Home Highlights March 2022 Year 2022 This

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1. Interest on delayed payment of tax. - Interest on ITC wrongly availed and utilized - Section 50 of CGST Act, 2017 amended

2. Interest u/s 50(3) of the CGST Act, 2017, in cases of wrong availment of IGST credit and reversal thereof - There will not be any interest liability u/s 50(3) of CGST...

3. Input Tax Credit (ITC) - Interest on excessive or wrongly availed and utilized - Retrospective amendment to sub-section (3) made effective as on 5-7-2022 - Section 50 of...

4. Levy of penalty - ITC wrongly availed - As such, if the respondent was of the view that the claim of ITC has been wrongly made, the only option available is to reverse...

5. Liability of interest - allegation of undue or excess claim of ITC - By virtue of the Amendment in 2022 that has retrospective effect from 2017, it is only when ITC has...

6. IGST Rate Schedule u/s 5(1) - notifying rates of IGST @ 5%, 12%, 18%, 28%, 3% and 0.25% - As amended by notification dated 18-8-2017

7. Profiteering - purchase of 68766- Glass for GT 03-RO Gas Stove - benefit of reduction of rate of GST 28% to 18% not passed on - directed to reduce the price of the...

8. Migration from Composition Scheme to regular scheme of GST payment - Permission to petitioner to file ITC-01 FORM to avail its eligible ITC or input lying on the stock...

9. Levy of Interest and penalty - reversal of transitional credit - no records to show utilization of such credit - invocation of Section 74 of the TNGST Act, 2017,...

10. Rejection of Refund claim - Inverted duty structure - Trading of goods - Purchase @18% of GST and supply @5% to Public Funded Research Institutes - The goods procured...

11. IGST Rate Schedule u/s 5(1) - notifying rates of IGST @ 5%, 12%, 18%, 28%, 3% and 0.25% on supply of goods. - Notification no. 1/2017 as amended vide notification dated 22-9-2017

12. UTGST Rate Schedule u/s 7(1) notifying rates of UTGST @ 2.5%, 6%, 9%, 14%, 1.5% and 0.125% - As amended by notification dated 18-8-2017

13. Eligibility to claim refund of IGST - The availing exemption under Notification No.79/2017-Cus dated 13.10.2017 in respect of additional duty of Customs under...

14. Due date for availing ITC on the invoices or debit notes relating to such invoices issued during the FY 2017-18 extended till 31.3.2019

15. Rates of Tax on Goods - Schedule 3 - IGST @ 18% - CGST @ 9% - SGST / UTGST @ 9% - GST