Statutory Boost

GSTN has introduced a new facility of Invoice Management System on their portal which will help the taxpayers to simplify the process of reconciliation. It will contain two segments i.e. Inward supplies and Outward supplies. Inward Supplies:  Under this option, recipient taxpayers can easily accept or reject the Inward supply invoices from various vendors at one place in single click. Form GSTR 2B will be regenerated on the basis on inputs provided by the taxpayers and updated ITC details will be auto populated in Form GSTR 2B. Outward Supplies :  Under this option, a universal view of number of records under various tables in Form GSTR-1 can be viewed and downloaded in Excel format. Draft Manual of Invoice Management System can be accessed by clicking  here.                 +91-7417634371     kuldeepdiggiwal@gmail.com

The Central Board of Indirect Taxes and Customs (CBIC) has notifies via Notification no. 14/2021 - Central Tax (Rate) dated 18th November 2021 , the hike in GST rate from 5% to 12% on Fabrics , Apparel, and Footwear w.e.f. 01st January 2022 .  This decision was taken in 45th GST Council meeting to correct the problem of Inverted Duty Structure faced by a small segment of the textile value chain. Particulars of Items Old rate New Rate Apparels 5% - for items having value upto ₹ 1000/- 12% - for items having value above ₹ 1000/- 12% for items of any value Footwear 5% - for items having value upto ₹ 1000/- 12% - for items having value above ₹ 1000/- 12% for items of any value Feel free  to contact in case of any query or consultation.                  +91-7417634371     kuldeepdiggiwal@gmail.com

  Government of India, Ministry of Finance, Department of Revenue has clarified on 17th June 2021 on various matter regarding applicability of GST / applicable rate of GST. A glimpse of the circulars are provided here as under: PARTICULARS CIRCULAR REFERENCE NO. Clarification regarding applicability of GST on supply of food in Anganwadis and Schools It is clarified that services provided to an educational institution by way of serving of food ( catering including mid- day meals) is exempt from levy of GST irrespective of its funding from government grants or corporate donations [ under entry 66 (b)(ii)]. [ Reason - Services provided to an educational institution, by way of catering, including any mid-day meals scheme sponsored by the Central Government, State Government or Union territory is exempt under Entry 66 clause (b)(ii) of notification No. 12/2017-Central Tax (Rate) dated 28th June, 2017 ] Serving of food to anganwa...

44th GST Council Meeting dt. 12th June 2021 FM Smt. Nirmala Sitharaman chaired the 44th GST Council Meeting held today at 11 a.m. via video conferencing. As we all know, GoM was formed following the  43rd GST Council Meeting held on 28th May 2021 . This meeting was held to discuss the recommendation of GoM (Group of Ministers) relating to tax relief on various Covid essential items.  The reduced rates will be effective from date of notification in Official Gazette and will be valid till 30th September 2021. Let's have a look on key reliefs provided in 44th GST Council Meeting : Sr. No. Particulars of goods/ services Existing Rate Revised Rate A.     MEDICINES 1. Remdevisir Anti-Coagulants like Heparin 12% 5% 2. Tocilizumab (used during Covid treatements) Amphotericin B ( the antifungal drug used for black fungus treatment) 5% ...

CGST Act, 2017 and CGST Rules, 2017 has been amended following the recommendation of 43rd GST council meeting held on 28th May 2021 via Notification No. 17/2021-Central Tax to Notification No. 27/2021-Central Tax dt. 1st June 2021  as under:  Notification No. 17/2021-Central Tax dt. 1st June 2021 EXTENSION OF DUE DATE OF FORM GSTR-1 FOR MAY,2021 Due date of GSTR-1 for the month of May, 2021 has been extended till 26 th June,2021 by amending second proviso of  Notification No. 83/2020-Central Tax dt. 10th Nov 2020 which was inserted by amending the said notification via  Notification No. 12/2021-Central Tax dt. 1st May 2021 Notification No. 18/2021-Central Tax dt. 1st June 2021 RELAXATION IN INTEREST PAYABLE Relaxation has been provided in the amount of interest payable as per the below mentioned Table for taxpayers who are liable to pay tax but fails to do so (In the earlier Notification No. 51/2020- Central Tax dt.24th June, 2020 , Interest payabl...