GST 2016 Taxation

List of Proposed Amendment in GST law

List of proposed amendment in GST Law:
Revision of return : It is proposed to allow filing of amendment return to correct inadvertent mistakes in the GST return for the earlier period

Procedure for recovery of ITC from the recipient where the transaction is reported but no tax is paid by the supplier

Credit Utilization pattern: Utilization of CGST / SGST for payment of IGST will be allowed only after exhausting the balance of IGST

Appeal Filling: A ceiling of INR 25 crores is provided for deposit for preferring any appeal before appellate authority and INR 50 crores for filing an appeal before appellate Tribunal

Goods sent for Job Work: The return period of one year for input and three years for capital goods can be extended by commissioner.

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GST 2016 Taxation

Change in the shareholding pattern of GSTN

The Goods and Services Tax Network – Special Purpose Vehicle (GSTN-SPV) was created as a private limited, not-for-profit company under Section 25 of the Companies Act, 1956 (Section 8 of the Companies Act, 2013) by Govt. of India on 28th March, 2013 with an objective to provide shared IT infrastructure and services to Centre and States Governments, tax payers and other stakeholders .

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