22Dec 2021 by Asmeet No Comments

Only ITC Reflecting in GSTR2B can be taken from 1st Jan 2022

GST
Only ITC Reflecting in GSTR2B can be taken from 1st Jan 2022; 5% Provisional ITC Provisions Removed The CBIC released an important Notification No. No. 39/2021–Central Tax dated on 21st December 2021 notifies the date from which provisions of Section 108, 109, and 113 to 122 of the said Act shall come into force. CBIC notifies Provisions of Section 108, 109, and 113 to 122 shall come into force from 1st Jan 2022. This means that Section 108, 109, and 113 to 122 shall be applicable from 1st Jan 2022.As per Section 109 of the Finance Act, 2021, clause (aa) is inserted below section 16(2) (a) of the Act, further stipulating that input tax credit on invoice or debit note is available to a recipient only if the details of…
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01Feb 2021 by Asmeet No Comments

Quick Review of GST Proposal in Budget 2021

Budget, GST
Quick Review of GST Proposal in Budget 2021 As per the Finance Bill 2021 is No GST Audit is required. Clause 101 of Finance bill states Sub-section (5) of section 35 of the CGST Act is being omitted so as to remove the mandatory requirement of getting annual accounts audited and reconciliation statement submitted by specified professional. 2. Further, in Clause 102 of Finance bill Section 44 of the CGST Act is being substituted so as to remove the mandatory requirement of furnishing a reconciliation statement duly audited by specified professional and to provide for filing of the annual return on self-certification basis. It also provides for the Commissioner to exempt a class of taxpayers from the requirement of filing the annual return. 3. Clause 99 of Finance Bill provides an additional…
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02Jan 2021 by Asmeet No Comments

Important Changes in GST w.e.f. January 01, 2021

GST
Important Changes in GST w.e.f. January 01, 2021 1. E Invoicing for Turnover above Rs 100 crores 88/2020–CT dated November 10, 2020 Amended Notification No. 13/2020 – CT dated March 21, 2020 E-invoicing made applicable to Registered Person (other than SEZ unit, Insurance Company, banking company, financial institution including non-banking financial institution, GTA, supplier of passenger transportation service, supplier of services by way of admission to exhibition of cinematograph films in multiplex screens) whose aggregate turnover in any preceding financial year from 2017-18 onwards exceeds Rs. 100 crore in respect of supply of goods or services or both or for exports. 2. ITC on debit notes Finance Act 2020, Section 16(4) [Eligibility and conditions for taking Input Tax Credit (“ITC”)] Delinks availment of ITC on debit notes with the date of…
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11Oct 2020 by Asmeet No Comments

GST Clarification regarding application if 10% ITC Rule

GST
GST Clarification regarding application if 10% ITC Rule Circular 142/12/2020-GST - Clarifications on applicability of restrictions under Rule 36(4) Cumulative amount of ITC availed during February - August should not exceed 110% of cumulative eligible credit available as per GSTR-1 filed by vendors till due date of September, 2020.
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