Time of Supply of Goods under GST ExplainedThe 48th GST Council Meeting was held on December 22, 2021, chaired by the Union Finance Minister, Ms. Nirmala Sitharaman. The council recommended several measures to streamline the Goods and Services Tax (GST) regime and to provide relief to taxpayers. Let's take a closer look at some of the major recommendations made in the 48th GST Council Meeting.
The council recommended a reduction in GST rates for several COVID-19 related drugs and equipment, such as Remdesivir, Tocilizumab, and medical grade oxygen. The GST rate on these items has been reduced from 12% to 5%. This move is expected to provide relief to people who have been affected by COVID-19.
The council recommended an extension of the due date for filing GSTR-9 and GSTR-9C for the financial year 2020-21. The due date for filing GSTR-9 and GSTR-9C has been extended to March 31, 2022.
The council recommended waiving the late fees for GSTR-3B returns for the months of May 2021 to July 2021. This move is expected to provide relief to small taxpayers who have been struggling due to the impact of the COVID-19 pandemic.
The council recommended several measures to simplify the GST return filing process. One of the key recommendations is the introduction of a new return system called GST RET-1. This return system is expected to make the return filing process more user-friendly and less time-consuming.
The council provided clarification on the GST rate applicable to satellite launch services. It was clarified that the GST rate applicable to satellite launch services is 18%.
In conclusion, the 48th GST Council Meeting made several important recommendations that are expected to provide relief to taxpayers and streamline the GST regime. The reduction in GST rates for COVID-19 related drugs and equipment, extension of due dates, waiver of late fees, simplification of GST returns, and clarification on GST on satellite launch services are some of the key recommendations made in the meeting. These measures are expected to provide mu.Decriminalization under GST:
The Goods and Services Tax (GST) is a comprehensive tax system that was introduced in India in 2017. It replaced several indirect taxes and was aimed at simplifying the tax system and promoting ease of doing business. However, with the introduction of GST, many businesses faced compliance challenges and were burdened with heavy penalties for non-compliance. To address these challenges, the government has introduced decriminalization provisions under GST. In this blog, we will discuss decriminalization under GST and its implications.
Decriminalization under GST refers to the removal of criminal penalties for non-compliance with GST provisions. Earlier, non-compliance with GST provisions could attract both civil and criminal penalties. However, with the introduction of decriminalization provisions, certain offences under GST have been made compoundable, meaning that they can be settled by payment of a penalty.
Implications of decriminalization under GST
Decriminalization under GST has several implications for businesses. Here are some of the key implications:
With the decriminalization of certain offences, businesses will be able to comply with GST provisions without fear of criminal prosecution. This will help reduce the compliance burden on businesses, especially small and medium-sized enterprises (SMEs).
Decriminalization of certain offences will promote ease of doing business in India. It will make it easier for businesses to comply with GST provisions and focus on their core operations.
With the introduction of compoundable offences, businesses that have committed minor offences can settle the matter by paying a penalty. This will save them from lengthy and expensive legal proceedings.
Decriminalization of certain offences will help increase revenue for the government. It will encourage businesses to comply with GST provisions and pay their taxes on time.
Decriminalization under GST is a positive step towards promoting ease of doing business in India. It will help reduce the compliance burden on businesses, especially SMEs, and increase revenue for the government. However, it is important to note that decriminalization does not mean that non-compliance with GST provisions will be tolerated. Businesses must still comply with GST provisions and pay their taxes on time to avoid penalties.
Husk pulses, also known as chilka dal, are pulses that have their outer layer or husk intact. They are a popular ingredient in Indian cuisine and are used in dishes such as dal makhani and dal fry. As per the GST rate schedule, husk pulses are taxed under the GST regime. In this blog, we will discuss the GST rate on husk pulses.
GST rate on husk pulses
Husk pulses are taxed under the GST regime under the HSN code 0713. The GST rate on husk pulses is 5%. This means that if you are purchasing or selling husk pulses, you will have to pay a GST rate of 5% on the transaction value.
It is important to note that the 5% GST rate on husk pulses is applicable to all types of husk pulses, including chana dal, moong dal, and urad dal. However, if husk pulses are further processed or packaged, they may attract a different GST rate depending on their classification under the HSN code.
For example, if husk pulses are sold in a packaged form, they may attract a higher GST rate of 12% or 18% depending on their classification under the HSN code. Similarly, if husk pulses are further processed or milled to remove the husk, they may attract a different GST rate based on their classification.
The Goods and Services Tax (GST) is a comprehensive tax system that was introduced in India in 2017. One of the key aspects of the GST is its impact on the real estate sector, particularly on residential dwellings. In this blog, we will discuss the GST on residential dwellings.
GST on residential dwellings
The GST regime has introduced several changes to the tax system for residential dwellings. Here are some key points to keep in mind:
The GST rate on residential dwellings is 5% for under-construction properties. This means that if you are purchasing an under-construction residential property, you will have to pay a GST rate of 5% on the transaction value.
There are certain exemptions to the GST rate on residential dwellings. For example, completed residential properties that are ready for occupation do not attract GST. Similarly, affordable housing projects approved by the government also attract a lower GST rate of 1%.
Under the GST regime, builders and developers can claim input tax credit on the taxes paid on raw materials and services used in the construction of residential dwellings. This can help reduce the overall cost of construction and lower the price of residential properties.
Builders and developers are required to register with the GST authorities and comply with GST provisions. This includes filing regular returns and maintaining proper records of their transactions.
Guidance Note for Verification of CGST Transitional Credit Claimed In TRAN-1/TRAN-2
Under GST law, tax to be first charge on property except under IBC
