Over this video lets explore the rules 42 and 43, how it works, and ignorance of taxpayers for which potential consequences would in store. Potential litigations are in store.
The purpose this circular No.170/02/2022 was to clarify mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B and statement in FORM GSTR-1. The category of changes suggested are broadly in lines of : Changes relating to supplies through E-commerce operators Changes relating to reporting of inter-state supplies Changes relating to ITC Over this blog, we attempt to trace the changes relating to ITC on to respective rows of GSTR 9 for FY 2022-23. Clarification as such on these lines not available elsewhere, so its to be understood as our personal view only for any wider consumption for application as such. Vide this circular No.170/02/2022 para 4, the following key points were instructed: Presently, Table 4A of GSTR-3B contains the details of various ITC being claimed. Table 4B contains details of various reversals. Table 4C, i.e. the difference...
Various notifications have been issued on 5th July 2022, to give effect to various recommendations made by the GST Council, in its 47th meeting. Notification 9/2022 Central Tax Dt. 05.07.2022. This notification fixes 5th July 2022 as the date from which the amendments made to CGST Act, 2017 vide Section 110 (c) and 111 of the Finance Act, 2022 shall come into effect. Vide clause (c) of Section 110 of the FA, 2022, a new sub section (10) has been substituted in Section 49. As per this amended sub-section, the amount lying in the electronic cash ledger of a tax payer can be transferred to another registration of the same entity, having same PAN. This would be possible, only if the transferor unit is not having any outstanding tax liability. Vide Section 111 of the FA, 2022, a new sub-section (3) has been introduced under Section 50 of the CGST Act, with retrospective effect from 01.07.2017, which is reproduced below. “(3) Where the input tax credit has been wrongly...
“Education” is not defined in the CGST Act but as per Apex Court decision in “Loka Shikshana Trust v/s CIT”, education is process of training and developing knowledge, skill and character of students by normal schooling. Taxing the Education Sector has always been a sensitive issue, as education is seen more as a social activity than a business one. The government has a constitutional obligation to provide free and compulsory elementary education to every child. Thus, to promote education, it would be beneficial if educational services are exempted from tax. However, commercialisation of education is also a reality. The distinction between core and ancillary education is blurring and education is now an organised industry with huge revenues. The GST Act tries to maintain a fine balance whereby core educational services provided and received by educational institutions are exempt and other services are sought to be taxed at the standard rate of 18%. Directorate General of GST Intel...
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