TMI BlogRECENT DEVELOPMENTS IN GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... RECENT DEVELOPMENTS IN GST - By: - Dr. Sanjiv Agarwal - Goods and Services Tax - GST - Dated:- 15-6-2022 - - Last week, Reserve Bank of India raised the repo rate by 50 basis points to 4.9% which will make borrowing costlier. It has kept the GDP growth rate for financial year 2023 at 7.2% unchanged but inflation projection has been hiked to 6.7%. Factory output for April, 2022 has risen to 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .1% which is on eight month high. All these factors indicate stability and growth in tax revenue too. Government expects tax collection in the current fiscal better than the budget estimates. In 2021-22, indirect taxes grew by 20% while indirect taxes by 49% and tax to GDP ratio was at 11.7%, highest since 2000. This growth expectation has considered concessions in customs and indirect taxes. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Fitch rating has also upped India s sovereign rating to stable from negative due to reduced downside risks to medium term growth as rapid economic recovery. With this one, now all three agencies, viz, Moody s, Fitch and S P, all have expressed a stable outlook on Indian economy. OECD has now projected Indian economy to grow at 6.9% in financial year 2023 while the world economy may grow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at 3% in view of Russia s war. On how to tax crypto s, the GST Law Committee is under discussions on classification and valuation for taxing crypto transactions. As of now, there is no clarity on how crypto or virtual assets will be taxed. GSTN has released functionalities on registration, returns and refunds. CBIC issued Notification No. 8/2022-CT dated 07.06.2022 to waive interest for non f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iling of GSTR-8 by specified e-commerce operators. As India nears completion of five years of GST, GST council is likely to meet in June, 2022 and the discussion may inter alia, include GST tribunals, taxation of crypto s / virtual assets, continuity of compensation to states after June, 2022 etc. Waiver of interest for specified electronic commerce operators for specified months ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Interest leviable on late furnishing of Form GSTR-8 (monthly statement for tax collection at source filed by electronic commerce operators who collect tax at source) for the month of December 2020 has been waived in case of specified registered persons (60 GSTINs notified) who could not file their return by the due date due to technical glitch but had deposited the collected TCS of said mon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th in the electronic cash ledger. The interest has been waived for the period starting from the date of depositing TCS in electronic cash ledger till the date of furnishing of Form GSTR-8 . Interest leviable on late furnishing of Form GSTR- 8 for the months starting from September 2020 till January 2021 has been waived for the specified registered persons (12 GSTINs notified) who co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uld not file their return by the due date due to technical glitch but had deposited the collected TCS of said months in the electronic cash ledger. The interest has been waived for the period starting from the date of depositing TCS in electronic cash ledger till the date of furnishing of Form GSTR-8 . (Source: Notification No. 08/2022 Central Tax dated 07.06.2022 ) New Registr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ations to avoid bill traders (Tamil Nadu) State Tax Department of Tamil Nadu has issued instructions for identification and prevention of bill traders through simplified registration process to curb tax evasion by way of fake invoices. Any application for new registration filed has to undergo the process of matching with the database as to whether any of the following six parameters ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pertaining to cancelled registration found to have been matched with details provided in the application for new registration, to invariably undertake pre-verification of the business premises, by the jurisdictional proper officer as per the notification in the reference cited, so as to deter the bill traders from applying for new registration. Place of business, PAN, Mobile numbe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, e-mail ID, Authorized signatory and Bank account number. The IT wing shall make available the above list to the proper officer of the base circle on a daily basis. [Source: Notification No. 6/2022 dated 07.06.2022 ; Circular No. 10/2022 dated 07.06.2022 issued by Additional Chief Secretary / Commissioner of State Tax (PP2 /GST-15/20/2022)] Revocation of canc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elled GST Registration on Court Orders (Karnataka) Karnataka State Tax Department has notified a Module for revocation of cancelled GST registration beyond 90 days, which is allowed by the Appellate Authority or court. While hitherto there was no electronic module in place to revoke such cancelled registration, with help the new Module, LGSTO s/SGSTO s can revoke cancelled GSTINs of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tax payers who have not applied for Revocation beyond 90 days and preferred the appeal. The path for revocation of cancellation at GST Pro is Registration Request Approve Revocation Request Revocation after Appeal/High Court Order. To enable the( revocation, the proper officer has to select the GSTIN and upload the pdf copy of the Appeal order or High Court order along with the Revocat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Proceedings drawn to revoke the cancelled GSTIN. All the actions have to be done with the Digital Signature Certificate of the Officer. [Source: Circular No. 01/2022-23 dated 02.06.2022 issued by Commissioner of Commercial Taxes, Government of Karnataka] - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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