Very Imp Decisions taken in 50th GST council meeting today. Brief given below
1. Transporters will not be required to file declaration for paying GST under forward charge every year
2. No RCM on services supplied by a director of a company to the company in his private or personal capacity such as supplying services by way of renting of immovable property to the company
3. Relief for taxpayer, Govt extended the special procedure regarding mismatch in ITC availed in GSTR-3B and 2A for two more years i.e 2019-20 and 2020-21
4. Amnesty schemes notified vide notifications dated 31.03.2023 regarding non-filers of FORM GSTR-4, FORM GSTR-9 & FORM GSTR-10 returns, revocation of cancellation of registration extended till 31.08.2023
5. To do away with the requirement that the physical verification of business premises is to be conducted in the presence of the applicant
6. To provide for physical verification in high risk cases even where Aadhaar has been authenticated.
7. System-based intimation to the taxpayers in respect of the excess availment of ITC in FORM GSTR-3B vis a vis that made available in FORM GSTR-2B
8. Supply of food and beverages in cinema halls is taxable at 5%
9. If the sale of cinema ticket and supply of food and beverages clubbed together then gst rate of cinema ticket will apply
10. 28% GST on the value of the chips purchased in casinos
11. 28% GST on the full value of the bets placed in Online Gaming
12. GST Appellate tribunal will be started in a phased manner
13. Relaxations provided in FY 2021-22 in respect of various tables of FORM GSTR-9 and FORM GSTR-9C be continued for FY 2022-23
14. No GSTR-9 for turnover upto 2 crores
15. Input Services Distributor (ISD) mechanism is not mandatory for distribution of input tax credit of common input services procured from third parties to the distinct persons as per the present provisions of GST law. Amendment may be made in GST law to make ISD mechanism mandatory prospectively
16. Detailed Circular to be issued to provide clarity on liability to reverse input tax credit in cases involving warranty replacement of parts and repair services during warranty period
17. Refund of accumulated input tax credit (ITC) to be restricted to ITC appearing in FORM GSTR-2B
18. Only Name of state on tax invoice, not the name and full address of the recipient, in cases of supply of taxable services by or through an ECO
By: via Telegram.me/AlliesFin #StockMarket #india
Equity | Commodity | Currency | Online | Trading | Training | Wealth Management | NRI Services
AlliesFinServe #StockMarket #Bharat Telegram.me/AlliesFin's Post
https://x.com/cnbctv18live/status/1870100490643747026?s=52 By: ۞ A X i T D S H A H ۞ via AlliesFinServe #StockMarket #Bharat Telegram.me/Al...
-
Allies Financial Services Mumbai, India (M) : +91 (0) 9820 191219 Email : AlliesFin9@gmail.com Yahoo Id : AlliesFin9@yahoo.com Website : ...
-
*India Daybook Stocks in News* *MOIL:* Feb production at 1.5 lk tn manganese; up 15% YoY. (Positive) *AMI Organics:* Company gets paten...
-
*GIFT Nifty +8 pts (22515) from last trade 22507 ,* Nikkei +333 pts , Hangseng +40 pts , Crude @ $79.98 brl (+0.01), Brent @ $83.62 b...