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Clarification on the manner of dealing with differences in ITC availed FORM GSTR-3B Vs ITC reflecting in GSTR-2A for FY 2017-18 and 2018-19
, 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.
By CA. Sachin Jindal
Last update on January 6,2023
Takeaways from 48th GST Council Meetings 
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.
By CA. Sachin Jindal
Last update on December 19,2022
RBI Guidelines on Merchant Trade Transaction
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.
By CA. Kapil Mittal
Last update on December 17,2022
Revised procedure of granting IGST Refund to Risky Exporters
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.
By CA. Sachin Jindal
Last update on December 5,2022
CBIC can’t modify scope of Exemption Notification
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.
By CA. Sachin Jindal
Last update on November 29,2022
GST on liquidated damages, compensation and penalty arising out of breach of contract, etc.
Performance is the essence of a contract. Liquidated damages cannot be said to be a consideration received for tolerating the breach or non-performance of the contract.
By CA. Sachin Jindal
Last update on November 15,2022
7 New Production Linked Incentive (PLI) Scheme | Micro Small and Medium Enterprises (MSMEs) are real beneficiaries
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.
By CA. Kavit Vijay
Last update on October 18,2022
Decoding newly substituted Section 38 of CGST Act| Implementation of water-tight ITC provisions
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.
By CA. Shilpi Goyal
Last update on October 12,2022
9 GST Amendment effective from 1st October 2022 | Finance Act, 2022
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.
By CA. Vipin Tyagi
Last update on October 12,2022
Guidelines for filing/revising TRAN-1/ TRAN-2| Filing window reopens from 01.10.2022
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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