BLOGS

Important changes in GST w.e.f 01.10.2022

CA Chandrasekhar Kutty. B.Com, F.C.A.
Registration liable to be cancelled in additional two situations Registered person required to file monthly returns fails to furnish returns for a continuous period of six monthsRegistered person required to file quarterly returns has not furnished returns for a continuous period of two tax periods Time limit to avail input tax credit extended Section 16(4) of the CGST Act is amended to give time to avail input tax credit in respect of any invoice or debit note for the previous financial year upto 30th November following the end of financial year (Previously it was allowed till September returns following the end of financial year)Time limit to issue credit notes has been extended till 30th November following the end of financial year ((Previously it was allowed till September returns following the…
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GST Breaking News: Online gaming co. slapped with Rs. 21,000 cr SCN

Mohan & Chandrasekhar
Online gaming co. based out of Bengaluru learnt to have been served a show cause notice by GST Intelligence Wing, to the tune of approximately Rs. 21,000 cr for allegedly indulging in 'betting' & 'gambling'; Intelligence Wing show cause claims that the same is liable to GST at 28% on the 'face value' of collections made; According to Dept. sources, this is one of the largest ever indirect tax claims; This may lead to more show cause notices on other gaming cos to the tune of several thousands of crores: Sources
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No GST on conversion/development of land into residential sites/plots for sale

CA Chandrasekhar Kutty. B.Com, F.C.A.
Karnataka AAR rules that GST is inapplicable on consideration and advance received for sale of residential plots/sites proposed to be converted by Applicant from own land; Further, GST is also not applicable on said sale even when the plots/sites are sold after completion of works related to basic necessities; Applicant submits that they develop the land as per regulations of District Town and Country Planning Act which includes formation of roads, formation of rain water drains, laying of electricity cables, water pipes, sewerage lines, drilling of borewells, construction of water tanks, setting up of power substation, without which the concerned authorities will not grant permission to sell plots to individuals for construction of houses; Derives that, sale of land is listed under entry no. 5 of Schedule III of CGST…
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KINGFISHER RADLER’, NOT ‘NON-ALCOHOLIC BEER’ BUT ‘CARBONATED FRUIT-DRINK BEVERAGE’, ATTRACTS 28% GST, 12% CESS

CA Chandrasekhar Kutty. B.Com, F.C.A.
Karnataka AAR holds that ‘Kingfisher Radler’ having different variants merits classification as carbonated beverages of fruit drink, all covered under tariff heading 2202 99 90 attracting GST @ 28% along with applicable Compensation Cess of 12% in terms of Sl. No. 12B of Schedule IV to the Notification No. 1/2017- Central Tax (Rate) dated June 28, 2017, as amended; The Applicant sought clarification of their product “Kingfisher Radler”, manufactured & made available in three flavours i.e. Ginger lime, Mint lime and lemon; In this context, referring to the Section Notes and Chapter Notes of the relevant Chapters of the Customs Tariff and also the corresponding Harmonised Commodity Description and Coding System Explanatory Notes of World Customs Organisation (WCO), AAR observes that “…the impugned product is neither a beer initially nor…
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