ITC refund under inverted rate structure –retrospective application

  • Category: GST
  • Date: 22-07-2022
  • Writers: Pooja Jajwani, CA Ashish Chaudhary

GST rate increase for Government projects (works contracts) – impact & way forward

  • Category: GST Updates
  • Date: 21-07-2022
  • Writer: CA Venkata Prasad

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  • Category: Others
  • Date: 21-07-2022
  • Writer: Admin

GST rate increase for Government projects (works contracts) – impact & way forward:

  • CA. Venkat Prasad. P

Introduction & Background:

Construction industry plays an important role in the development of any country. It is a large sector of Economy of about Rs. 37 lakh crores (as per national accounts statistics, 2019-20). The construction industry in India consists of the Real estate as well as the infrastructure development segment. The Real estate segment consists of...

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Pre-packaged and labelled items taxable from today – Answers to your 40 important questions

  • Category: GST Updates
  • Date: 19-07-2022
  • Writers: CA Bhavesh Mittal, CA Ashish Chaudhary

Changes proposed in disclosure of ITC in Table 4 of GSTR-3B

  • Category: Input Tax Credit
  • Date: 19-07-2022
  • Writers: CA Akshay M Hiregange, CA Nikita Maheshwari

After the introduction of GSTR-2B and auto population of figures in GSTR-3B, there has been greater accountability on the taxpayer to ensure that ITC has been claimed only for those invoices which are furnished by suppliers in their GSTR-1 are claimed as ITC. However, there were additional associated challenges faced by the trade, such as time gap in claiming ITC (goods in transit, goods in quality control, delays in accounting etc.) resulting in spike or reduction in claim of ITC compared...

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Tour Operators – Changes vide 47th GST Council meeting and way forward

  • Category: GST Updates
  • Date: 19-07-2022
  • Writer: CA Spudarjunan S

Outward Supply additional disclosures in Form GSTR-3B

  • Category: Others
  • Date: 19-07-2022
  • Writers: CA Akshay M Hiregange, CA Nikita Maheshwari

In order to accommodate new changes in the law and new disclosure requirements, the present GSTR-3B may see some changes soon, as specifically mentioned in the press release of the 47th council meeting. A revised GSTR-3B form may be put up in the public forum for comments and suggestions. However, seeing that the process to revamp GSTR-3B may be tedious and time consuming, some changes in the Form have been introduced w.e.f 5th July 2022 vide NN 14/2022-CT along with clarity provided through...

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Summary of notifications issued on 13th July 2022

  • Category: Others
  • Date: 18-07-2022
  • Writer: H&A Team

GST Impact on Duty Free Shops

  • Category: Others
  • Date: 18-07-2022
  • Writer: CA Mahadev R