Action has to be taken in Supplier before initiating recovery proceedings on the Recipient for non filing of GST Returns by the Supplier
India-gst - The one stop for Indian GST
by CMA Bhogavalli Mallikarjuna Gupta
8M ago
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Taxation Implication Crypto Currencies in India: Some Thoughts
India-gst - The one stop for Indian GST
by CMA Bhogavalli Mallikarjuna Gupta
2y ago
Taxation Implication Crypto Currencies in India: Some Thoughts Trade and Commerce play a vital role in the progress of any country’s economy. Trade started about 1,50,000 years ago, and in the initial days of trade, goods and services were exchanged. Over a period, bater has been replaced with physical currency. The currency issued by various Federal Governments is of two types, Gold Standard. The currency which is backed by the quantity of gold equivalently is known as Gold Standard. The other category is Fiat System. In this, the currency system is not backed by any Gold reserves. They are o ..read more
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GST collection for October 2021 registered the second-highest since the implementation of GST
India-gst - The one stop for Indian GST
by CMA Bhogavalli Mallikarjuna Gupta
2y ago
GST collection for October 2021 registered the second-highest since the implementation of GST. The gross GST revenue collected in the month of October 2021 is ₹ 1,30,127 crore of which CGST is ₹ 23,861 crore, SGST is ₹ 30,421 crore, IGST is ₹ 67,361 crore (including ₹ 32,998 crores collected on import of goods) and Cess is ₹ 8,484 crore (including ₹ 699 crores collected on import of goods). The government has settled ₹27,310 crores to CGST and ₹ 22,394 crores to SGST from IGST as regular settlement. The total revenue of the Centre and the States after re ..read more
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Resumption of Blocking of E-Way Bill (EWB) generation facility.
India-gst - The one stop for Indian GST
by CMA Bhogavalli Mallikarjuna Gupta
2y ago
Resumption of Blocking of E-Way Bill (EWB) generation facility. 1. The blocking of E way bill generation facility had been temporarily suspended by Government on account of Covid pandemic. In terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, the E Way Bill generation facility of a person is liable to be restricted, in case the person fails to file their return in Form GSTR-3B / statement in CMP-08, for consecutive two tax periods or more, whether Monthly or Quarterly. 2. The blocking of EWB generation facility has now resumed on the EWB portal for all the taxpayers. Going forward, from ..read more
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Key Features – File Validation Utility (FVU) version 7.2
India-gst - The one stop for Indian GST
by CMA Bhogavalli Mallikarjuna Gupta
2y ago
New File Validation Utility has been released by NSDL for filing of 26Q, 27Q and 27EQ and the same is effective from 1st October 2021. Following are the changes A. Addition of new Section code 194P for Form 24Q 194P: Deduction of tax in case of specified senior citizens This section will be applicable for regular and correction statements pertaining to FY 2021-22 onwards. B. Addition of new Section code 196D(1A) for Form 27Q 196D(1A): Income of specified fund from securities referred to in clause (a) of subsection (1) of section 115AD (other than interest income referred to in section 194LD ..read more
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GST Revenue collection for September 2021
India-gst - The one stop for Indian GST
by CMA Bhogavalli Mallikarjuna Gupta
2y ago
GST Revenue collection for September 2021 The gross GST revenue collected in the month of September 2021 is ₹ 1,17,010 crore of which CGST is ₹ 20,578 crore, SGST is ₹ 26,767 crore, IGST is ₹ 60,911 crore (including ₹ 29,555 crore collected on import of goods) and Cess is ₹ 8,754 crore (including ₹ 623 crore collected on import of goods). The government has settled ₹ 28,812 crore to CGST and ₹ 24,140 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of September 2021 is ₹ 49,390 crore f ..read more
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Advisory for Taxpayers regarding Generation of EWB where the principal supply is Supply of services.
India-gst - The one stop for Indian GST
by CMA Bhogavalli Mallikarjuna Gupta
2y ago
Advisory for Taxpayers regarding Generation of EWB where the principal supply is Supply of services. One of the common issued faced by taxpayers who are dealing with composite supply where there is requirement to ship goods also when executing a service contract. To address this GSTN has issued an advisory on the same. 1. Representations have been received from various trade bodies stating that they are not able to generate EWB bill for movement of those goods where their principle supply is classifiable as a service, since there is no provision for generating E-way Bill by entering SAC (Servi ..read more
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On demand fetching of Bill of Entry details from ICEGATE Portal
India-gst - The one stop for Indian GST
by CMA Bhogavalli Mallikarjuna Gupta
2y ago
On demand fetching of Bill of Entry details from ICEGATE Portal One of the common issued faced by the importer of goods, is Bill of Entry not being reflected in Form GSTR – 2B. To address this, the portal has provided with a new functionality wherein the taxpayers/importers can fetch the records from the ICEGATE portal. In this context new feature has been released and an advisory is also issued by the GSTN for the ease of understanding of the taxpayers. To help importers of goods, and recipients of supplies from SEZ, search Bill of Entry details, which did not auto-populate in GSTR-2A, a sel ..read more
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Recommendations of 45th GST Council Meeting
India-gst - The one stop for Indian GST
by CMA Bhogavalli Mallikarjuna Gupta
2y ago
Recommendations of 45th GST Council Meeting. The first meeting to take place in persons after the impact of COVID-19. Some key decisions are taken in today’s meeting to augment revenue, stream line GST provisions on portal as per Law and some exemptions were provided for treatment of COVID-19 or extension of concessional rates extended till 31st Dec 2021. Life-saving drugs Zolgensma and Viltepso used in treatment of Spinal-Muscular Atrophy exempted from GST when imported for personal use Extension of existing concessional GST rates on certain COVID-19 treatment drugs upto 31 December 2021 GST ..read more
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Annual Aggregate Turnover Computation Methodology
India-gst - The one stop for Indian GST
by CMA Bhogavalli Mallikarjuna Gupta
2y ago
For Normal Taxpayers who have filed all GSTR-3Bs: Turnover reported in GSTR-3B Column 2 of Table 3.1 { (a),(b),(c) & (e)} during the Financial Year 2020-21 have been taken into consideration (in case all the returns have been filed for the same). Outwardtaxable supplies(other than zerorated, nil rated and exempted). Outwardtaxable supplies(zero rated). Other outward supplies (nil rated, exempted). Non-GST outward supplies. For Normal Taxpayers who have not filed all GSTR-3Bs: The following formula is used for extrapolation of turnover: (Sum of taxable value) X (*No.of GSTR-3B liable to b ..read more
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