Setting off of Input Tax Credit under New Mechanism
– For IGST Output: First set off through ITC of IGST, then CGST and lastly, SGST.
– For CGST Output: First set off through ITC of CGST and then, IGST. ITC of SGST cannot be utilized.
– For SGST/UTGST Output: First set off through ITC of SGST/UTGST and then, IGST. ITC of CGST cannot be utilized.
GST being a tax on the event of “supply”, every supplier needs to get registered. However, businesses having Annual Aggregate Turnover (AATO) of more than the prescribed limit as per their business in the relevant State are required to obtain GST Registration.
In order to provide relief to small scale businesses of GST registered taxpayers, the Central Board of Indirect Taxes and Customs has published Quarterly Monthly Payment (QRMP) Scheme. It can be availed by taxpayers having an aggregate turnover of up to Rs. 5 crores.
nspection, Search or Seizure can only be carried out when an officer, of the rank of Joint Commissioner or above, has reasons to believe the existence of any exceptional circumstances. In such cases the Joint Commissioner may authorise, in writing, any other officer to cause inspection, search and seizure. However, in case of arrests the same can be carried out only where the person is accused of offences specified for this purpose and the tax amount involved is more than specified limit. Further, the arrests under GST Act can be made only under authorisation from the Commissioner.
43rd GST Council Meeting heading by Finance Minister Smt. Nirmala Sitharaman was held through video conferencing at New Delhi on May 28, 2021.
In lieu of pandemic, Government has reduced the GST rates on COVID-19 related items. It also announced certain extensions in GST Compliances due dates. Having stated that, the whole world …