Regarding a GST rate increase, no decision has been made. Since the second report on casinos and online gaming was not distributed, it was not on the agenda for the 48th meeting. Cess on SUV at 22% clarified- Applicable if meets 4 criteria- Popularly known as SUV, The engine capacity of more than 1500 cc,...
The Notification No. 04/2022–Central Tax (Rate) dated July 13, 2022 has amended the Notification No. 12/2017–Central Tax (Rate) dated June 28, 2017. The following supplies were earlier exempts from GST vide Notification No 12/2017 Central Tax (Rate) dated June 28, 2017 against serial number 21, in column (3), clauses (b) and (c): (b) goods, where...
The Central Board of Indirect Taxes and Customs (CBIC) vide Notification No. 17/2022–Central Tax dated August 01, 2022 notified the reduction in the Applicability of GST E-invoicing threshold from Rs.20 Crores to Rs.10 Crores with effect from October 1, 2022.
The Goods and Services Tax Network (“GSTN”) has enabled a new feature to show return filling frequency on GST Portal for the Taxpayers. Now anyone can check the return filling frequency of any GST registered person. This feature will help you to identify the Quarterly Returns Monthly Payment (“QRMP”) and Non QRMP dealers. The frequency...
The GST Council’s 47th meeting was held in Chandigarh on 28th and 29th June, 2022 under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The key highlights are as under: 1. Exemption from filing annual return in FORM GSTR-9/9A for FY 2021-22 to be provided to taxpayers having AATO upto Rs. 2...
The introduction of CENVAT removed to a great extent cascading burden by expanding the coverage of credit for all inputs, including capital goods. CENVAT scheme later also allowed a credit of services and the basket of inputs, capital goods, and input services could be used for payment of both central excise duty and service tax....
The salient features of GST are as under: (i) GST is applicable on ‘supply’ of goods or services as against the present concept on the manufacture of goods or on sale of goods or on provision of services. (ii) GST is based on the principle of destination-based consumption taxation as against the present principle of...
In the discussion that preceded the amendment in the Constitution for GST, there were a number of thorny issues that required resolution and agreement between the Central Government and State Governments. Implementing a tax reform as vast as GST in a diverse country like India required the reconciliation of the interests of various States with...
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