Businesses can now claim input tax credit for 2021-22

• Sep 30, 2022
  Businesses can now claim input tax credits for 2021-22 and can rectify any errors in respect of details of outward supplies up to November 30.The government has notified an amendment to the central goods and services tax Act to provide for additional time for claiming input tax credit, issuance of credit notes, rectification of errors and extending the last date of September 30. The due date of issuance of credit notes and declaration in the returns has also been extended to November 30.

GST

Last date for FY22 GST ITC extended

• Sep 30, 202
  The Central Board of Indirect Taxes and Customs (CBIC) has extended the last date for taking input tax credit (ITC) for FY22 from October 20 to November 30. The due date for issuance of credit notes and declaration in the returns for FY22 has also been extended to November 30.

GST

Budget to reset tax laws to decriminalise sections in I-T, GST: Finance Ministry

• Sep 30, 2022

• No compounding under GST yet due to steep penalties, may slash them to curb tax disputes. The Union Budget 2023-24 will include steps to decriminalise taxation laws, remove provisions in the Income Tax, GST and Customs laws that are similar to sections that can be invoked under the Indian Penal Code (IPC), and reduce ‘prohibitive’ compounding charges under GST, a senior Finance Ministry official said. The compounding provisions in GST, which entail penalties from 50% to 150% of the tax amount involved, make it “impossible for anybody to pay”, said Vivek Aggarwal, Additional Secretary in the Department of Revenue. As a result, “there has been zero compounding in India till now for all cases filed under the GST Act,” he added.

GST

Sept GST receipts at close to Rs 1.48 trn

• Oct 03, 2022
  Gross goods and services tax (GST) collections came in at Rs 1,47,686 crore in September (August transactions), reflecting a stabilisation of the monthly revenue from the consumption tax at above Rs 1.45 trillion.The mop-up has remained above the Rs 1.4-trillion mark for the seventh month in a row. Average monthly collections in April-September this fiscal were close to Rs 1.49 trillion, compared with Rs 1.23 trillion in FY22. On September 14, revenue secretary Tarun Bajaj had asked revenue officers to try and ensure GST collections of around Rs 1.5 trillion from October onwards.

GST

Both GST and Excise duty can be imposed on tobacco: Karnataka HC

• Oct 06, 2022
  The Karnataka High Court has ruled that the Union government is entitled to levy Central GST (CGST) as well as excise duty on tobacco and tobacco-derived products. It dismissed a bunch of petitions by tobacco manufacturers who had challenged the same. "The levy of excise duty on tobacco and tobacco products is a matter of public policy and this court in exercise of writ jurisdiction would not interfere with the same. The CGST itself contemplates levy of excise duty upon tobacco and tobacco products apart from they being taxed under the provisions of CGST," Justice M I Arun stated in the recent judgment.
  

GST

E-invoices must for businesses with over 5 crore turnover a year

Oct 11, 2022

Businesses with annual turnover of over ?5 crore will have to move to e-invoicing under goods and services tax (GST) from January 1. The GST Network has asked its technology providers to make the portal ready to handle the increased capacity by December, a government official privy to the development, told ET. The official said the target is to bring all businesses with turnover above ?1 crore under this framework by next fiscal year, which will further plug revenue leakages and improve compliance. The GST Council had decided to implement electronic invoice in a phased manner. The aim is to bring all the small businesses under the formal economy. "As per the GST Council recommendation, e-invoicing will become mandatory for businesses over ?5 crore turnover from January 1," the official said.

GST

GST Appellate Tribunals: Can it reduce the problem of pending cases?

• Oct 12, 2022
  Since the introduction of GST in July 2017, businesses have been dealing with interpretational and technical challenges resulting in protracted litigation with respect to GST laws. In the absence of GST Appellate Tribunals, taxpayers have often been invoking writ jurisdiction to seek relief from High Courts. Given the pendency of matters, the constitution of the GST Appellate Tribunal (GSTAT) has been much awaited in recent years for judicious disposal of cases. The proposition of setting up these Tribunals gathered some momentum with cabinet approval and subsequent notification for the creation of the GSTAT National Bench at New Delhi, approval for the formation of the state tribunals in identified states and formation of GST Tribunal Rules for appointment of members in the past few years.

GST

Employers no longer require to deduct GST on subsidised meal cost recovered from employees: AAR

• Oct 12, 2022
  Employers will no longer require to deduct GST on the subsidised meal cost recovered from their employees, the Authority of Advance Ruling (AAR) said on Tuesday. The Gujarat bench of the AAR gave the ruling after Zydus Lifesciences approached the authority to seek clarification on whether GST would be levied on the amount deducted from the salaries of its employees who avail food in the factory/corporate office. Zydus Lifesciences has entered into an agreement with the canteen service provider according to which it pays full amount to the service provider for the food served during a prescribed period on behalf of the employees. A pre-determined percentage of the amount paid by Zydus Lifesciences is recovered from the employees and the balance amount is borne by the company.

GST