GST Daily
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Today’s newsletter analytically summarizes the top GST stories reported at taxmann.com.
The petitioner obtained Permanent Account Number (PAN) and when it tried to register under the provisions of the GST Act, 2017 by linking the PAN, the same was rejected on the ground that there is an error in the PAN issued to the petitioner. It filed a writ petition seeking direction to complete the PAN-based GST registration of the petitioner. ? ? ?
The Honorable High Court observed that the GST registration of the petitioner has not been successful because of the defect in the PAN Card issued to the petitioner. The method of rectifying the same is by approaching PAN Facilitation Centre or filing an online application in Income Tax Department Portal. The writ of mandamus sought by the petitioner can’t be considered and is liable to be dismissed.
The petitioner had filed monthly returns belatedly and calculated interest on its own on net GST liability after adjusting the input tax credit (ITC) available in the electronic credit ledger as per section 50 of the GST Act. The department issued a demand letter levying interest on gross GST liability before adjusting ITC. It filed a writ petition against the same.?
The Honorable High Court noted that the interest should be levied on the portion of the tax paid by debiting electronic cash ledger and not by electronic credit ledger as per the proviso to sub-section (1) of Section 50 of the CGST Act, 2017, with retrospective effect from 01.07.2017 by virtue of the Finance Act, 2021. Therefore, the impugned demand letter was to be set aside and the matter remanded back to the department for reconsideration after taking into account amendments made by Finance Act, 2021.
That’s it from us for today! Stay Tuned for more updates from?Taxmann.com
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?? 16th September 2022 (Friday) | ?? 5:00 PM – 6:00 PM (IST)
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?? Analysis of Section 50 read with Rule 88B
?? Interest on Late Filing of Return
?? Interest on Omission of Invoice in Return
?? Interest on Wrong ITC Availed but not Utilized
?? Interest in case of Balance Lying in Cash Ledger
?? Interest on Erroneous Refund
?? Interest on Wrong Transitional Credit
?? Interest on Payment of Wrong Nature of Tax
?? Interest on Reversal of ITC owing to 'Failure of Payment' within the stipulated time
?? Interest on Reversal of Common ITC under Rule 42/43
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Tushar Aggarwal holds an experience of more than ten years in indirect tax. He has worked for more than eight years with Lakshmikumaran & Sridharan Attorneys. He was also deployed with GSTN for GST implementation & has worked closely with government officials. He specializes in advising clients on complex indirect tax issues, structuring business operations, identifying and advising on tax-efficient business models, etc. He has been involved deeply in various sectors including real estate, hospitality, aviation, Infra, etc.
? Chetan Aggarwal – Executive Partner | Tattvam Advisors
Chetan is a fellow member of the Institute of Chartered Accountants of India (ICAI) with more than 12 years of experience in the field of indirect tax advisory, consulting and litigation. His prior experience includes working with SARC & Associates and a leading law firm Lakshmikumaran & Sridharan. He has rich experience in advising various national and multi-national companies across industry sectors such as fertilizer, real estate, hospitality, etc. in various aspects of indirect taxes. He was part of the domain expert team for GSTN. He has been extensively involved in GST implementation projects involving financial & transactional impact analysis and changes in systems/IT processes.
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