Interest on ITC: Retrospective amendment and journey ahead!
GST has been a game of trial and error wherein slew of debatable issues have been ironed out by way of prospective and retrospective amendments in the past five years. Levy of interest under GST has been a vexed issue being marred by multiple insufficiencies and...
GST Implications on Merchant Trading Transactions executed prior to February 2019
We intend to apprise you on recent dispute being raised by revenue regarding GST implications on Merchant Trading Transactions (‘MTT’) executed prior to February 2019. MTT is a common business model where an Indian entity receives an order for supply of goods from an...
NITYA | Update on 47th GST Council Meeting – 3rd Edition
GST Council concluded its 47th Meeting on June 29, 2022, proposing a long list of amendments and clarifications. Recently, several Notifications and Circulars have been issued to give effect to the decisions taken. Please click on the below link to ‘NITYA | Update on...
Implications of amendments in GSTR-3B
This is to update you regarding amendments made in GSTR-3B vide Notification No. 14/2022 dated July 5, 2022 and also Circular No. 170/02/2022-GST dated July 6, 2022 (issued to clarify reporting changes). Pertinently, these changes are effective from July 5, 2022,...
NITYA | Indirect Tax Bulletin | July 2022 | Week 1
In this Weekly Bulletin, we have captured following: Rulings Challenge to constitutional validity of Section 7 (Inclusion of ‘Sale’ within scope of ‘Supply’) Mismatch in GSTR-3B and GSTR-2A Adjustment of IGST paid under wrong head towards CGST and SGST Meaning of...
NITYA | Update on 47th GST Council Meeting – 2nd Edition
GST Council concluded its 47th Meeting on June 29, 2022 after a gap of 6 months. The common theme running through most of the proposals appears to be of increasing revenue collection. Further, expectations for clarity on GST on Ocean Freight (amidst much-talked about...
Update on 47th GST Council Meeting
GST Council concluded its 47th Meeting on June 29, 2022 after a gap of 6 months. The common theme running through most of the proposals appears to be of increasing revenue collection. Further, expectations for clarity on GST on Ocean Freight (amidst much-talked about...
NITYA | Indirect Tax Bulletin | June 2022 | Week 3
In this Weekly Bulletin, we have captured following: Rulings Classification of parts of motor vehicle Cenvat credit on CSR expenses Other Updates Instructions relating to sanction, post-audit and review of refund claims Please click on the below link to NITYA |...
Reflection of same invoices in GSTR-2B for April 2022 and May 2022 due to technical glitch on GST Portal
We apprised you about non-reflection of all invoices in GSTR-2B of April 2022 due to technical glitch on GST Portal. GSTN has again issued an advisory stating that GSTR-2B of April 2022 and May 2022 are reflecting same invoices. The advisory has directed the taxpayers...
