23Sep 2021 by Asmeet No Comments

Key Recommendations of 45th GST Council Meeting held on 17th September, 2021

Uncategorized
Key Recommendations of 45th GST Council Meeting held on 17th September, 2021 Interest u/s 50(3) of the CGST Act, 2017 to be levied on ITC availed and utilized Interest under section 50(3) of the CGST Act, 2017 to be payable on “ineligible ITC availed and utilized” and not on “ineligible ITC availed”. The change will be effective retrospectively from 01.07.2017. Interest in such cases to be charged on ineligible ITC availed and utilized at 18%. Transfer of unutilized balance in CGST/ IGST cash ledger between two GSTINs having same PAN allowed Unutilized balance in CGST and IGST cash ledger shall be allowed to be transferred between distinct persons (entities having same PAN but registered in different states or having different GSTINs in the same State), without going through the refund…
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29May 2021 by Asmeet No Comments

Key Takeaways of 43rd GST Council Meeting held on 28th May, 2021

GST
Key Takeaways of 43rd GST Council Meeting held on 28th May, 2021 The 43rd GST Council meeting took place on 28th May, 2021 via video conferencing. The key takeaways of the meeting are:    a) In order to provide relief to the small taxpayers, an amnesty scheme has been recommended for reducing late fees payable.    b) Annual Return in FORM GSTR-9 will remain optional for small taxpayers for FY 2020-21    c) Import of COVID-related relief items including AmphotericinB (required for treating Mucormycosis), even if purchased or meant for donating to Govt. or to any relief agency upon recommendation of State authority, to be exempted from IGST till 31st August 2021    d) Group of Ministers to be formed quickly (by tomorrow), who will submit report by 8 June 2021; to examine need…
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05Oct 2020 by Asmeet No Comments

Highlights of the 42nd meeting of the GST Council

GST
Highlights of the 42nd meeting of the GST Council held today on 5th Oct 2020 GST Council Meeting: 42nd GST Council Meeting Updates The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. The GST Council has made the following recommendations: 1. Levy of Compensation Cess to be extended beyond the transition period of five years i.e. beyond June 2022, for such period as may be required to meet the revenue gap. Further details to be worked out. 2. Centre is releasing…
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