Based on representations being received from taxpayers in respect of difficulties being faced by taxpayers, clarifications have been provided in respect of the following:
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CBIC provides clarification on various issues, faced by the taxpayers, in respect of non-imposition of penalty u/s 73 on late filing of GSTR-3B return, inclusion of TCS under Income tax Act in the taxable value, rate of tax applicable on issuance of Debit / Credit Notes in case of revision of prices of goods / services post the appointed date, etc. (Circular No 76/50/2018 - GST dated 31 December 2018)
Key Highlights of Notification No 67/2018-Central Tax to Notification No 79/2018 ,dt. 31-12-2018
CBDT issues Circular No 8/2018 in respect of the Explanatory Notes to the provisions of the Finance Act, 2018.
CBIC releases Third edition of FAQs on GST on 15 December 2018. It contains more than 1000 question with its solutions.
The changes announced in GST Council Meeting held on 22nd December'2018 would be incorporated and the updated edition of the same will be uploaded shortly.
CBIC further issues updated SOP on TDS under GST as well as FAQs on Financial Services Sector.
The 31st GST Council Meeting was held on 22nd December 2018 in New Delhi. The recommendations as made by the GST Council have been made public vide Press release dated 22nd December 2018 issued by Ministry of Finance. The Council in its 31st meeting made following recommendations:
DGPT issues a Trade Notice providing clarification on requirement of documents for the purpose of IEC registration. Amongst others, it clarfies on who has to apply for registration, changing of mobile no and email id, list of documents that qualify as address proof etc.Â
In continuation to the Press Release issued on 07 December 2018, the Government has issued an Order extending the deadlines for filing GST Annual returns July 17 to March 18 period to 31 March 2019. Suitable Explanation has been inserted to Section 44 of the CGST Act 2017.Â
They have also mentioned the electronic facility for filing the annual return is likely to be operational and made available to the assessees by 31 January 2019.
CBDT clarifies that no appeal / SLP shall be filed in cases where tax effect does not exceed the monetary limits specified in Para 3 of Circular No 3/2018 dated 11 July 2018. Further, appeal should not be filed merely because the tax effect exceeds the monetary limits but appeals should be contested on merits.Â
It re-iterates the intent of the said Circular to avoid mechanical filing of appeals and provides specific scenarios in which appeal shall be filed on merits, notwithstanding the fact the tax effects in such cases could be lower than the monetary limits.
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