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The petitioner was engaged in the manufacturing of carbonated fruit drinks, which was classified under HSN 2202 9920 under GST and discharging GST @ 12% on all intra-State and inter-State supplies. The codes have been specified under Chapter XXII of GST Tariff Codes. In the aforementioned code in respect of fruit-based drinks, the tax is @ 12% i.e., 6% under the Central GST and another 6% as State GST.
The government unveiled a raft of measures to ensure availability of cash in the system, including speeding up of refunds worth Rs 18,000 crore linked to income tax returns, customs and GST, while deciding to prioritise spending on areas like health, pharma, food, rural development, railways and aviation.
Companies will have to pay GST on the remuneration they give to directors. Clay Craft India Pvt. Ltd had filed application before the Rajasthan bench of the AAR and sought clarification on whether salaries paid to directors would attract Goods and Services Tax.
Collection of GST was just over Rs 18,000 crore through integrated GST (IGST) on imports in March, the lowest since the new tax regime kicked in 30 months ago, indicating diminishing collection in future, putting additional pressure on the government that is facing demands for fiscal stimulus in the wake of the coronavirus pandemic.
The Goods and Services Tax Network (GSTN), IT backbone of GST has enabled over 20,000 registrations and processed about 8,000 refund cases till April 3, 2020, during the first 10 days of the lockdown. They have provided remote access, securely through virtual private network or VPN, to over 1700 tax officials across the country. From March 25 – when the nationwide lockdown began - to April 3, 20,273 registration-related cases were processed, including 10,077 cases of new registration, 3377 cases of core amendment, 3784 cases of cancellation by application, 1966 cases of cancellation by suo moto and 1069 cases of revocation. During the same period, 7876 cases of refund were also processed. Soon after the lockdown was announced, GSTN offered secured access to all these states to enable their officers to work remotely. GSTN provides back-office applications like processing of registration application, processing of refund applications, audit, assessment, appeal, etc. tax officers in 29 states and union territories, apart from 1.23 crore taxpayers. For these states and UTs, GSTN provides back-office applications like processing of registration application, processing of refund applications, audit, assessment, appeal, among others, for all their tax officers, which is different from the front-end interface used by the taxpayer -- GST portal. VPN is helping officers to avoid the backlog which could have happened if the cases were not processed during the lockdown. With the provision of auto-approval of applications, if not processed by the tax office in a time-bound manner, the officers want them to do it manually to avoid any future complication
On March 27, the Reserve Bank of India (RBI) said that all lending institutions, including banks and housing finance companies, will have to give its borrowers a three-month moratorium on term loans, the deferred installments under the moratorium will include the following payments falling due from March 1, 2020 to May 31, 2020: (i) principal and/or interest components; (ii) bullet repayments; (iii) equated monthly installments (EMIs); (iv) credit card dues. There was merry all around and Aam Admi was obviously happy given the loss of earnings, pay cuts and delays in salary payments. But now there is clarity. The facility, which has been dubbed as a saviour of the middle class by some analysts, is actually a punishment. When a loanee avails the deferment of EMIs for months (March to May 2020) that amount will get added to the total principal amount and the interest on loan will increase. Which means, missing two installments could extend your loan by 6-10 months, or increase the EMI amount by 1.5%. The borrower have given two options by the lender: Option I: Add the interest to the outstanding loan and increase EMI for remaining months Option II: Keep the EMI unchanged but extend the loan tenure. The number of additional EMIs will depend on the age of the loan. In a nutshell, the advantage of EMI deferment scheme is a myth. The reality is pain for customers, gain for banks and fame for the government. There is a need to correct this urgently either by interest subvention to reduce burden on loan customers or limiting interest payment only to the three EMI amount for a specific period.
GST collections in March slipped below the psychological Rs 1 lakh crore-mark for the first time in four months to Rs 97,597 crore as COVID-19 lockdown that shut most businesses compounded tax collection woes in an already sluggish economy. Goods and Services Tax (GST) mop-up in March recorded a 8.4% decline over March 2019 collection of Rs 1.06 lakh crore. The collections were lower on account of dip in revenues from domestic transactions as well as imports. Collections in March were for sales in February and, with the coronavirus lockdown in March, the numbers for the next month look grim. Unlike in previous months, when it was the GST on imported goods which were hobbling growth, the latest numbers point to domestic slowdown as well given that the levy on transactions within the country generated 4% lower revenue. GST on imported goods was down 23% as compared to March, 2019. Three major reasons have been highlighted by the field formations are due to the shift of BS-IV to BS-VI, auto manufacturers are going slow leading to a huge impact on the GST collections. Auto majors do not want an excess inventory of BS-IV and due to disruptions of supplies from China, BS-VI manufacturing has also taken a hit. Secondly, both B2B and B2C impact of delayed supplies from China on account of the coronavirus outbreak, which has lead to non-availability of products in the B2C markets. And supplies of raw materials have been hit for B2B players, which is impacting both manufacturing and sales in various industries. The third being, the on-going slowdown in the overall economy, be it in exports, imports, domestic market sales leading to a decline in collections. Meanwhile, it is also understood that the field formations are trying hard to keep the GST collections, at least above Rs 1 lakh crore mark, which is taken as a cut of for a decent collection number.
1. CBIC has clarified that there is no restriction on bunching of refund claims across financial years (Circular No. 125/44/2019-GST Dated-18.11.2019 stands modified). 2. Refund of accumulated ITC on account of reduction in GST rate not applicable where input and output supplies are the same. 3. Refund of tax paid on supplies other than zero rated supplies will now be admissible proportionately in the respective original mode of payment i.e. the refund to be paid in cash and credit shall be calculated in the same proportion in which the cash and credit ledger has been debited for discharging the total tax liability for the relevant period for which application for refund has been filed. 4. Further the refund of accumulated ITC availed is restricted to those invoices, which are uploaded in GSTR-1 and reflected in GSTR-2A of the applicant. 5. Format for Statement of invoices to be submitted with application for refund of unutilized ITC is attached, HSN/SAC Code added in the statement of invoices relating to inward supply as provided in Annexure–B.
Later in recent days, actions have been taken to give relief to the taxpayers- 1) FY 2019-20 is not at all extended till 30th June, only the date is extended for some compliances. 2) Belated returns or Revised returns for the FY 2018-19 can be filed till 30th June. 3) In the FY 2019-20, income is taxable till 31st March only and not up to 30th June, i.e. for taxability of income financial year is considered till 31st March only. 4) Deductions under 80C, 80D, etc. can be claimed by investing till 30th June. 5) New LIC, Mediclaim, PPF, NPS, etc. policies taken till 30th June will be eligible for the deduction for the FY 2019-20. 6) Payment of Premium of old policies of LIC, Mediclaim, PPF, NPS, etc. due up to 31st March can be claimed as deduction even if paid till 30th June. 7) Housing loan interest is eligible for deduction on accrual basis, so interest accrued till 31st March will be eligible for the deduction in FY 2019-20. However, Installments due up to 31st March can be claimed as deduction even if paid till 30th June
GST Council have not come up with an idea of extension of monthly complying return GSTR-3B because of Covid-19. GSTR-3B was to be filled by 20th of march if the aggregate turnover is or exceeds Rs. 5 crores. But there are still cases where the same has not been filled yet till 22nd of march.
The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman announced several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. 1. Those having aggregate annual turnover less than Rs. 5 Crore Last date can file GSTR-3B due in March, April and May 2020 by the last week of June, 2020. No interest, late fee, and penalty to be charged. 2. Others can file returns due in March, April and May 2020 by last week of June 2020 but the same would attract reduced rate of interest @9 % per annum from 15 days after due date (current interest rate is 18 % per annum). No late fee and penalty to be charged, if complied before till 30th June 2020. 3. Date for opting for composition scheme is extended till the last week of June, 2020. Further, the last date for making payments for the quarter ending 31st March, 2020 and filing of return for 2019-20 by the composition dealers will be extended till the last week of June, 2020. 4. Date for filing GST annual returns of FY 18-19, which is due on 31st March, 2020 is extended till the last week of June 2020. 5. Payment date under Sabka Vishwas Scheme shall be extended to 30th June, 2020. No interest for this period shall be charged if paid by 30th June, 2020. 6. 24X7 Custom clearance till end of 30th 8. June, 2020. 7. Raise the threshold of default under section 4 of the IBC 2016 to Rs 1 crore.
Through a notification dated 23.03.2020 it has been provided that where a registered person has claimed refund of any amount of tax wrongly paid or paid in excess for which debit has been made from the electronic credit ledger, the said amount, if found admissible, shall be re-credited to the electronic credit ledger by the proper officer by an order which allow to curb the practice of voluntarily paying more tax or wrong tax from out of ITC, to encash such accumulated ITC by way of claiming refund in cash.
In the last GST council meeting held on 14th March, 2020, the GST rate on mobile phones was increased to correct the inverted duty structure on recommendations of Fitment Committee. GST rate was raised from 12% to 18% on mobile phones.
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What is CESS?
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What is UTGST? UTGST stands for Union Territory Goods and Services Tax. It is applicable to the movement of goods and services within a union territory. Since the state GST i.e. SGST cannot be applied in a Union Territory without legislature, the government decided to introduce the Union Territory GST.
What is IGST? IGST stands for Integrated Goods & Services Tax. It represents the tax levied by the Central government on various categories of Goods & Services falling under the GST net and is applicable to the interstate movement of taxable goods and services.