Some Recent GST Decisions🔊
👉🏻 Waiver of late fees
Waiver of late fee to be given to all taxpayers in
respect of all pending GSTR-1 from July 2017 to November 2019, if the same are filed by 10.01.2020.
👉🏻 New Exemption
Upfront amount payable for long term lease of
Industrial/ financial infrastructure plots by an entity having 20% or more ownership of CG or SG. Effective from 1st January 2020
Presently,😯 the exemption is available to an entity having 50% or more ownership of CG or SG. 👉🏻 More Restrictions on ITC and GSTR-3B : 20% to 10% , Yes you heard it right , it is evident that government is very robust with respect to matching of Invoices in GSTR 2A . Reducing earlier 20% limit to 10%. What a person can do?🤔 One shall implement and strong Internal control over the same , else there are chances of integration of 2A with 3B which will furthermore give a cash crunch. 👉🏻 Fake Billings To check the menace of fake invoices, suitable action to be taken for blocking of fraudulently availed input tax credit in certain situations. 👉🏻 SOP for Non Filers SOP for tax officers would be issued in respect of action to be taken in cases of non-filing of GSTR 3B returns Getting an interesting read ? Subscribe to our mail updates.
👉🏻 GRC Committees Grievance Redressal Committees (GRC) will be constituted at Zonal/State level with both CGST and SGST officers and including representatives of trade and industry and other GST stakeholders (GST
practitioners and GSTN etc.). These committees will address grievances of specific/ general nature of taxpayers at the Zonal/ State level. These above are the major Decisions taken with respect to GST . If you find the above content Knowledgable share with your professional colleagues and staff. To get more content like above.
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