Addressingto challenges faced by taxpayers, FINMIN has proposed some changes in GST provisions through Finance Bill,2020 which majorly relates to restrictions in respect of availment of input tax credit (referred to as ‘ITC’) and cancellation of voluntary registration. To make headway against refinement of GST Act, following are amendments proposed in finance bill 2020: Entry…
Category: GST related services
New GST Return Format
1.1 Applicability: Major outcome of the 31st Council meet was to introduce new return system under GST. New return system will contain simplified return forms, for ease of filing. An insight of the new tool was provided in May 2019 with a prototype of the offline tool being shared on the GST Portal. The Ministry…
Analysis of Central Goods and Services Tax (Fifth Amendment) Rules, 2019: Part-1
The Central Government exercising the powers conferred by section 164, has made an amendment to CGST Rules 2017 ,which is termed as CGST (Fifth Amendment) Rules, 2019. Rule 12 (1A): Grant of registration to persons required to deduct tax at source or to collect tax at source- A person applying for registration to [deduct or]* collect…
GST E-invoice on Government Portal
GST was implemented with several unique provisions which intended to reduce the complexities of pre-GST era. One of such provision stated in rule 46 of CGST rules, 2017 which conferences about unique series of invoice under GST. As per law,a valid invoice is required to claim ITC absence of which results is inadmissibility of credit….
Inter-State Supplies to Unregistered Persons shall Report as Mandated by Law Table 3.2/ GSTR-3B & Table 7B/ GSTR–1
Under GST regime, separate returns namely GSTR-1 & GSTR -2 respectively were designed for reporting of sale and purchase details. But due to teething problems under GST law, GSTR -2 did not materialised since its inception. Also, initially GST law makers had plan to introduce GSTR-3 which obviously could not be possible in the absence…
Applicability of IGST on goods transferred / sold while being deposited in a warehouse
As a common practice while importing goods, the goods shall first land to custom bonded area then transfer or sale of such goods occur from that area. As a trade practice importer files an into-bond bill of entry and stores the goods in a customs bonded warehouse and thereafter, supplies such goods to another person…
Can an inspecting authority change the declaration made by consignor/ consignee/ transporter regarding the details of goods covered by e-way bill?
For movement of goods across India, GST law provides a mechanism for generation of e-way bill (EWB) number electronically. E-way bill is a document/number to be carried by the person-in-charge of conveyance. The provisions related to the generation and non- applicability of e-way bill has been laid down in GST law. The same are updated…
Shelter of section 142 (3) cannot be taken to prevent lapse of CENVAT
Earlier under the era of Excise Duty & Service Tax, taxes paid on inward supply of goods & services were considered as CENVAT credit. GST consolidated both the above stated taxes into one. As such, transition provisions under GST Act,2017 explicitly stated the treatment of CENVAT credit. The intention of the law makers that no…
