GST data contains a large number of data; for human beings, after a point of time, it is difficult to analyze what Artificial intelligence can do very easily. Artificial intelligence is working as a helping hand in finding inconsistency between data,i.e., the input tax credit available and claimed in GSTR 3B Use of AI in GST […]
Finance Bill, 2023The amendment states that input tax credit on goods and services received by companies to undertake CSR activities under section 135 of Companies Act, 2013 is not allowed. The amendment will come into effect from the date to be notified. o Track the ITC reversed in GSTR 3B under Table 4(B)(2) are correctly reclaimed […]
The Finance Act 2023 removed the terms “minimal human intervention” and “essentially automated” from the definition of OIDAR services. In this respect, services that were traditionally excluded due to the human involvement element may come within the scope of the GST. OIDAR is a category of services provided digitally through the medium of the internet. […]
Clause 139 of Finance Bill, 2023 • S. 132 amended so as to decriminalize offences in clause (g), (j) and (k) of the said sub-section (g) Obstructs or prevents any officer in the discharge of his duties under this Act (j)Tampers with or destroys any material evidence o documents (k) Fails to supply any information […]
Notifications Central Tax Notification No. 34/2023-Central Tax Dated 31st July 2023 The Central Government Seeks to waive the requirement of mandatory registration under section 24(ix) of CGST Act for person supplying goods through ECOs, subject to certain conditions. G.S.R. ……(E).—In exercise of the powers conferred by sub-section (2) of section 23 of the Central Goods […]
E-Commerce- Buying and selling goods or services through electronic medium without paper document (sec2(44) of CGST Act 2017). E Commerce Operator Any person who is operates electronic facility for electronic commerce. A person supplying goods or service on his account would not be considered as E-commerce. Registration-They are liable to register under GST without the […]
A registered person shall not be allowed to furnish the Details Of Outward Supplies(GSTR1)/ Returns (GSTR3B/4)/TCS Statement( GSTR8)/Annual Returns (GSTR9/9c) for a tax period after the expiry of a period of 3 years from the due date. (Clause 132 to Clause 135 of Finance Bill, 2023)
GST Council approved 28% GST rate on online gaming( i gaming such as fantasy,teen patti,rummy,poker,betting and gambling among ), Casino and horse racing with effect from 01.1.2023 on the entry amount and not on the winning amount. Industry is concerned about high rate of tax. This rate is not applicable to video games and E […]
The Government has notified certain changes in Table 4 of Form GSTR-3B to enable taxpayers in reporting correct information regarding ITC availed, ITC reversal, ITC re-claimed and ineligible ITC vide Notification No. 14/2022 – Central Tax dated 05th July, 2022 (read with circular 170/02/2022-GST, Dated 6 th July,2022). Accordingly, the reclaimable ITC earlier reversed in […]
Businesses that supply goods through E-commerce can register under Composition scheme Businesses with an annual turnover up to Rs 1.50Crores can opt into the composition scheme. Registration limit of E commerce operators Supply of goods -Rs 40 Lakhs (Rs 20 Lakhs in some Northern eastern states) Supply of services Rs 20 lakhs
