JANUARY 2022 (Week 3)

GST NEWS BULLETIN

Advisory W.R.T. New Functionality Of Interest Calculator In GSTR-3B To Facilitate Taxpayers In Doing self-Assessment,

The Goods and Services Tax Network (“GSTN”) has issued Advisory dated January 08, 2022, regarding new functionality of interest calculator being released in GSTR-3B on GST Portal for Taxpayers. The interest computed by the system has been aligned with the Section 50 of the CGST Act, 2017, as amended. Consequently, interest liability will be calculated only on that portion of the tax, which is

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AAAR Rules The Classification Of Ready To Eat Fryums Papad Under Tariff Heading No. 19059040 Of The Customs Tariff Act, 1975 And Chargeable To 18% Rate Of Goods And Services Tax.

Appellate Authority for Advance Rulings (AAAR) of Gujarat ruled that the ready-to-eat product would draw 18 per cent rate.

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Knowledge Updates Team
AKGVG & Associates
(Chartered Accountants)

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