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key adjustmnet

We are full service firm focuses in domain of Business Setup in India, FEMA, Expatriates Taxation, Accounting Outsource, International Taxation, Auditing, Transaction advisory and so on.<br><br>Underpinned by our values and with our global presence, we serve on FDI advisory, cross-border accounting, International tax planning and Management consulting needs of our overseas clients all over the world.<br>https://vjmglobal.com/

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key adjustmnet

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  1. Key GST Amendments with effect from 01.01.2022

  2. 1. Aadhar Authentication for Registered Person • In case of failure to complete Aadhar Authentication, the entity shall not eligible for following actions on GST Portal: • Filing of application for revocation of cancellation of GST Registration • File Application of refund in Form GST RFD-01 under Rule 89 • Refund of IGST paid on export of goods • If Aadhar number has not been alloted to the concern person then he shall submit the following documents for identification: • Aadhaar Enrolment ID slip and • Bank passbook with photograph/ Voter ID Card/ Passport/ Driving Licence • However, Aadhar authentication should be completed within 30 days of Allotment of Aadhar number

  3. 2. GST Leviability on activities or transactions between any person, other than individual, and its members • Under existing provisions, as per Para 7 of Schedule II of CGST Act, 2017, supply of goods by unincorporated associations or BOI to its members for consideration are treated as “Supply of Goods” and therefore, such supply is liable to GST. • There has been a lot of litigations around applicability of GST on goods supplied or services provided by AOP/Society/BOI to its members. There are various precedences on the same.  • In the matter of STATE OF WEST BENGAL & ORS. VERSUS CALCUTTA CLUB LIMITED AND CHIEF COMMISSIONER OF CENTRAL EXCISE AND SERVICE & ORS. VERSUS M/S. RANCHI CLUB LTD. [2019 (10) TMI 160 – SUPREME COURT], Hon’ble Supreme Court held that there can be no sale of goods or provision of service between Unincorporated persons and its members due to principle of mutuality. Society/clubs etc. and its members are treated as the same person.

  4. 3. ITC limited to invoices appearing in GSTR-2A/GSTR-2B • Provisions related to eligibility to claim ITC are given under Section 16 of CGST Act read with Rule 36 of CGST Rules, 2017. • As per Rule 36(4) of CGST Rules, 2017, every registered person is entitled to claim ITC with respect to invoices which are uploaded by supplier in GSTR-1 and which are correspondingly appearing in GSTR-2A/2B of the recipient.  • However, for the invoices not uploaded by the supplier in GSTR-1, the registered person shall be entitled to claim ITC to the extent of 5%.

  5. 4. Tax payable with respect to sales disclosed in GSTR-1 but not included in GSTR-3B (Section 75 of CGST Act, 2017) • Till 31st December, 2021, As per Section 75(12) of CGST Act, 2017, if any self assessed tax remains unpaid in accordance with details furnished in GSTR-3B then such self assessed tax shall be recovered from the assesseealongwith interest. • For determining tax liability, details furnished in GSTR-3B shall be considered. • With Effect from 01.01.2021, Provisions of Section 75 has been amended to include that if any sales has been disclosed in GSTR-1 and same has not been disclosed in GSTR-3B then tax on such sales is also recoverable from the registered person alongwith interest.

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