Tax Consultant

Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 05/2022 – Central Tax   New Delhi, the 17th May, 2022 G.S.R.....(E).— In exercise of the powers conferred by sub-section (6) of section 39 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with sub-rule (1) of rule 61 of the Central Goods and Services Tax Rules, 2017, the Commissioner, on the recommendations of the Council, hereby extends the due date for furnishing the return in FORM GSTR-3B for the month of April, 2022 till the 24th day of May, 2022     [F. No. CBIC-20006/9/2022-GST] (Rajeev Ranjan) Under Secretary to the Government of India

  1. It has been noticed that in a few cases, certain records are not reflected in the GSTR-2B statement for the period of April 2022. However, such records are visible in GSTR-2A of such recipients. 2. The technical team is working to resolve this issue for the impacted taxpayers and generate fresh GSTR-2B at the earliest. 3. In the interim, affected taxpayers interested in filing GSTR-3B are requested to file the return on self-assessment basis using GSTR-2A. Inconvenience caused in this regard is deeply regretted. Regards, Team GSTN

  1.     A new tax rate of 6% IGST or 3% CGST+ 3% SGST has been introduced on certain goods vide Notification No. 02/2022 dated 31st March 2022. Changes are being made on the GST portal to include this rate in GSTR-1. As a temporary measure, taxpayers who have to report goods at this rate may do so by reporting the entries in the 5% heading and then manually increasing the system computed tax amount to 6%. This can be done by entering the value in the  ‘Taxable value’  column next to 5% tax-rate and then increasing the system computed tax-amount to 6% IGST or 3% CGST + 3% SGST in the  ‘Amount of Tax’  column under the relevant Table, namely B2B, B2C or Export, as applicable. This will ensure that correct tax amount is reported in GSTR-1. Meanwhile, this rate will be made available on the GST portal shortly. 2.     GSTN regrets any inconvenience caused in this regard. Thanking you, Team GSTN

  Reverse Charge Mechanism Meaning :-   As per Section 2(98) reverse charge means the liability to pay tax by the recipient of supply of goods & services or both intended of the supplier of such goods or services or both under sub-section (3) or sub-section (4) of section 9, or under sub-section (3) or sub-section (4) of section 5 of the Integrated Goods & Service Tax Act; As per above definition it is clear that RCM is the mechanism in which receiver of the services or goods liable to pat tax in place of service or goods provider. Registration :-   A person who is required to pay tax under reverse charge has to compulsorily register under GST and the threshold limit of Rs. 20 lakh (Rs. 10 lakh for special category states except J & K) is not applicable to them. ITC: A supplier cannot take ITC of GST paid on goods or services used to make supplies on which recipient is liable to pay tax. Only receiver can avail the ITC on RCM paid by him. Time of ...