Summary of Major Decisions at 54th GST Council Meeting: Goods: – Namkeens and Savoury Products: GST on extruded/expanded savoury food products reduced from 18% to 12%, excluding un-fried/un-cooked snack pellets. – Cancer Drugs: GST rate reduced from 12% to 5% for Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. – Metal Scrap: Introduction of Reverse Charge Mechanism…
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Key Recommendations made by the 53rd GST Council meeting held today: 1. Waiver of Interest and Penalty 2. Extended Time Limit for ITC 3. Monetary Limits for Appeals 4. Reduced Pre-Deposit for Appellate Authority 5. Reduced Pre-Deposit for Tribunal 6. Amendment in Appeal Time Limits 7. Extension of GSTR-4 Filing Deadline 8. No Interest on…
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As part of a determined effort to tackle the issue of fake GST registrations, GST officers have intensified their scrutiny by visiting shops and establishments. This crackdown aims to identify and address instances of fraudulent registrations, ensuring the integrity of the GST system and protecting government revenue. Through on-site inspections, GST officers are verifying the authenticity of GST registrations, taking necessary actions against those found to be operating with fake registrations. This rigorous drive is a significant step towards upholding the credibility of the GST ecosystem and promoting compliance among businesses.
The penalty for late filing of GSTR-3B (a monthly return form under GST) is as follows: It’s worth noting that the government has relaxed the late fee for GSTR-3B for the period from July 2020 to January 2021, due to the pandemic and its economic impact on businesses. The late fee for this period is…
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The frequency of filing GST returns in India depends on the type of taxpayer and their turnover. There are different return forms that are required to be filed on a monthly, quarterly, or annual basis. For normal taxpayers with an annual turnover of up to Rs. 5 crore, the following GST return filing frequency applies:…
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GST not payable on house rented to proprietor for residential purpose: CBIC From the starting of this year i.e. 1st January, GST would not be payable on housing units rented to the proprietor of a proprietary concern for residential usage only, the CBIC has said. The Central Board of Indirect Taxes and Customs (CBIC) also…
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The cutoff time for GST yearly return documenting will end tomorrow, that is December 31, 2022. According to Section 80 of the CGST Rules, 2017, each enrolled individual responsible to document a yearly return for each monetary year should record something similar at the very latest December 31 of the following monetary year. Likewise, the…
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The Focal Leading body of Backhanded Charges and Customs (CBIC) has comprised Traditions, Focal Extract and Administration Expense Settlement Commission expected to determine and settle the show-cause sees gave under the Traditions Act, Focal Extract Act and Administration Assessment system. The move would bring rapid removal of situations where request has been raised under the…
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