Chartered Accountants
(Date: 27/11/2018)
The CBIC has prescribed the procedure for processing IGST refund claims for exports made from Non-EDI ports. The attachment contains the step-by-step procedure for processing the IGST refund claims.
(Date: 26/10/2018)
The CBIC has clarified that the amount of advance tax which a casual taxable person is required to deposit while obtaining registration should be calculated after considering the due eligible ITC which might be available to such taxable person.
(Date: 26/10/2018)
The GST portal does not allow a taxpayer to file a fresh application for refund, once a deficiency memo has been issued against an earlier refund application. Therefore, the CBIC has clarified that the taxpayers would be required to submit the rectified refund application under the earlier Application Reference Number (ARN) only, till the time such facility is developed.
(Date: 26/10/2018)
The CBIC has clarified on processing of applications for cancellation of registration in Form GST REG-16. The GST portal captured the various information (which has to be mandatorily filled by applicant) for initiating the application for cancellation of registration.
(Date: 25/10.2018)
The IGST refunds of exporters were struck due to mis-match errors between the Shipping bills and GSTR-1, i.e., SB005 error. Earlier, the rectification was allowed to shipping bills filed upto June 30, 2018. The CBIC has further extended the rectification facility to shipping bills filed upto November 15, 2018.
(Date: 14/09/2018)
The CBIC has notified the Central GST (Tenth Amendment) Rules, 2018 wherein it has notified Form GSTR-9C for Audit Report and Reconciliation Statement.
(Date: 13/09/2018)
The CBIC has clarified that 12% GST would be applicable on trading of Priority Sector Lending Certificates (PSLCs). It has also clarified that GST on PSLCs for the period July 1, 2017 to May 27, 2018 will be paid by the seller bank on forward charge basis.
(Date:5/09/2018)
The CBIC has clarified that the scope of Principal-Agent relationship in context of Schedule I of the CGST Act with the help of examples. All the activities between the principal and the agent and vice-versa do not fall within the scope of the said entry.