GST: Aadhaar Authentication for already registered persons in specified cases

GST
GST: Aadhaar Authentication for already registered persons in specified cases In continuation to decisions taken by the GST Council in its 45th meeting, the Government on September 24, 2021 has notified Central Goods and Services Tax (Eighth Amendment) Rules 2021 Amendments relating to Aadhaar Authentication for already registered persons in specified cases is as below: Effective Date: to be notified) When will Aadhaar Authentication would be mandatory? The existing registered persons in the following cases are required to do Aadhaar Authentication of their registration:(a) Revocation of cancellation of registration;(b) IGST refund on export of goods under Rule 96 of CGST Rules; or(c) Refund under rule 89 of CGST Rules Whose Aadhaar would be required to be authenticated? Following persons are notified whose Aadhaar would be required to beauthenticated:(a) Authorized Signatory…
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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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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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CBIC has amended GST Rule 23 Revocation of cancellation of registration

GST
CBIC has amended GST Rule 23 Revocation of cancellation of registration Vide Notification No. 15/2021 Central Tax, dated 18th May, 2021 the amendment to Rule 23 is as under: Amendment in sub-rule (1) The amendment in section 30 made vide the Finance Act, 2021 has been made effective from 01.01.2021. The amended provision provides for extension of time limit for applying for revocation of cancellation of registration on sufficient cause being shown and for reasons to be recorded in writing, by: (a) the Additional or Joint Commissioner, as the case may be, for a period not exceeding thirty days; (b) the Commissioner, for a further period not exceeding thirty days, beyond the period specified in clause (a) above. Consequential amendment has been made in rule 23(1) to provide that the…
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Relief in GST Compliance for Mar21 and Apr21

GST
Relief in GST Compliance for Mar21 and Apr21 Lowering of interest rates for delayed payment of tax Notification No. 13/2017- Central Tax dated 28th June, 2017 has been amended vide Notification No. 08/2021-Central Tax dated 01st May,2021 to reduce the rate of interest for delayed payment of CGST (u/s 50 of the CGST Act, 2017) as under: Class of registered persons      Rate of Interest Applicable tax                periodTaxpayers whose aggregate turnover in the preceding FY > Rs. 5 crores9% for the first 15 days from the due date and 18% thereafterMarch, 2021, April, 2021Taxpayers whose aggregate turnover in the preceding FY ≤ Rs. 5 crores[Both taxpayers filing monthly returns and taxpayers filing quarterly returns under QRMP scheme]Nil for the first 15 days from the due date, 9% for…
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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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