Next GST Council Meeting is expected in April.
It is understood that............exemption from GST Registration requirement may be allowed to small dealers who supply GOODS through ECO......This is expected to be discussed in next GST Council Meeting..
Foreign Trade Policy is expected to be delayed by six months......New Policy will be effective from 01.10.2022 only... Till then present FTP policy will continue....
If you like to follow all the updates in GST Portal or other changes read the blog on GST Updates
The following are some of the issues for which there is no clear cut answers at present:-
1. Whether clubs are liable to collect and pay GST from its members?
2. Can ITC be claimed on construction of Building for renting purposes?
3. Can TRAN 1 Credit be claimed even after the time limit prescribed in GST Rules?
4. Is Ocean freight liable for RCM?
5. Whether interest under section 50 is automatic or not?
6. Whether Bank interest received by a person in his personal capacity is to be included in Aggregate Turnover?
7. Is time limit under section 16(4) to avail ITC is compulsory?
8. Is reconciliation of ITC in GSTR 2 A and ITC availed in GSTR 3B is mandatory till 09.10.2019?
9. ..........................
This list will be updated at regular intervals............ as and when an issue comes to us.
Can a Registered Person take ITC on the following vehicles? Which of them are blocked Credits as per Section 17(5) of CGST Act, 2017.
1. Car................ used as car..... used for Travelling...
2. Car.................. used for carrying goods like cash carrying vans, for carrying Jewellery etc...
3. Goods Vehicle............... for Transportation of Goods
4. Goods Vehicle............... used for both Transportation of Goods and Persons.
5. Multi Utility Vehicles............ which is designed to carry both Goods and Persons.
6. JCB, and Other Vehicles............. which are not usable for Transportation of Goods and Passengers.....
CBIC had issued Instruction (Instruction Number : F.No: 390/Misc/3/2019-JC, dated 21.08.2020).
As per this Instruction, Personal Hearing for adjudication and appeal shall be conducted in virtual mode only. It is made mandatory.....
So, we can expect personal hearing in virtual mode ( like google Meet....)
A new era starts in GST.......... the Virtual mode!!
Composition Scheme comes with lot of conditions .......... Read the law many times........... Don't take it lightly......
If you opt the Composition Scheme by mistake....... There is a huge tax liability... it is unimaginable !!!
It is my rough estimate that many tax payers have opted composition Scheme by mistake....... They are going to get Scrutiny Notices...... Be vigilant always !
