A new clause urged to enter the claim for the ITC. The input credit on the invoice or debit note can be claimed only if the supplier files the statement of the outward supplies that is the GSTR 1 form. The important need of getting the yearly accounts audited and filing of the reconciliation statement which is to be furnished away with. Moreover filing the yearly return with the self-certified reconciliation statement has been promoted. The commissioner is entitled to privilege the assessee’s from the need to furnish the yearly return. Retrospective amendment (with effect from July 01, 2017) beneath proviso to Section 50(1) of the CGST Act has urged to give that interest beneath GST to be charged on the net cash liability component retrospectively. The definition of the self-assessed tax’ is changed to give that it will consist of the tax payable with respect to the outward supplies filed in Form GSTR-1 whereas not engaged in Form GSTR-3B.
Beneath chapter XII, chapter XIV of chapter XV, the commissioner urged to save the interest of the government revenue he might attach provisionally to any property which includes bank accounts. The procurement for the appeal with respect to the order of the detention of the goods or conveyance through proper officers is being urged to be changed to give that 25% of the penalty is needed to be furnished prior to furnishing the appeal. Sub-section (1)(a) of Section 129 is substituted to raise the payment of the penalty (earlier penalty and tax) from 100% to 200 % for providing detained or seized goods as well as conveyance. Before-tax and penalty equal to 100% are to be furnished for release of detained or seized goods and conveyance. Sub-section (1)(b) of Section 129 is substituting sought to amend the options for delivery of delay or seized goods and conveyance for taxable goods in which the owner disappear: 50% equal to 50% of the value of goods or 200% of tax payable upon these goods whichever is more. Section 129(2) sought to give those goods seized will not be discharged on provisional grounds on the implementation of the bond and filing of the security, in the objective of this quantum. It reveals that the penalty inflicted through the officer shall have to be paid in cash through the assessee. Before was the provision in which if the individual has not paid the tax and the penalty in 14 days of the seizure, the conveyance and goods detained are entitled for seizure according to section 130. However, post to this change the goods or conveyance detained and seized will become eligible to be sold or disposed of in the way prescribed for the case of the payment of the imposed penalty not being filed in 15 days from the receipt copy date of the order imposing the penalty. The definition of zero-rated supply has been urged to be changed. According to this notified class of individuals as well as notified goods or services will be zero-rated supply with IGST payment. Towards the refund of unused input tax credit (ITC), the foreign exchange realization will be important for the zero-rated supply of goods. For the case of non-realization, the advantage of the refund could be deposited with the interest.
1 Comment
9/28/2021 08:32:16 pm
Very delighted to come across this useful article. Due to the negative impact of the pandemic on small businesses, small taxpayers found it difficult to complete pending compliances under the GST Amnesty Scheme. Furthermore, small taxpayers lacked the resources to file the pending GSTR-3B by August 31, 2021. Since I have gone through your blog and found it informative, I would be glad if you visit my blog and share your valuable comments : https://bit.ly/2ZG7il5
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AuthorI am Amit Gupta. I like to write posts about chartered accountants' topic. |