The GST Department and CBIC keeps on issuing various notifications, circulars and instructions on small and big matters for ease of industries. Similarly, various updates are also made on GST portal to make the GST portal more automated and integrated with other portals.
, 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.
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.
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.
the GST Investigation wing has issued guidelines on the issuance of summons under Section 70 of CGST Act vide Instructions No. 03/2022-23 (GST-Investigation) dated 17th August 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.
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.
The CBIC has issued Circular No. 170/02/2022 – mandatory furnishing of correct and proper information in GSTR-1 and GSTR-3B and Amendment in GSTR-3B
In this directions, CBIC has announced some major amendments in Goods and Service Tax which are to be made effective from 01.01.2022. Following are the key changes becoming applicable from 01.01.2022:
The power conferred under Rule 86A is very drastic. Power under Rule 86A should be invoked only if fraudulent ITC or ineligible ITC has been claimed by the assessee and the authority has recorded the reasons for the same in writing.
The authority is bound to record the reasons of invoking Rule 86A in writing and communicate such reasons to the assessee. On receipt of such reasons, the assessee is entitled to make his submission/objection requesting for lifting.
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