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2019

Restriction on Availability of Unmatched ITC

In a recent notification no. 49/2019-CT dated 9th October 2019, CBIC has inserted sub-rule (4) in section 36 of the Central Goods and Services Tax Rules, 2017. Through this amendment, a restriction has been imposed on the taxpayers for availing Input Tax Credit (ITC). As per the notification the taxpayer will be able to take credit of the unmatched ITC only up to 20% of the ITC reflected in GSTR-2A.

Archive


2019

Tax Payers Liability in case of Voluntary Cancellation of Registration under GST

Sometimes a registered dealer may wish to cancel GST Registration on voluntary basis. In such scenario, some common confusion prevails among tax payers. For example..

  • Are we liable to file GST returns after applying for cancellation of GST registration on voluntary basis?
  • Whether there is a need to file GSTR after applying for voluntary cancellation of registration?
  • If there are any penalty for not filing GST Return in between the period of application and cancellation order?

Hence, in this article we will discuss certain points that may clear confusion in this regard.

2019

Rules related to Threshold Limit for GST Registration

Due to continuous amendments in GST Act since it came in force in July 2017, there is lot of confusion regarding threshold limit for registration under the Act. A dealer can charge GST on the outward supply only if he is registered under GST. There are certain provisions under GST which makes it compulsory for the dealer to register under GST in certain cases. The most important criterion for registration under GST is threshold limit of the turnover. However, due to amendments in rules related to threshold limit, there has been lot of confusion. In this article we will zero-in on this matter.

2019

GST on Charitable Institutions

Activities carried out by Charitable Institutions are mostly not-for-profit in nature. However, certain transactions undertaken by charitable institutions may fall under the definition of supply as defined by GST Act. Hence, it creates lot of confusion whether charitable institutions are covered under GST and whether they have to register under GST or not. It is important to scrutinize the transactions of charitable institutions to determine whether there is any applicability of GST.

2019

35th GST Council Meeting Highlights

The 35th GST council meeting was held on 21st June 2019 at New Delhi. Here are the key highlights of the recommendations of the GST Council.

1. Extension of Certain Due Dates:

  • Certain due dates have been extended as follows:

2019

FAQs on Form GSTR 2A

Q1. What is Form GSTR-2A?

  • Form GSTR-2A is return filing form which is generated by the system for a receiver taxpayer as the draft statement of inward supplies.
  • Form GSTR-2A is auto-populated by the data which was entered in the following forms of all suppliers or counter-party taxpayers of goods/services in a given tax period: GSTR-1, GSTR-5, and GSTR-6 (ISD); GSTR-7 (TDS); and GSTR-8 (TCS).
  • When all these auto-populated details are uploaded on the portal by the counter-parties, this form is created for the taxpayer.
  • This form is then updated for the taxpayer as and when the suppliers change or upload the details in their GSTR-1 forms during the tax period. When a supplier files his/her returns, his/her auto-populated details will be frozen to be edited or deleted.
  • The taxpayer can view his/her GSTR-2A form for the tax period till s/he filed the returns in form GSTR-2.

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