GST Daily
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Welcome to Taxmann.com | Newsletter – Reporting the Facts with Taxmann's Analysis. Today's Edition Brings to You Comprehensive Coverage of GST Case Laws | Statutory Updates | Analysis.
GSTN implemented IMS on GST portal from 14th October
The GSTN has issued an update to inform that Invoice Management System (IMS) is made available to taxpayers from 14th Oct, 2024, which will facilitate taxpayers to match their records/invoices vis a vis issued by their suppliers for availing correct ITC. It is also highlighted that it is not mandatory to take action on invoices in IMS dashboard for GSTR-2B generation.
GSTN Advisory for Taxpayers: New GST Provision for Metal Scrap Transactions
The GSTN has issued an advisory to inform that the GST portal will soon be updated to enable compliance of registration through FORM GST REG-07 by the businesses dealing with Metal Scrap. Notably, the Government has issued Notification No. 25/2024-Central Tax, on October 9th, 2024 under Section 51 of CGST Act, 2017 mandating compliance by the businesses dealing with Metal Scrap.
CBIC clarifies issues regarding implementation of provisions of section 16(5) & 16(6) of CGST Act, 2017
The CBIC has issued circular to clarify the issues regarding implementation of provisions of sub-section (5) and sub-section (6) in section 16 of CGST Act, 2017. Notably, these provisions are inserted in section 16 of the CGST Act, with effect from the 1st July, 2017, vide section 118 of the Finance (No. 2) Act, 2024, whereby the time limit to avail input tax credit under provisions of sub-section (4) of section 16 of CGST Act has been retrospectively extended in certain specified cases.
Thereafter, various representations have been received by CBIC from trade and industry requesting for clarification in respect of various issues pertaining to availment of benefit of the said amendments in section 16 of CGST Act to the taxpayers against whom demands have been issued. This circular also explains the procedure of filing an application for rectification of an order issued under section 73 or section 74 of the CGST Act.
CBIC issued clarification of various doubts related to Section 128A of the CGST Act, 2017
The CBIC has issued circular to clarify doubts and ensure uniformity in the implementation of Section 128A of the CGST Act, 2017. The circular also provides guidelines relating to filing of application, payment of tax etc. for waiver of interest or penalty or both under Section 128A. Notably, Notification No. 20/2024-Central tax dated 8th October 2024, has provided the procedure and conditions for closure of proceedings under section 128A of CGST Act.
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5 个月Very helpful @