Ayush goyal

Section 16(4) Supreme Court Update

MRITYUNJAY KUMAR vs. THE UNION OF INDIA

Last Date was 22th March but issue not taken for hearing, Now Next Date is 08th July, 2024
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BUDGET 2024 LIVE
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𝗢𝗻 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟭𝟲(𝟰) 𝗼𝗳 𝘁𝗵𝗲 𝗖𝗚𝗦𝗧 𝗔𝗰𝘁, 2017

📢 𝗜𝗻𝗽𝘂𝘁 𝗧𝗮𝘅 𝗖𝗿𝗲𝗱𝗶𝘁 (𝗜𝗧𝗖) 𝗱𝗲𝗻𝗶𝗮𝗹 𝗳𝗼𝗿 𝗯𝗲𝗹𝗮𝘁𝗲𝗱 𝗿𝗲𝘁𝘂𝗿𝗻-𝗳𝗶𝗹𝗶𝗻𝗴 C𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝗱; 𝗦𝘂𝗽𝗿𝗲𝗺𝗲 𝗖𝗼𝘂𝗿𝘁 I𝘀𝘀𝘂𝗲𝘀 N𝗼𝘁𝗶𝗰𝗲

Returnable on 05.02.2024

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*GST Portal Enable Option To File GSTR-9 & 9C for the FY 2022-23*

CBIC rolls out Automated Return Scrutiny Module forGST returns in ACES-GST backend application for Central Tax Officers

E invoicing will be applicable for taxpayers having AATO more than Rs 5 crores from 1st August 2023

*GST Portal Update*

Attention: In compliance of Notification No. 5/2023-Central Tax (Rate), dated 09.05.2023, Option for Filing declaration in Annexure V Form by GTA taxpayers for the FY 2023-24 has now been extended till 31-05-2023 and *is made available on the portal.*

Advisory: Deferment of Implementation of Time Limit on Reporting Old e-Invoices

GST UPDATE

Advisory: Time Limit for Reporting Invoices on the IRP Portal.

Attention, eligible GST Taxpayers who want to avail Composition Scheme!
Today is the last day to avail the scheme by filing FORM GST-CMP 02 on GST Portal (eligible taxpayers, who are alredy availing the Composition Scheme, donot need to apply).

Your attention is drawn towards your legal liability for estimating income for the current year and payment of Advance Tax under the Income Tax Act 1961. THE LAST DATE FOR PAYMENT OF THIRD & FINAL INSTALLMENT OF 40 % OF ESTIMATED TAX LIABILITY IS 15TH DAY OF MARCH , 2012, thereby making cumulative payment of 100 % of the total yearly estimated tax liabilities.

Thanking you and assuring you best of our services.

*GST Portal Update*

The option to utilize the amount in the cash ledger of one GSTIN by another GSTIN (entities having same PAN) by way of transfer through form PMT-09 has been made effective in the GST portal.

*49th GST Council imp updates*

1. *Exports of pan masala, gutka, chewing to***cos to beallowed against LUT only*

2. *No capacity-based taxation for Pan-masala, Gutkha and other to***co related items* as such levy is against constitutional provision because under GST ‘supply’ is the taxable event not capacity of the machines

3. Compensation cess levied on pan masala, gutkha, chewing to***co to be changed from transaction value to MRP based levy

4. *Extension of time limit for application for revocation of cancellation of registration from 30 days to 90 days*

5. *One time amnesty scheme for past cases of GST cancellation* on account of non-filing of the returns, but application for revocation of cancellation of registration could not be filed within the time

6. *Late fee for filing GSTR-9 for FY 2022-23 reduced* from Rs 200 per day to Rs 50 per day (Rs 100 per day if turnover exceeds 5 crores) subject to maximum of 0.04% of turnover

7. *One time amnesty scheme* in respect of pending returns in FORM GSTR-4, FORM GSTR-9 and FORM GSTR-10 by way of conditional waiver/ reduction of late fee

8. Rationalization of provision of place of supply of services of transportation of goods

*More details will be shared once the relevant notifications would be issued*

Negative values now allowed in Table 4 of GSTR 3B

Changes in auto-populated ITC details in GSTR-3B

🖥️ The ITC in table 4 of GSTR-3B shall now be auto-populated as net of credit notes. Earlier, during auto-population, credit notes were considered reversals.

🖥️ The change in the logic will make the amounts auto-populated in table 6A of GSTR-9 - 'Total amount of ITC availed through GSTR-3B' comparable with GSTR-3B returns.

Attention, GST Taxpayers availing Composition Scheme!

Advisory on taxpayers facing issue in filing GSTR-3B
For Taxpayers who have submitted TRAN forms but did not file it within specified time
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Attention, GST taxpayers who are under QRMP Scheme!

*GSTN enabled functionality to furnish Letter of Undertaking (LUT) for Financial Year 2023-2024*

Implementation of Recommendations of 48th GST Council Meeting.

Reversal of ITC in case of non-payment of tax by the supplier by a specified date and mechanism for re-availment.

*BREAKING:*
CBIC Clarifies:-
*No proposal* to reduce e-invoicing threshold limit to 5 crores.

Attention, GST Taxpayers whose Aggregate Annual Turnover for F.Y. 2021-22 is between ₹2 Crore to ₹5 Crore!

Attention, GST Taxpayers whose Aggregate Annual Turnover for the F.Y. 2021-22 is more than ₹ 5 Crore