Anil Arora & Co., Chartered Accountants

04/07/2023

As a part of the 6th anniversary of the implementation of the Goods and Services Tax (“GST”), the Central Board of Indirect Taxes and Customs (“CBIC”) has announced that it has waived the filing of annual returns through Form GSTR-9 and GSTR-9C for turnover up to 2 crores and 5 crores respectively.

Source from: https://twitter.com/cbic_india/status/1676114101305737216

04/07/2023

📢 Attention Taxpayers Important GST Update:

→ GSTN has introduced Form DRC-01B for explaining discrepancies between GSTR 1 and GSTR 3B, as per Notification No. 26/2022 - Central Tax.

→ Taxpayers will receive an intimation in Part A of the form if the variance exceeds the defined limit and must provide a reply within 7 days in Part B, as per Rule 88C.

13/09/2022

E-way bill now mandatory for gold - NIC

On 12th September 2022, the National Informatics Centre (NIC) released an update on the e-way bill portal regarding the generation of e-way bills for the movement of gold, gold jewellery and precious stones.

As per the GST Council, the e-way bill requirement has been laid down for the transportation of gold falling under the HSN Chapter 71 for all Interstate and Intrastate transactions.

The taxpayers in a state may create an e-way bill for gold as per the notification published by their respective states. One can generate an e-way bill for gold through a different window on the main menu.

One can navigate from their dashboard to the tab ‘e-way bill’ on the left-hand side of the dashboard → click on ‘EWB for Gold’ to enter the Part-A details. It opens up the ‘e-way bill for gold entry form’ where the user needs to enter the invoice details, sender and receiver address.

The parameters to create an e-way bill for gold are the same as any regular e-way bill. However, taxpayers need not update e-way bills with the Part-B vehicle/transporter details. Such exemption is given on account of safety reasons.

Further, the validity of the e-way bill for gold is computed based on the pin-to-pin distance. The system considers the distance between the origin and the destination picked up from the PIN code entered in each address.

The taxpayer generating an e-way bill for gold must ensure that all the items listed in the invoice fall under HSN Chapter 71 mandatorily. Suppose items fall under any other HSN chapter together with HSN chapter 71. In that case, such an e-way bill will be treated as a regular e-way bill and can be generated together with the Part-B details.

The facilities regarding cancellation and rejection of the e-way bill continue to be available for the movement of gold. Accordingly, the following are some changes in functionalities for e-way bills generated for the movement of gold-

Part-B details cannot be updated by default
No update on the transporter is allowed
There is no option to generate a consolidated e-way bill
Extension of validity of e-way bill is permitted without the need to revise the Part-B
There is no option of multi-vehicle
In the previous GST Council meeting held in June 2022, the government mandated using an e-way bill to transport gold and precious stones within states. The states could fix the threshold limit for this purpose by respective state notifications. However, the Group of Ministers (GoM) formed to study the matter recommended the limit be fixed at Rs.2 lakh and above.

However, a Central Tax notification to remove Chapter 71 from the list of exemptions is yet to be notified by the Central Board of Indirect Taxes and Customs (CBIC).

01/06/2022

Link PAN Aadhaar Started

Fee of Rs.500 payable if linked up to 30/06/22, else fee payable is Rs.1000.

Fees to be paid by Challan No ITNS 280 with Major head 0021 (Income Tax Other than Companies) & Minor head 500 (Fee).

Try to link after 4-5 working days from date of payment.

23/04/2022

New criteria for filing return of income:

1. Rule 12AB has been inserted by way of notification No. 37/2022.

2. Freshly inserted Rule 12AB provides for conditions for furnishing return of income by persons referred to in clause (b) of sub-section (1) of section 139 in terms of clause (iv) of the seventh proviso to sub-section (1) of section 139

3. Following are the new conditions, satisfaction of any of which, may result a person other than a company or a firm, to furnish a return of income:

(i) if his total sales, turnover or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during the previous year; or

(ii) if his total gross receipts in profession exceeds ten lakh rupees during the previous year; or

(iii) if the aggregate of tax deducted at source and tax collected at source during the previous year, in the case of the person, is twenty-five thousand rupees or more; or

(iv) the deposit in one or more savings bank account of the person, in aggregate, is rupees fifty lakh or more during the previous year.

28/02/2022

If GST Credit could not be availed as B2B supplies wrongly shown as B2C in 2017-18 & 2018-19 in GSTR 1 by supplier & he can't amend the same, then, Submit CA certificate in this regard with proper reconciliation vide Maharashtra State Government Internal Circular No. 02A of 2022 dt. 25-02-2022.

25/12/2021

The registered person declares his outward supplies in GSTR-1 & is required to discharge his tax liability through GSTR-3B. The recipient is able to avail input tax credit on supplies declared by supplier in his GSTR-1 & in respect of which tax has been paid.

Explanation added in Section 75(12) of CGST Act vide Finance Act, 2021 is to clarify that tax on self-declared supplies by registered person in GSTR-1, which has not been paid through GSTR-3B, will be considered as his self-assessed (& admitted) liability & can be recovered.

This amendment is meant to impart payment discipline in the system & to facilitate recipient of a supply to avail ITC in a timely manner. This addresses the concerns of recipients that they are not able to avail ITC if the supplier does not pay the due tax on the said supply.

The said amendment is clarificatory in nature and suitable guidelines will be issued to field formations for its implementation in reasonable manner.

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