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.
Read More

EWay Bill Generation to be blocked if GST Returns not filed for 2 or more months

GST
Blocking of E-Way Bill (EWB) generation facility for taxpayers with Average Annual Turnover over Rs 5 Cr., after 15th October, 2020 In terms of Rule 138 E (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 GSTR-3B returns, for a consecutive period of two months or more. As you might be aware that the GST Council in its last meeting has decided that this provision will be made applicable for the taxpayers whose Aggregate Annual Turn Over (AATO, PAN based) is more than Rs 5 Crores.   Thus, if the GSTIN associated with the respective PAN (with AATO over Rs 5 Cr.) has failed to file their GSTR-3B Return for 02…
Read More

Einvoices to replace E-way Bills soon…

GST
eInvoice replaces the physical invoice and will soon replace the existing e-way bill system, taxpayers will not have to generate separate e-way bills. The returns will be automatically generated for all supplies for which e-invoice have been issued: Finance Secretary
Read More

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…
Read More

Increased Tax collection to car sales indicate economic pickup

Economy
Increased Tax collection to car sales indicate economic pickup GST mop-up at 7-month high Automobile manufacturers showed significant signs of recovery as they dispatched 13 per cent more vehicles to dealers in September as compared to the same period last year Manufacturing PMI grows fastest in 8 years Railways back on track, stems fall in freight traffic to 9% UPI hits Rs 3.3-trn transactions in Sept
Read More