CBIC notifies Central Goods And Services Tax (Fifth Amendment) Rules, 2022 In Accordance With 48th GST Council Meeting: Know 5 Significant Changes

The Central Board of Indirect Taxes and Customs (CBIC) has notified the Central Goods and Services Tax (Fifth Amendment) Rules, 2022, on the recommendations of the 48th GST Council Meeting.The Central Goods and Services Tax (Fifth Amendment) Rules, 2022 shall be effective on 26 December 2022.1. PAN to be verified through separate one-time passwordsThe Permanent Account Number shall be validated online by the common portal from the database maintained by the Central Board of Direct Taxes and...

GST Council Recommends Changes In GST Rate For Various Goods And Services

The 48th GST Council, presided over by Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs made various recommendations relating to changes in GST rates on the supply of goods and services.The council has exempted the husk of pulses, including chilka, and concentrates, including chuni, churi, and khanda. Early on, 5% GST was payable on the husks of pulses.Due to genuine concerns, the Council decided to regularise the interim period beginning on the date of the Circular's...

48th GST Council Meet: GST Not Applicable On No Claim Bonus Offered By Insurance Companies

The 48th Meeting of the GST Council was held on 17th December 2022 through Video Conference, under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The council recommended that no claim bonus by insurance companies will not attract GST."Circular to be issued to clarify that No Claim Bonus offered by the insurance companies to the insured is an admissible deduction for valuation of insurance services," the press release read.GST is levied only on...

GST Council Meet Raises Threshold For Launching Prosecution To Rs 2 Crores

The 48th GST Council presided over by Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs recommended decriminalizing offenses under Section 132, raising the threshold for tax prosecution, and lowering the amount of compounding in GST.Except for the offense of issuance of invoices without a supply of goods or services or both, the Council has recommended raising the minimum tax amount for launching a GST prosecution from Rs. 1 crore to Rs. 2 crores, except for the...

GST Council Notifies Authorities On Actions To Be Taken Consequential To The Issuance Of A Show Cause Notice And Recurring SCNs In The Case Of Enforcement Actions

The Goods and Service Tax Council has notified the authorities regarding action consequential to the issuance of a Show Cause Notice and for the issuance of a recurring Show Cause Notice in the case of an enforcement action initiated by the Central authorities against a taxpayer assigned to a State and vice versa.It has been noted that varied practices are followed by the field formations regarding the issuance of recurring SCN and other consequential actions in cases where an investigation has...

GST On House Rent: Do All Tenants Have To Pay 18% GST?

The 47th GST Council meeting, presided over by Union Finance Minister Nirmala Sitharaman in June, approved a slew of changes to the taxing scheme. The modifications went into effect on July 18, 2022.One of the most significant changes was that a GST-registered tenant must pay Goods and Services Tax at the rate of 18% when renting a residential property. Earlier Regime Before June 18, 2022, the residential property was not subjected to any kind of taxes, irrespective of the fact that...

Know GST Rate On 7 Goods

Based on the recommendations of the GST Council in its 47th meeting held on the 28th and 29th June at Chandigarh, the CBIC has issued clarifications with reference to the GST levy on various goods.5% GST on electrically operated vehicle The CBIC has clarified that an electrically operated vehicle is to be classified under HSN 8703 irrespective of whether the battery is not fitted to the vehicle at the time of supply. The supply attracts 5% GST in terms of entry 242A of Schedule I...