COVID Relief Measures – Reduction in GST rate of specified items – Impact on Rate of Tax, ITC and MRP

  • Category: GST Updates
  • Date: 17-06-2021
  • Writers: CA Spudarjunan S, CA Venkata Prasad

Introduction

Coronavirus (COVID-19), a virus that grew stealthily from the end of 2019 has become one of the deadliest viruses that is killing people worldwide. The normal life in India was disrupted due to lockdown, restrictions on commutation etc. due to covid. It affected almost all the industries in India and the second wave of COVID-19 in India (during 2021) has an increased death rate comparing to the previous. Further, more than the infection from the disease, the financial burden...

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Recent amendment to rule 21 of the CGST Rules - Side Effects of GST Revenue Shortfall – Industry to Face the Music

  • Category: GST Updates
  • Date: 25-03-2021
  • Writer: Shilpi Jain

The Union expected better tax revenues with the introduction of GST. The States though were divided on this, with some of them expecting better revenues whereas the others expecting a fall due to the consumption-based accrual of revenue. However, with the introduction of GST, the revenues were not very encouraging and many reasons could be attributed to this, both controllable and inevitable reasons. The inevitable reasons could be the economic condition, pandemic situation, etc. The...

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All you need to know about QRMP Scheme under GST w.e.f. 01.01.2021

  • Category: GST Updates
  • Date: 10-03-2021
  • Writers: Bichitra Bijoy, CA Ashish Chaudhary, CA Mannu Kashliwal

Introduction

Taking another step towards the goal of increasing “Ease of doing business” in India and providing relief to small taxpayers; the GST Council in their 42nd Meet on 5th October 2020 proposed a quarterly return filing system for small taxpayers to be implemented w.e.f. 1st January, 2021. QRMP or Quarterly Return Monthly Payment Scheme is an optional scheme that CBIC has rolled out for small scale businesses having aggregate turnover up to 5 crore rupees to furnish return on...

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Summary of Notifications/Circular issued under GST/Customs

  • Category: GST Updates
  • Date: 26-02-2021
  • Writer: Hiregange Team

Rule 36(4) – Impact & Validity

  • Category: GST Updates
  • Date: 23-12-2020
  • Writers: CA Akshay M Hiregange, CA Madhukar N Hiregange

Input Tax Credit (ITC) matching – GSTN- not ready- A thorny issue for the department and the assessees. It has been 3 years and 3 months since the inception of GST, one would expect the early teething problems were overcome, and the new radical indirect tax regime would be up and running! Although, due to various factors, including the recent pandemic, we are seeing continuous amendments, delays in implementation and lack of a dependable infrastructure. Rule 36(4), i.e. the ITC matching...

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Summary of Notifications& portal updatesissued on 14th December and 15th December 2020

  • Category: GST Updates
  • Date: 16-12-2020
  • Writer: Hiregange Team

H&A update Summary of Notifications issued on 29th Nov'20 and 1st Dec'20

  • Category: GST Updates
  • Date: 03-12-2020
  • Writer: Hiregange Team

GST Case Law Updates – November 2020

  • Category: GST Updates
  • Date: 01-12-2020
  • Writer: CA Sudhir VS

1. Interest for delayed payment – Tolerance of an Act Vs. Addition to Consideration

The Maharashtra Appellate Authority For Advance Ruling in Bajaj Finance Ltd 2020-TIOL-64-AAAR-GST has ruled the additional/penal interest recovered by the appellant from customers against delayed payment of monthly instalments of the loan extended to the customers would be exempt from GST.

Issue: Schedule II of the CGST Act, 2017 provides “agreeing to the obligation to refrain from an act, or...

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GST Case law Update – October 2020

  • Category: GST Updates
  • Date: 02-11-2020
  • Writer: CA Sudhir VS
  1. Supply of goods and supply of service made form different registration of the same taxpayer is neither a works contract nor composite supply?

Maharashtra Appellate Authority for Advance Ruling in the case of Vertiv Energy Pvt Ltd 2020-TIOL-50-AAAR-GST has ruled when the goods are supplied from one registration and the installation of such goods has been made from different registration would not be a composite supply.

Facts:

  1. Single contract for supply and installation of...
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Summary of Notifications issued on 15th & 16th October 2020

  • Category: GST Updates
  • Date: 20-10-2020
  • Writer: Hiregange Team