CBIC Issues Guideline To Address Recovery Of Outstanding Dues Till GSTAT Becomes Functional

The Central Board of Indirect Taxes and Customs (CBIC) has issued the guidelines for recovery of outstanding dues, in cases in which first appeal has been disposed of, till the Goods and Service Tax Appellate Tribunal (GSTAT) comes into operation.The Board has received doubts from the trade and the field formations in respect of recovery of outstanding dues, in cases where the first appellate authority has confirmed the demand created by the adjudicating authority, fully or partially, and where...

GST Council Rolls Out Bio-Metric Based Aadhaar Authentication On All-India Basis

The Union Finance Minister, Nirmala Sitharaman in the 53rd GST Council Meeting proposed to roll out biometric based aadhaar authentication on an all-India basis.The GST Council recommended to roll-out the biometric-based Aadhaar authentication of registration applicants on pan-India basis in a phased manner. This will strengthen the registration process in GST and will help in combating fraudulent input tax credit (ITC) claims made through fake invoices.“We ran a pilot in Gujarat and in...

GST Council Rolls Out GSTR-1A To Facilitate The Taxpayers To Amend Details In FORM GSTR-1

The Union Finance Minister, Nirmala Sitharaman in the 53rd GST Council Meeting proposed to roll out GSTR-1A to facilitate the taxpayers to amend the details in FORM GSTR-1.The Council recommended providing a new optional facility by way of FORM GSTR-1A to facilitate the taxpayers to amend the details in FORM GSTR-1 for a tax period and/ or to declare additional details, if any, before filing of return in FORM GSTR-3B for the said tax period. It will facilitate taxpayer to add any particulars of...

Interest Will Not Be Charged On Amount Available In Electronic Cash Ledger Till Due Date: 53rd GST Council Meeting

The 53rd GST Council meeting happened on June 22, 2024, in New Delhi, nearly eight months after the last one. The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, chaired the 53rd GST Council.The council has recommended the amendment of Rule 88B of CGST Rules, 2017 in respect of interest under Section 50 of CGST Act on delayed filing of returns, in cases where the credit is available in Electronic Cash Ledger (ECL) on the due date of filing the return.The GST Council...

53rd GST Council Meeting: Know Recommendations Relating To GST Rates On Goods & Services

The 53rd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in New Delhi today.The GST Council made the following recommendations relating to changes in GST tax rates:Uniform IGST Applicable On Components Related To AircraftsA uniform rate of 5% IGST will apply to imports of 'Parts, components, testing equipment, tools and tool-kits of aircrafts, irrespective of their HS classification to provide a fillip to MRO activities...

Regularisation Of Non-Levy Or Short Levy Of GST: 53rd GST Council Meeting

The 53rd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in New Delhi today. The council proposed the insertion of Section 11A in CGST Act for granting power not to recover duties not levied or short-levitated as a result of general practice under GST Acts.The GST Council recommended inserting a new Section 11A in CGST Act to give powers to the Government, on the recommendations of the Council, to allow regularisation of...

Reduction In Amount Of Pre-Deposit Required To Be Paid For Filing Of GST Appeals: 53rd GST Council Meet

The 53rd GST Council Meeting headed by the Union Finance Minister Nirmala Sitharaman has proposed an amendment in Section 107 and Section 112 of CGST Act for reducing the amount of pre-deposit required to be paid for filing of appeals under GST.The GST Council recommended reducing the amount of pre-deposit for filing of appeals under GST to ease cash flow and working capital blockage for the taxpayers. The maximum amount for filing an appeal with the appellate authority has been reduced from Rs....

53rd GST Council Meeting Mandates Notification Setting 3-Months Period For Filing GST Appeals Before GSTAT

The newly appointed Union Finance Minister, Nirmala Sitharaman, headed this meeting. It is the GST Council's first meeting after the 2024 Lok Sabha elections.The GST Council recommended amending Section 112 of the CGST Act, 2017 to allow the three-month period for filing appeals before the Appellate Tribunal to start from a date to be notified by the Government in respect of appeal/revision orders passed before the date of notification. This will give sufficient time to the taxpayers to file an...

FM Proposes Minimum Threshold Monetary Limit For GSTAT, High Courts And Supreme Court: 53rd GST Council Meet

The 53rd GST Council meeting happened on June 22, 2024, in New Delhi, nearly eight months after the last one. The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, chaired the 53rd GST Council.The Union Finance Minister, Niramala Sitharam, has proposed the Minimum Threshold Monetary Limit for Goods and Service Tax Appellate Tribunal (GSTAT), High Courts, and Supreme Court.The Finance Minister has set a minimum threshold limit of Rs 20 lakh for GSTAT, Rs 1 crore for high...

Demand Notices, Interest, And Penalty Will Be Waived Off If Tax Is Paid By March 31, 2025: 53rd GST Council Meet

The 53rd GST Council meeting happened on June 22, 2024, in New Delhi, nearly eight months after the last one. The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, chaired the 53rd GST Council.The council has proposed the insertion of Section 128A in CGST Act, to provide for conditional waiver of interest or penalty or both, relating to demands raised under Section 73, for FY 2017-18 to FY 2019-20.Considering the difficulties faced by the taxpayers, during the initial...

53rd GST Council Meet Tomorrow: What's The Key Expectations?

About Eight and a half months after its previous meeting, the Center has decided to call a meeting of the Goods and Services Tax (GST) Council on June 22, 2024.Although the meeting's agenda is yet unknown, state finance ministers should bring forth ideas for an indirect tax system that might be included in the Union Budget, which is anticipated to be unveiled next month.Here are the key expectations:Set monetary threshold limits for GST casesIt is probable that the GST Council would establish...

IBBI Amends CIRP Regulations W.E.F. 15th February 2024

The Insolvency and Bankruptcy Board of India (“IBBI”) has issued a notification dated 15.02.2024, whereby amendments have been made to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”). The key amendments are: Operating separate bank accounts for real estate projects: To ensure financial transparency and accountability, the amendment makes it mandatory to have a separate bank account for each real estate project under a corporate ...