Reading Time: 2 minutesRecommendations made by 53rd GST council meeting held on 22nd June 2024 are as following;- 1. Waver of interest and penalty on demand notices issued under section 73 for FY 2017-18, 2018-19, 2019-20. Applicable in cases where tax is paid entirely by March 2025. 2. time limit to avail ITC u/s16(4) filed up to
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Reading Time: < 1 minuteGST collection during the month of November 2023 crossed 1.67 lakh crore The gross GST revenue collection for the month of November, 2023 is ₹1,67,929 crore out of which CGST is ₹30,420 crore, SGST is ₹38,226 crore, IGST is ₹87,009 crore (including ₹39,198 crore collected on import of goods) and cess is ₹12,274 crore (including
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Reading Time: 3 minutesGSTN has provided the system to facilitate the taxpayers, such amount of ITC required to be reversed on account of Rule 37A of CGST Rules for the financial year 2022-23 has been computed from system and has been communicated to the concerned recipient. The email communication to this effect has been sent on the registered
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Reading Time: 2 minutesAdvisory for Pilot Project of Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Gujarat and Puducherry: a new biometric-based Aadhaar authentication and document verification process for GST registration applicants is introduced by The Goods and Services Tax Network (GSTN) in Gujarat and Puducherry states. This system is launched to streamline the registration
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Reading Time: 6 minutesGST Appeal Amnesty Scheme, CBIC has notified the amnesty scheme allowing filling appeal under GST till January 31, 2024 , In the 52nd GST Council meeting, the council has announced Amnesty for GST Appeals and the related notification No.53/2023– Central Tax dated 2nd November 2023 has been issued. Eligibility Criteria: The Appeal may be filed
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Reading Time: 8 minutesLiability to pay in certain cases, the provisions for fixing the responsibility of payment of tax tax, interest or penalty in case of transfer of business, mergers and amalgamation, liquidation of companies, dissolution of firms, retirement of partners etc. In these situations, it was found that determination of the person responsible for payment of tax
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Reading Time: 2 minutesGST on advance received, the time of supply determines when the taxpayer is required to discharge tax on particular supply. Time of supply provisions are governed by Section 12 to 14 of the CGST Act, 2017. As per the said provisions, the time of supply is determined with reference to the time when the supplier
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Reading Time: 3 minutesOnline Money Gaming services, The Goods and Services Tax Network (“GSTN”) has issued an Advisory No. 609 dated October 17, 2023 on the Person supplying of Online Money Gaming services or Online Information Database Access and Retrieval (OIDAR) or Both– Form GST REG-10 and Form GSTR-5A. General: In terms of the recent amendments made in the
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Reading Time: 4 minutesCommon errors – e-Invoicing, E–invoicing errors can cause in the rejection of transactions. The table provide the resolution the common errors that occur during e–Invoicing … Error code E-invoicing Error message Reason for E-invoicing Error Resolution for the error 2150 Duplicate Invoice Reference Number Taxpayer uploading the same invoice which is already registered and IRN is generated. To avoid this
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Reading Time: 2 minutesGST invoice format, there is no format prescribed for an invoice in CGST Act 2017, however, Invoice rules makes it mandatory for an invoice to have following fields (only applicable field are to be filled): (a) Name, address and GSTIN of the supplier; (b) A consecutive serial number, in one or multiple series, containing alphabets
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