Reduction in GST rates/exemptions on services: GST rate on cinema tickets above 100 shall be reduced from 28% to 18% and on cinema tickets upto Rs. 100 from 18% to 12%. GST rate on third party insurance premium of goods carrying…
Author: commerceclub
Reduction of GST Rates on certain Goods on 31 GST Council Meet
I. GST rate reduction on goods which were attracting GST rate of 28% : A. 28% to 18% Pulleys, transmission shafts and cranks, gear boxes e, falling under HS Code 8483 Monitors and TVs of upto screen size of 32 inches Re-treaded or…
Important Updates of 31st Meet of GST Council
The GST Council in its 31st meeting held today at New Delhi made the following policy recommendations: 1) The due date for furnishing the annual returns in FORM GSTR‑9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C for the Financial…
GST Audit Form (Form GSTR-9C)
GSTR 9C See rule 80(3) PART – A — Reconciliation Statement Pt. I Basic Details 1 Financial Year 2 GSTIN 3A Legal Name < Auto > GSTR 3B Trade Name (if any) < Auto > 4 Are you liable to…
Form GSTR-9A
FORM GSTR-9A (See rule 80) Annual Return (For Composition Taxpayer) Pt. I Basic Details 1 Financial Year 2 GSTIN 3A Legal Name <Auto> 3B Trade Name (if any) <Auto> Period of composition scheme during the year (From —- To —-) …
Format of GSTR-9- Annual return under GST
1[FORM GSTR‑9 (See rule 80) Annual Return Pt. I Basic Details 1 Financial Year 2 GSTIN 3A Legal Name GSTR 3B Trade Name (if any) Pt. II Details of Outward and inward supplies declared during the financial year (Amount in ‘ in all tables)…
Applicability of GST Audit
Rule 80(3) of CGST Rules uses the expression “every registered person whose aggregate turnover during a financial year exceeds two crore rupees”. So GST Audit is Applicable for every Registered person, whether or not the person is having any Taxable…
Legal Provision of GST Audit
There are Two important provisions which are relevant and important in this context are Section 35(5) and Section 44(2) of the CGST Act. In terms of Section 35(5) of CGST Act “every registered person whose turnover during a financial year exceeds…
Taxation of Lottery under GST Acts
Whether CGST Act, 2017 and IGST Act,2017 to the extent proposing to tax lottery is beyond the Constitutional definition of ‘goods’? Whether lottery is ‘goods’ or n ‘actionable claim’? Held in the case of “Teesta Distributors & Ors. v. Union of…
Revised return validly filed pursuant to notice u/s. 153A after Search & Seizure, is accepted, defects found in original return cannot be considered for imposing penalty u/s. 271(1) ©
The assessee filed return of income declaring a huge loss. Pursuant to the search and seizure operations u/s.132 and issuance of notice u/s.153A, assessee revised the loss return declaring as nil income. Assessment was completed on the NIL income only.…