CBIC received various issues related to GST refunds such refund should be granted in accordance with invoices appearing in GSTR-2A or GSTR-2B, whether exporter is entitled to claim refund of IGST paid under Rule 96A(1), manner of computation of adjusted total turnover etc.
CBIC has issued circulars to clarify on various issues suggested by the GST Council such as taxability of services provided by one office to another office within same organization and manner of valuation, e-invoices of supplies made to government entities, applicability of GST on shares held by holding company for its subsidiary company.
The applicant transfers gold bars to jewel makers for making ornaments and then purchases such ornaments from them. Jewel makers raise invoices for making charges and transaction value of ornaments sold to the applicant.
GST Council meetings have completed its half century with 50th GST Council meeting held on 11th July 2023 at New Delhi under chairmanship of Hon’ble Union Finance & Corporate Affairs Minister.
GST Department issues advisory on a time-to-time basis on various issues faced by the industries on GST related matters. Recently GST department has issued advisories on the following issues:
As per Common trade practice, export and import transactions are carried out as per INCOTERMS, i.e., a set of internationally recognized rules which define the responsibilities of sellers and buyers in the export transaction.
A further step in this direction, CBIC has issued instructions to the GST officials to become more digital at the initial stage itself of GST registration itself. Most of the bogus firm registration can be avoided at this point only. For this purpose, a detailed instructions are issued vide Instructions No. 03/2023-GST dated 14th June, 2023.
CBIC issued Standard Operating procedure (SOP) for scrutiny of returns u/s 61 of CGST Act read with Rule 99 of CGST Rules, 2017 for FY 2017-18 and FY 2018-19 through Instruction No. 02/2022-GST dated March 22, 2022.
The department has initiated scrutiny of GST returns and most of the taxpayers are in receipt of various notices and orders from GST authorities in form GST ASMT-10, GST DRC-01, Notice from Anti-evasion etc.
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.
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