is one time registration of invoices on GST portal so that it can be used for multiple purposes.
Under the CIF contract, Ocean freight is payable by foreign exporters to the foreign shipping company. As per N/No. 8/2017, GST is payable on the value of transportation of goods by a vessel from a place outside India to a customs station of India at @5%.
the government suggested various changes in Table-4 of GSTR-3B vide Notification No. 14/2022-Central Tax dated 5th July 2022 and clarified various disclosure-related issues vide Circular No. 170/02/2022-GST dated 6th July 2022.
Guidelines For Arrest and bail under GST law - the GST Investigation Wing has examined the judgment and issued guidelines related to Arrest and Bail in relation to offenses punishable under CGST Act, 2017.
Department received various representations from the trade as well as the field formations seeking clarification on the applicability of demand and penalty provisions on transactions involving fake invoices. Understanding the severity of this issue, the Department issued the following clarification that how demand and penalty provisions on such transactions will apply to vide Circular No. 171/03/2022-GST dated 6th July 2017.
In the 47th GST Council meeting, Major decisions were taken around the clarification under GST rates on various goods to rationalize an inverted duty structure. GST Rates were also reduced on certain medical instruments
GST Council received various representations from industries to provide clarification on various GST issues to minimize litigations and streamline business operations. In line with recommendations made in the 47th GST Council Meeting, CBIC has clarified various issues related to GST vide Circular No. 172/04/2022-GST dated 6th July 2022.
47th GST Council meeting held on 28th June and 29th June 2022, GST Council recommended various amendments in GST Rate on goods and services to streamline GST refund due to inverted duty structure, removed various exemptions on goods and services, suggested changes to facility smooth trade operations. To give effect to GST amendments suggested by GST Council, CBIC has issued various notifications and circulars.