9911796707
TMI BlogRECENT DEVELOPMENTS IN GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... RECENT DEVELOPMENTS IN GST - By: - Dr. Sanjiv Agarwal - Goods and Services Tax - GST - Dated:- 14-10-2022 - - In its latest update, World Bank has slashed India s GDP growth forecast for financial year 2023 to 6.5% from 7.5% citing Ukraine-Russia war and global situation. This 6.5% becomes the lowest estimate by any agency so far. However, according to India s Chief Economic Advisor, India is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... still on course for 7% GDP growth. In India local consumption shall drive growth amid oil worry. Direct tax collection in the country for the financial year 2023 have risen by 24% till October 8, 2022. Net tax collection (net of refunds) at Rs. 7.45 trillion is 52% of the financial year 2022-23 budget estimate. With both taxes, direct and indirect, being buoyant in current fiscal, India may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be able to maintain the fiscal deficit at 6.4%. Government has already collected has the budgeted revenue. GST revenues are likely to continue to be buoyant in 2022-23 given the festive season ahead and higher consumption or demand. The launch of 5G will also boost GST revenue in future on a sustainable basis. Bombay high court in one of the cases has held that there should be a minimum of 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 days time given to file reply to SCN under GST law. Anti Profiteering Authority (NAA) has concluded violation of section 171 relating to anti-profiteering on Loreal with amount of Rs. 186 crore. CBIC recently clarified on time limit for certain compliances in terms of Notification No. 18/2022-Ct dated 28.09.2022. It was clarified that the extended timelines for compliances are applicable to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the compliances for FY 2021-22 onwards. The said compliances in respect of a financial year can be carried out in the relevant return or the statement filed/ furnished upto 30th November of the next financial year, or the date of furnishing annual return for the said financial year, whichever is earlier. No extension of due date of filing monthly return/ statement for the month of October (due in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... November) or the due date of filing quarterly return/ statement for the quarter ending September has been made. According to media reports, e-invoicing may be mandatory for businesses with turnover of over Rs. 5 crore in a year from January, 2023. Government aims to gradually bring all businesses with turnover of over Rs. one crore into e-invoicing system. It is learnt that GSTN has already in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itiated the exercise to upgrade the capacity and facilitate this. The next GST council meeting which was likely to be held in October 2022 is not yet decided and so is the agenda. New Time limits for GST compliances The time limit for the following compliances in respect of a particular financial year has been extended and fixed as 30th November of the next financial year, or fur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nishing of the relevant annual return, whichever is earlier: Provision of the CGST Act, 2017 Section of CGST Act, 2017 Compliance requirements Section 16(4) Claiming of ITC in respect of any invoice or debit note in the return Section 34(2) Declaration of the details of credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notes in the return Proviso to Section 37(3) Rectification of particulars in details of outward supplies Proviso to Section 39(9) Rectification of particulars furnished in a Return Proviso to Section 52( 6 ) Rectification of particulars in the statement furnished by a TCS operat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or The extended timelines for compliances listed above are applicable to the compliances for FY 2021-22 onwards. These compliances in respect of a financial year can be carried out in the relevant return or the statement filed/ furnished upto 30th November of the next financial year, or the date of furnishing annual return for the said financial year, whichever is earlier ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . No extension of due date of filing monthly return/ statement for the month of October (due in November) or the due date of filing quarterly return/ statement for the quarter ending September has been made. (Source: CBIC Press Release ID 1865179 dated 04.10.2022 read with Notification No. 18/2022-Central Tax dated 28.09.2022) Re-opening of TRAN Forms Aggrieved GST taxpa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yers are now allowed to file Form TRAN-1 and / or TRAN-2 to claim the transitional credit of Input Tax Credit (ITC) Time period for this is 1st October, 2022 upto 30th November, 2022. Taxpayers to note that the TRAN forms are enabled and the default filing status of TRAN forms for all taxpayers is now visible as Not Filed . The status Not Filed only implies that TRAN forms are not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed in the new window provided by the Apex Court during 01.10.2022 to 30.11.2022. To access TRAN forms : Access the www.gst.gov.in. The GST Home page is displayed. Login to the GST Portal with valid credentials. Click the Services Returns Transition Forms Command Once TRAN-1 is filed successfully, it cannot be revised. Taxpayers should verify details furnished by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... them before clicking on Submit button. If the submitted forms are not filed with DSC or EVC then the submitted forms would be considered as Not Filed as it would be an unsigned form . (Source: GSTN Advisory dated 01.10.2022) *********** - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
