1 / 8

GST Compliance Calendar Oct 21 important legal developments

The refund under section 77 of CGST Act! Section 19 of IGST Act, 2017 can be claimed before the expiry of two years from the date of payment of tax under the correct head, i.e. integrated tax paid in...<br>Read more at https://taxguru.in/goods-and-service-tax/gst-compliance-calendar-oct-21-important-legal-developments.html

tax2
Download Presentation

GST Compliance Calendar Oct 21 important legal developments

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. GST Compliance Calendar Oct 21 & importantlegal developments taxguru.in/goods-and-service-tax/gst-compliance-calendar-oct-21-important-legal-developments.html 1. Circulars orClarifications 1.1. Amount of CGST, SGST, or IGST wrongly paid for Intra-State or Inter-State shall be Refunded within 2 years, clarifiesCBIC (Circular No. 162/18/2021-GST; Dated 25th Sep2021) The refund under section 77 of CGST Act! Section 19 of IGST Act, 2017 can be claimed before the expiry of two years from the date of payment of tax under the correct head,i.e. integrated tax paid in respect of subsequently held inter-State supply, or central and state tax in respect of subsequently held intra-State supply, as the case may be. However, in cases, where the taxpayer has made the payment in the correct head before the dateof issuance of notification No.35/2021-Central Tax dated 24.09.2021, the refund application under section 77 of the CGST Act! section 19 of the IGST Act can be filed before the expiry of two years from the date of issuance of the said notification i.e.from 24.09.2021. 1.2. Cut-off date for availing Input Tax Credit in DebitNotes (Circular No. 160/16/2021-GST; Dated 20th Sep2021) The Board has clarified w.e.f. 01.01.2021, in case of debit notes, the date of issuanceof debit note (not the date of underlying invoice) shall determine the relevant financialyear for the purpose of section 16(4) of the CGSTAct.

  2. The availment of ITC on debit notes in respect of amended provision shall be applicable from 01.01.2021. Accordingly, for availment of ITC on or after 01.01.2021, in respect of debit notes issued either prior to or after 01.01.2021, the eligibility for availment of ITCwill be governed by the amended provision of section 16(4), whereas any ITC availed prior to 01.01.2021, in respect of debit notes, shall be governed under the provisions of section 16(4), as it existed before the said amendment on01.01.2021. • Physical Invoice need not be carried when E-Invoice has beenissued • (Circular No. 160/16/2021-GST; Dated 20th Sep2021) • The CBIC clarified that Rule 138A (1) of the CGST Rules, 2017 inter-alia, provides that the person in charge of a conveyance shall carry the invoice or bill of supply or delivery challan, as the case may be; and a copy of the e-way bill or the e-way bill number,either physically or mapped to a Radio Frequency Identification Device embedded on to the conveyance in such manner as may be notified by the Commissioner. • 5% GST on Services by Cloud Kitchens covered under ‘RestaurantService’, GST Council issues Clarification on GST rate onServices • The services by cloud kitchens/central kitchens are covered under ‘restaurantservice’, and attract 5% GST [without ITC]. Ice cream parlor sells already manufactured ice- cream. Such supply of ice cream by parlors would attract GST at the rate of18%. • GSTDEADLINES • Deadlines | Oct21 • GST Compliance Calendar – Oct2021

  3. GST Annual Return and Reconciliation Statement (GSTR9 andGSTR9C) Due date 31st Dec 2021 for FY 20-21. NOTE: Due date of Sep 21 GSTR3B return (i.e. 20 Oct 2021) is the last date tomake any of the following changes pertaining to Financial year2020-21: Last date for reversal of ITC wrongly availed or claiming any missing ITC for FY20- 21, Last date to issue credit note for FY20-21, Last date to make any rectification or amendments in GSTR3B orGSTR1. 3. GST PORTALUPDATES

  4. Advisory for Taxpayers regarding Generation of EWB where theprincipal supply is Supply ofservices. • (Advisory Dated:16/09/2021) • In cases where along with the principal supply of service, movement of some goods is also involved, e-way bill may be generated. Such situations may arise in cases of supply of services like printing services, works contract services, catering services, pandal or shamiana services, etc. In such cases, e-way bill may be generated by entering the details of HSN code of the goods, along with SAC (Service Accounting Code) ofservices involved. • On demand fetching of Bill of Entry details from ICEGATEPortal • (Advisory Dated:17/09/2021) • To help importers of goods, and recipients of supplies from SEZ, search Bill of Entry details, which did not auto-populate in GSTR-2A, a self-service functionality has been made available on the GST Portal that can be used to search such records in GST System, and fetch the missing records from ICEGATE. • Please note that it usually takes 2 days (after reference date) for BE details to get updated on GST Portal from ICEGATE. This functionality should, therefore, beused if data is not available afterthis • NOTIFICATION • GST Rate Changes on Goods Applicable from 1 Oct2021 • (Notification No. 8/2021-Central Tax (R); 30th Sep, 2021) • Some of the important rate changes recommended by the 45th GST Council Meeting are asunder: Sr. Industry HSN Description No. Rate Change

  5. 201A Renewable energy industry 84, Following renewable energy devices and parts 5%to 85 for their manufacture:- 12% or (a) Bio-gasplant; 94 4.2. GST Rate Changes on Services Applicable from 1 Oct2021 (Notification No. 06/2021- Central Tax (R), dated30.09.2021) Some of the important rate changes recommended by the 45th GST Council Meeting are asunder:

  6. No GST Exemption on Seeds meant for any use other thanSowing • (Notification No. 9/2021-Central Tax (R); 30th Sep, 2021) • The Central Board Indirect Taxes and Customs (CBIC) notified that the noGST exemption on seeds meant for any use other thansowing. • The government has inserted the explanation which said that Seeds, fruit and spores,of a kind used for sowing are exempted from GST but this entry does not coverseeds • meant for any use other than sowing.” The notification shall come into force on the1st October2021. • CBIC notified RCM applicability on supply of mentha oil byunregistered person to registeredperson • (Notification No. 10/2021-Central Tax (R); 30th Sep, 2021) • The CBIC vide Notification No. 10/2021-Central Tax (Rate) dated September 30,2021 has further amended Notification No. 04/2017-Central Tax (Rate) dated June 28, 2017 (“the RCM notification for goods”), in order to adhere to the recommendations of 45th GST Council meeting held on September 17, 2021. Supply of mentha oil by unregistered person to registered person shall be taxable under RCM as per Section 9(3) ofCGST • Act, 2017. • CBIC relaxes Requirement of Filing Job Work Declaration in Form GSTITC-04 • (Notification No. 35/2021-Central Tax; 24th Sep,2021)

  7. Requirement of filing FORM GST ITC-04 under rule 45 (3) of the CGST Rules has been relaxed as taxpayers whose annual aggregate turnover in preceding financial year is above Rs. 5 crores shall furnish ITC-04 once in six months and taxpayers whose annual aggregate turnover in preceding financial year is upto Rs. 5 crores shallfurnish ITC-04annually. • 5.6. CBIC mandates Aadhaar Authentication for Registered Person for Filingof • Application for Revocation of Cancellation of GST Registration, RefundApplication • (Notification No. 35/2021-Central Tax; 24th Sep,2021) • The CBIC inserted Rule 10B in respect of Aadhaar authentication for registered person shall be inserted, which says that The registered person shall undergo authentication of the Aadhaar number in order to be eligible for filing of application for revocation of cancellation of registration in FORM GST REG- 21 under Rule 23, filing of refund application in FORM RFD-01 under rule 89, and refund under rule 96 of the integratedtax paid on goods exported out ofIndia. • JUDICIALPRONOUNCEMENTS • Supreme Court upholds Validity of Provision relating to GST Refund ofInverted Duty on InputServices • The Honourable Supreme Court upheld the validity of Rule 89(5) of the CGST Rules 2017 which pertains to Good and Service Tax (GST) Refund of Inverted Duty onInput Services. • The issues raised in the petition was whether the amended Rule 89 of the CGST Rulesis violative of Article 14 of the Constitution of India inasmuch as it treats dealers with accumulated credit on inputs and dealers with accumulated credit on input services differently; whether the amended Rule 89 of the CGST Rules is violative of Article 14 of Constitution of India inasmuch as it treats dealers with accumulated credit on inputs and dealers with accumulated credit on input services differently; and whether Section 164(3) is unconstitutional inasmuch as it suffers from the vice of excessivedelegation. • VKC Footsteps India Pvt. Ltd. Vs. Union ofIndia • ****** • Author can be reached at [email protected]; +91 9917211511 • Tags: Compliance Calendar, goods and services tax,GST • Kindly Refer to Privacy Policy & Complete Terms of Use andDisclaimer. • AuthorBio

  8. Name: CA. Hemant Singhal Qualification: CA in Practice Company: N H Singhal & Associates Location: Delhi, Uttarakhand, India Member Since: 05 Mar 2018 | Total Posts:26 GST Corporate Advisor | GST Trainer | Indirect Tax Expert View FullProfile My PublishedPosts Penalty not justified merely for mentioning document No. instead of Invoice No. in Eway bill GST updates and Compliances – September2021 Penalty not justified where E way bill was generated against Invoice Number insteadof Bill of Entry GST Newsletter and Compliance Calendar July21 GST Year end Tasks |March2021 View More Published Posts More Under Goods and ServicesTax «PreviousArticle Next Article» Leave aComment Your email address will not be published. Required fields are marked*

More Related