Tax Connect
madhuvridhi
Category: GST
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GST Amnesty Scheme Coming Soon
The Ministry of Finance will soon issue a circular regarding the much-anticipated goods and services tax (GST) Amnesty
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Advisory for furnishing bank account details before filing GSTR-1/IFF
Advisory for furnishing bank account details before filing GSTR-1/IFF
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RCM Liability/ITC Statement
To assist taxpayers in correctly reporting Reverse Charge Mechanism (RCM) transactions, a new statement called “RCM Liability/ITC Statement” has been introduced on the GST Portal.
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What is GSTR-1A and how will it affect your monthly / quarterly GST Filings ??
Advisory for FORM GSTR-1A Jul 26th, 2024
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Valuation of supply of import of services by a related person where recipient is eligible to full input tax credit
In case of import of services by a registered person in India from a related person located outside India, the tax is required to be paid by the registered person in India under reverse charge mechanism. In such cases, the registered person in India is required to issue self-invoice under section 31(3)(f) of CGST Act…
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Place of supply of goods to unregistered persons – GST
As per clause (ca) of section 10(1) of the IGST Act, 2017, where the supply of goods is made to a person other than a registered person, the place of supply shall, notwithstanding anything contrary contained in clause (a) or clause (c), be
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Proportionate reversal of input tax credit at his end in respect of such credit note issued by the supplier
Presently, there is no system functionality/ facility available on the common portal to enable the supplier or the tax officer to verify the compliance of the said condition of proportionate reversal of input tax credit by the recipient.
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Availing ITC in case of supplies received from unregistered suppliers in respect of RCM supplies
It is being clarified that in cases of supplies received from unregistered suppliers, where tax has to be paid by the recipient under reverse charge mechanism (RCM) and where invoice is to be issued by the recipient
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Taxpayers can now amend sales return form GSTR-1 before GST payment
GST taxpayers will now have the option to amend outward supply or sales return form GSTR-1 before payment of taxes for a month or quarter.
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Pre-deposit for filing of GST appeals – Recommendations of 53rd GST Council Meeting
The GST Council recommended reducing the amount of pre-deposit for filing of appeals under GST to ease cash flow and working capital blockage for the taxpayers.