Indirect Tax Updates

Amendment for Para 6 in Guidelines for launching of Prosecution in relation to offences punishable under the Customs Act, 1962-reg

Customs vide circular No. 12/2019-Customs dated 24-05-2019 amends para 6 of Circular no. 27/2015 which consists launching Prosecution immediately on [...]

Interest for late payment of GST payable on gross tax liability and not after set-off of Input Tax Credit

Vide Decision Of High Court Of Telangana in Megha Engineering and Infrastructures Ltd. v. Commissioner of Central Tax Facts of the case: Case of the [...]

Extension of due date for furnishing GSTR 1 and GTSR 3B for registered persons in specified districts in Odisha till 10th June and 20th June respectively

GSTR 1 and GSTR 3B for the month of April 2019 has to be filed by 10th May 2019 and 20th May 2019 respectively. The Central Board Of Indirect Taxes and [...]

Provisions of rule 138E of the CGST Rules notified – Restriction on generation of e-way bill

As per Rule 138E, if an assessee, who is a composition dealer has not filed GST returns for two consecutive tax periods, e-way bill cannot be generated for [...]

Clarification regarding filing of application for revocation of cancellation of registration

Section 29 of CGST Act, 2017 empowers a proper officer to cancel the registration, including from a retrospective date, of a registered person on account of [...]

Extension of due date for furnishing GSTR 1 of March 2019 till 13th April 2019

The Central Board of Indirect Taxes and Customs video Notification No. 17/2019 has extended the due date for filing GSTR 1 for the month of March2019 from [...]

Extension of due date for furnishing ITC 04 till 30th June, 2019

ITC 04 is required to be filed by a tax payer by giving the details of goods dispatched to or received from job workers. Due date for filing the same is 25th [...]

Decisions taken in 34th GST Council Meeting held on 19th March 2019

34th GST Council Meeting was held on 19th March 2019 in which decisions relating to GST Rates for Real Estate Sector were taken. Summary of Rates effective [...]

Discontinuation of printing of Advance Authorisations / Export Promotion Capital Goods (EPCG) Authorisations on security paper by DGFT for authorisations issued with EDI ports as port of registration

In order to enhance the ease of doing business for exporters, DGFT vide Circular No. 07/2019 dated 21st February 2019 has decided to discontinue the issuance [...]

Nature of Supply of Priority Sector Lending Certificates (PSLC)

Earlier, Notification No. 11/2018-Central Tax (Rate) dated 28.05.2018 was issued to levy GST on trading of PSLC (Priority Sector Lending Certificates) on [...]

Increase in threshold limit of aggregate turnover for availing Composition Scheme u/s 10 of the CGST Act, 2017

The Central Board of Indirect Taxes and Customs Vide Notification No 14/2019 – Central Tax dated 07th March 2019 has increased the threshold limit of [...]

Advance Rulings – GST – Mr. Harsh Vora (Manager, Indirect Taxation – Mumbai Branch)

Introduction: “Advance ruling” means a decision provided by the Authority or, as the case may be, the Appellate Authority to an applicant on matters or on [...]

Extension of due date for filing Form GSTR 7 for the month of January 2019

GSTR 7 is required to be furnished by a registered person who deducts tax at source under the provisions of section 51 of the CGST Act, 2017. The Central [...]

Amendments to take effect under GST from 1st Feb 2019 – Mr. Harsh Vora (Manager, Indirect Taxation – Mumbai Branch)

Upper limit of turnover for opting of composition scheme shall be raised from Rs. 1 Cr to Rs. 1.5 Cr.A Composite dealer (in goods) shall be allowed to supply [...]

No GST exemption on goods and service supply to Duty Free Shops (DFSs) at international Airports in India – Decision of High Court of Madhya Pradesh in Vasu Clothing(P) Ltd. v. Union of India

Facts of the case: The petitioner is a manufacturer and exporter of garments in India and specializes in manufacturing of highquality products for children [...]