News and Announcements

GST refund filing and claims process
GST Refund
CA. Kapil Mittal

Updated GST refund filing and claims process

Introduction In order to facilitate a smooth flow of GST refund filing and claims process, the Central Board of Indirect Taxes and Customs (‘CBIC’) has strived to implement a hassle-free refund process at every stage. In line with this objective, the GST Council, in its 31st meeting held on 22 December 2018 has rationalised and introduced several taxpayer friendly measures in the GST refund filing and claims process. In addition, several clarifications on procedural aspects of refund claims, jurisdiction, inverted duty structure, compensation claims, Input Tax Credits etc. have been issued which would bring in practical clarity on the process

Read More »
Formats for filing Annual Returns revised GSTR-9 and GSTR-9C
Audits
CA. Sachin Jindal

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

1. Formats for filing Annual Returns revised GSTR-9 and GSTR-9C Revised GSTR-9 and GSTR-9C 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

Read More »
Amendments to the CGST Rules (1)
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

Read More »
GST on various programmes being conducted by the IIMs
Circulars
CA. Sachin Jindal

GST on various programmes being conducted by the IIMs

With the enactment of the Indian Institutes of Management Act, 2017, GST implication on the IIMs has undergone various changes under GST programmes by IIMs and the same has been clarified by the board vide circular no. 82/01/2019-GST dated 1st January 2019. Phase-wise taxability of IIMs, as clarified by the board, under GST programmes by IIMs is being summarized in the current article with respect to various programs by IIM . GST programmes by IIMs Period 1ST July, 2017 Till 30th January, 2018 IIMs is eligible for exemption available at sr. no. 67 to notification no. 12/2017 – Central Tax

Read More »
GST on Asian Development Banks and International Finance Corporation
Circulars
CA. Kapil Mittal

GST on Asian Development Banks and International Finance Corporation

Introduction GST position of both the Asian Development Banks and the International Finance Corporation has been clarified by the board vide circular no. 83/02/2019-GST dated 1st January, 2019. 1. GST on Asian Development Banks (ADB) The Asian Development Banks Act, 1966 specifically provides that notwithstanding anything to the contrary contained in any other law, the Bank, its assets, properties, income and its operations and transactions shall be exempt from all the taxation and from all the customs duties. Further, the Act also exempts the Bank from any obligation for payment, withholding or collection of any tax or duty. Clarification by

Read More »
GST on service of printing of pictures
Circulars
CA. Sachin Jindal

GST on service of printing of pictures

Introduction GST on Service of Printing of pictures is being classified under service code 998912, however, the correct classification is service code 998386 and the same is clarified by the board vide circular no. 84/03/2019-GST dated 1st January, 2019 which is being explained in the present article. Circular no. 84/03/2019-GST dated 1st January, 2019 clarifies that the service of ‘printing of pictures’ attracts GST @ 18% (9% CGST and 9% SGST) and are classifiable under service code 998386. 1. Trade practice being followed in respect of classification of ‘printing of pictures” The service of ‘printing of pictures’ is being classified

Read More »
Supply of Food and Beverage service by the Educational Institution
Circulars
CA. Kapil Mittal

GST rate on Supply of Food and Beverage service by the Educational Institution

Due to the two conflicting notifications, doubt was raised with regard to the GST on Supply of Food and Beverage service by the Educational Institution to its students, and the same is clarified in the current circular. Clarification on GST on Supply of Food and Beverage service by the Educational Institution The outcome of entire clarification on GST on Supply of Food and Beverage service by the Educational Institution is tabulated hereunder for easy understanding Case GST Applicability Foods and beverages supplied by an educational institution to its students, faculty and staff Exempt under GST vide sr. no. 66 of

Read More »
Exemption for intra-State supply of gold
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

Read More »
Categories

V J M & Associates LLP

Contact Us

X