GST - All About to Know

23/06/2024

*28 Recommendations of 53rd GST Council Meeting*

1. GST Council recommends waiving interest and penalties for demand notices issued under Section 73 of the CGST Act (i.e. the cases not involving fraud, suppression or wilful misstatement, etc.) for the fiscal years 2017-18, 2018-19 and 2019-20, if the full tax demanded is paid upto 31.03.2025.

2. GST Council recommends the time limit to avail input tax credit w.r.t. any invoice or debit note under Section 16(4) of CGST Act, through any GSTR 3B return filed upto 30.11.2021 for FY 2017-18, 2018-19, 2019-20 and 2020-21, may be deemed to be 30.11.2021

3. Council has recommends monetary limit of Rs. 20 lakh for GST Appellate Tribunal, Rs. 1 crore for High Court and Rs. 2 crore for Supreme Court, for filing of appeals by the Department, to reduce litigation GST Council recommends reduction of the quantum of pre-deposit required to be paid for filing of appeals under GST

4. GST Council recommends amending provisions of CGST Act to provide that the three-month period for filing appeals in GST Appellate Tribunal will start from a date to be notified by the Government To ease the interest burden of the taxpayers

5. GST Council recommends to not levy interest u/s 50 of CGST Act in case of delayed filing of return, on the amount which is available in Electronic Cash Ledger (ECL) on the due date of filing of the said return.

6. GST Council recommends sunset clause from April 1st, 2025 for receipt of any new application for Anti-profiteering.

7. GST Council recommends exemption from Compensation Cess leviable on the imports in SEZ by SEZ Unit/developer for authorised operations from 1st July, 2017.

8. GST Council recommends 12% GST on milk cans (steel, iron, aluminum) irrespective of use; Carton, Boxes And Cases of both corrugated and non-corrugated paper or paper-board; Solar cookers whether single or dual energy source; and sprinklers including fire water sprinklers.

9. GST Council recommends exemption of certain services provided by Indian Railways to common man and also intra railway supplies.

10. GST Council recommends certain exemptions related to accommodation services, providing relief to students and working professionals.

11. GST Council recommends to roll-out the biometric-based Aadhaar authentication of registration applicants on pan-India basis in a phased manner

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Ministry of Finance Recommendations of 53rd GST Council Meeting GST Council recommends waiving interest and penalties for demand notices issued under Section 73 of the CGST Act (i.e. the cases not involving fraud, suppression or wilful misstatement, etc.) for the fiscal years 2017-18, 2018-19 and 20...

05/08/2022

🎗️
GST Calendar of Return Filing Due Dates in August 2022.

Read More: https://bit.ly/31wyTRC

05/08/2022

GST Compliance Calendar for the month of August'22

06/07/2022

Source -

01/07/2022

*GK Night Dose*

*1st JULY GST DAY (Goods & Services Tax)*

🔸1 July 2017 GST to be applicable across India.

🔸1st GST Day was celebrated on 1 July 2018

💰France 1st country to implement GST in 1954

💰Assam was the 1st state to ratify the GST Bill

💰The 1st state to pass State GST Bill is Telangana

💰Indian GST Follows Canadian Dual Model

💰Constitution Amendment Bill (115th) to GST introduced in the LokSabha

💰GST Amendment Act : 101st
💰Constitutional Bill : 122

💰GST Council (Article 279A) Headed By : Union Finance Minister

*GST RELEATED NEWS*

🔶47th Meeting Of GST Council To Be Held In Srinagar

🔶Nirmala Sitharaman Inaugurated National Museum Of Customs And GST In Goa

🔶MH & UP tops in GST Registrations by Businesses & Dealers

💰28% GST will be levied on lotteries



Happy National Chartered Accountant Day to all the CAs.

🌟The day of celebration for all the hard work chartered accountants put in their work to help the nation grow. ✨💐🙏

23/06/2022

GoM proposes removal of many GST exemptions
The GoM, which met virtually on June 17, decided to seek more time from the GST Council to finalise its main report concerning restructuring of the GST slabs.

27/02/2022

Updates

22/02/2022

ITC on Capital Goods!!!

22/02/2022

07/02/2022

Central Government To Bring Aviation Fuel Under GST

In the next GST Council meeting, Finance Minister Nirmala Sitharaman is likely to discuss with the states to bring air fuel i.e. ATF under the ambit of GST. The Finance Minister, while answering the question of SpiceJet CMD Ajay Singh during an event of the Industry Chamber, said that the aviation sector is aware of the current challenges and many steps can be taken soon to solve it. The rising demand for infra sector status to the hospitality and aviation sector and the Finance Minister has assured to solve it seriously soon. In fact, air fuel costs up to 45% of any airline's operations. This is the reason that at present, airlines are always troubled by the impact of double taxation i.e. tax from the center to the states In such a situation, with only one tax, GST, the sector is confident that not only will the operational cost come down, but air travelers will also get the benefit of it in the form of affordable airfare in the long run.