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This category contains 42 posts

Constitution Of The GST Appellate Tribunal – Need For Speedy Judicial Remedy

[Source: www.mondaq.com; Author: Smita Singh, Singh & Associates] Ambiguity and delay in any dispute resolution mechanism is undesirable for any system including taxation. Ever since the introduction of GST more than four years ago, we have seen a steep rise in litigation mainly due to the reason of ambiguous legal provisions. Further, consequent to non-constitution […]

QRMP scheme launched for GST payers with turnover up to Rs.5 crore

The government has launched the Quarterly Return filing & Monthly Payment of Taxes (QRMP) scheme for small taxpayers under GST system. Taxpayers with aggregate annual turnover of up to ₹5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by November 30, 2020, are eligible for this scheme. The GST […]

GST e-Invoice mandatory from 1-1-2021 for turnover more than Rs 100 Cr

Goods and Services Tax (GST) e-invoicing is the most discussed topic for businesses today. E-invoicing is a system wherein invoices are registered electronically by the Invoice Registration Portal (IRP) for use on the common GST portal. As per the latest notifications, suppliers having an annual turnover above Rs 500 crore have been mandated to generate […]

Launch of GSTR-2B for the month of July 2020

Press Release GSTR-2B is an auto-drafted ITC statement which will be generated for every registered person on the basis of the information furnished by his suppliers in their respective GSTR-1, 5 (non-resident taxable person) and 6 (input service distributor). It is a static statement and will be made available for each month, on the 12thday of the succeeding […]

Scheme for manufacturing and Processing in a bonded facility – GST Impact

[Source: ICAI GST Newsletter; Author: CA Abhishek Agarwal] BONDED MANUFACTURING SCHEME Government along with CBIC in order to promote India as the manufacturing hub globally, to promote make in India initiative and to facilitate ease of doing business has come up with the bonded manufacturing scheme. Under this scheme any person undertaking manufacturing or other […]

Additional relief in GST compliance

With most part of the country under lockdown or partial lockdown, government has notified some fresh relief measures in GST compliance. 1) Due date to furnish GST annual return for FY 2018-19 is further extended to September 30, 2020. 2) Validity period of e-way bill expiring between 20-3-2020 to 15-4-2020 extended till 31-5-2020. 3) CBIC […]

Covid19 relief on GST Rule restricting ITC to 10%

According to sub-rule (4) in Rule 36 of CGST Rules introduced w.e.f. 9-Oct-2019, a registered person can avail ITC in respect of the invoices, the details of which have not been uploaded by the suppliers and reflected in GSTR-2A of the registered person availing ITC, only to the extent of 20% of the total eligible […]

GST Amendment – relief to exporters of goods

The exercise of option to export under (1) LUT, or (2) on payment of IGST is left to the exporters. However, in the Month of October 2017, the Government while restoring the tax-free procurements, for EOU’s, under Advance authorization/ EPCG etc., restricted the second option for such exporters. Recently, the Government vide Notification No. 16/2020-CT […]

Some Important Relief Measures in view of COVID-19

In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance on 31.03.2020 which provides for extension of various time limits under […]

Recommendations of 39th GST Council meeting

[Source: pib.gov.in] Recommendations of GST council related to law & procedure The 39th GST Council in its meeting held on 14th March, 2020, has made the following recommendations on Law & Procedures changes. 1)       Measures for Trade facilitation: a)      Interest for delay in payment of GST to be charged on the net cash tax liability […]