Source Rohit Sethi
Latest Posts in "India"
- GST on Hotel Rooms ≤ Rs 7,500: 5% Rate, No ITC for Hotels or Business Travellers
- GSTN Releases Key FAQs on GSTR 9/9C Filing for Financial Year 2024-25
- Supreme Court: VAT Credit Cannot Be Denied Due to Supplier’s Tax Default
- Trickiest countries in which to achieve compliance
- India announces changes in the Invoice Management System
Rule 36(4): Now taxpayers can avail ITC pertaining to outward supplies not declared by there suppliers in Form GSTR-1/IFF only to the extent of 5% (So from earlier original 20% limit, reduced to 10% later, is now further reduced to 5%)
New Sub Rule 59(5): Taxpayers will now not be allowed to furnish form GSTR 1 if they have not furnished their Form GSTR 3B for preceding two months, in similar lines if taxpayer has opted for QRMP scheme and has defaulted in filing Form GSTR 3B of previous quarter then subsequent filing of Form GSTR 1/IFF will not be allowed.
New Rule 86(B): Now mandatory tax payment of 1% of output tax liability in CASH : As per this new rule now the taxpayers won’t be able to use the amount available in there electronic credit ledger to discharge his liability towards output tax in excess of 99% of such tax liability, in cases where the value of taxable supply other than exempt supply and zero-rated supply, in a month exceeds fifty lakh rupees. CBIC has provided some situations where this restrictions won’t be applicable.(A major blow to taxpayers, voilate the basic principles of Gst towards seamless flow of credits)