Tax consultant

23/06/2024

Keys decisions taken in GST Council meeting:

1. Waving interest and penalties for demand notices issued under sector 73 of GST act for the FY 2017-18 to 2019-2020.

2. To reduce government litigation, a monetary limit has been recommended of Rs 20 lakh for GST appelete tribuanal:

3. Rs 1 crore for HCs, Rs 2 crore for SCs for filing of appeals by the department:

3. New monetary limits are 20 lakhs for GST appelletes, 1 crore for HC:

4. To waive interest & pentalties notices for 3 financial years: 2017-18 to 2019-2020

5. For small taxpayers time limit extended to 30th June for GSTR-4, FY24-25 onwards:

6. Insertion of a new form GSTR 1-A
7. ⁠The time limit to avail input tax credit in respect of any invoice or debit note under section 16(4) of the CGST Act filed up to the 30-11-2021 for the financial years 17-18, 18-19, 19-20 and 20-21 may be deemed to be 2011 to 2021.

8. A uniform rate of 12% on milk cans (steel, aluminum) has been recommended:

9. 12% GST rate recommended on all carton boxes:

10. All types of sprinkles will attract 12% GST:

11. For solar cookers, 12% GST prescribed:

12. Services provided by Indian Railways like platform tickets exempted from GST

The above sections shall be applicable after NOTIFICATION is issued by Government in this regards

*Warm regards*

*Advocate Jagdish Pathak*

30/09/2022

17/05/2017

Government to Re-Open GST Enrolment from June 1, says Dr. Hasmukh Adhia

Read more at: http://www.taxscan.in/government-re-open-gst-enrolment-june-1-says-dr-hasmukh-adhia/7439/

For the remaining tax payers, who have not migrated to the new indirect tax regime, GST, the government will re-open the window for 15 days from June 1, said the Revenue secretary Dr. Hasmukh Adhia. As the government is all set to roll out the Goods and Services Tax from July 1, 60.5 lakh entities …

24/03/2017

GST

Transitional Provisions

Dear Members, these transitional provisions are very important, specially for past input tax credit allowabilty.

Section 169. Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations

(1) A registered taxable person, who was not liable to be registered under the earlier law, or who was engaged in the manufacture of exempted goods or provision of exempted services, or who was providing works contract service and was availing of the benefit of notification No. 26/2012-Service Tax, dated 20.06.2012 or a first stage dealer or a second stage dealer or a registered importer, shall be entitled to take, in his electronic credit ledger, credit of eligible duties and taxes in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed day subject to the following conditions:

(i) such inputs and / or goods are used or intended to be used for making taxable supplies under this Act;

(ii) the said taxable person passes on the benefit of such credit by way of reduced prices to the recipient;

(iii) the said taxable person is eligible for input tax credit on such inputs under this Act;

(iv) the said taxable person is in possession of invoice and/or other prescribed documents evidencing payment of duty under the earlier law in respect of such inputs;

(v) such invoices and /or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day; and

(vi) the supplier of services is not eligible for any abatement under the Act:

PROVIDED that where a registered taxable person, other than a manufacturer or a supplier of services, is not in possession of an invoice or any other documents evidencing payment of duty in respect of inputs, then such registered taxable person shall, subject to such conditions, limitations and safeguards as may be prescribed, be allowed to take credit at the rate and in the manner prescribed.

(2) The amount of credit under sub-section (1) shall be calculated in such manner as may be prescribed.

Explanation.— For the purpose of this section and section 170, section 171 and section 172, the expression “eligible duties and taxes” means-

(i) the duty of excise specified in the First Schedule to the Central Excise Tariff Act, 1985(5 of 1986);

(ii) the duty of excise specified in the Second Schedule to the Central Excise Tariff Act, 1985(5 of 1986);

(iii) the additional duty of excise leviable under section 3 of the Additional Duties of Excise (Textile and Textile Articles) Act, 1978 (40 of 1978);

(iv) the additional duty of excise leviable under section 3 of the Additional Duties of Excise (Goods of Special Importance) Act, 1957(58 of 1957);

(v) the National Calamity Contingent Duty leviable under section 136 of the Finance Act, 2001(14 of 2001);

(vi) the additional duty leviable under sub-section (1) of section 3 of the Customs Tariff Act, 1975 (51 of 1975);

(vii) the additional duty leviable under sub-section (5) of section 3 of the Customs Tariff Act, 1975 (51 of 1975); and

(viii) the service tax leviable under section 66B of the Finance Act, 1994 (32 of 1994);—

in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed day.

(CGST Law)

(1) A registered taxable person, who was not liable to be registered under the earlier law or who was engaged in the sale of exempted goods under the earlier law but which are liable to tax under this Act, shall be entitled to take, in his electronic credit ledger, credit of the Value Added Tax [and entry tax] in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed day subject to the following conditions:

(i) such inputs and / or goods are used or intended to be used for making taxable supplies under this Act;

(ii) the said taxable person passes on the benefit of such credit by way of reduced prices to the recipient;

(iii) the said taxable person is eligible for input tax credit on such inputs under this Act;

(iv) the said inputs were not [specified in Schedule--- of the earlier law or in the rules made thereunder or in any notification issued under the earlier law] as inputs on which credit was not admissible under the earlier law;

(v) the said taxable person is in possession of invoice and/or other prescribed documents evidencing payment of tax under the earlier law in respect of such inputs; and

(vi) such invoice and /or other prescribed documents were issued not earlier than twelve months immediately preceding the appointed day.

(2) The amount of credit under sub-section (1) shall be calculated in such manner as may be prescribed.