LDR GST

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...

In our earlier blog on 47th GST Council's recommendations, we have reproduced their press report for full coverage as they said it. Every recommendation is significant in the eyes of respective goods or services providers. Over this article, lets look at those recommendations that has an impact across the suppliers, and also some welcoming changes.  Recommendations by Group of Ministers ( GoM) on a rate rationalization to remove the Inverted duty structure on certain goods and services, results in elimination of administrative efforts by the department, and taxpayers can save time.  Change in formula for calculation of refund under rule 89(5) to take into account utilization of ITC on account of inputs and input services for payment of output tax on inverted rated supplies in the same ratio in which ITC has been availed on inputs and input services during the said tax period. This would help those taxpayers who are availing ITC on input services also . Works contract services ...

The GST Council’s 47th meeting was held in Chandigarh on 28th and 29th June, 2022 under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has inter-alia made the following recommendations relating to changes in GST rates on supply of goods and services and changes related to GST law and procedure: I. Recommendations relating to GST rates on goods and services A. Rate Rationalization to remove inverted duty structure [Approval of recommendations made by GoM on rate rationalization] S. No. Description From To GOODS 1.        Printing, writing or drawing ink 12% 18% 2.        Knives with cutting blades, Paper knives, Pencil sharpeners and blades therefor, Spoons, forks, ladles, skimmers, cake-servers etc 12% 18% 3...