GsT Knowledge

*GST* 𝗕𝗶𝗴 𝗡𝗲𝘄𝘀 𝗖𝗼𝗺𝗶𝗻𝗴 𝗜𝗻:

𝗚𝗿𝗲𝗮𝘁 𝗡𝗲𝘄𝘀 𝗙𝗼𝗿 𝗛𝗼𝗻𝗲𝘀𝘁 𝗧𝗮𝘅𝗽𝗮𝘆𝗲𝗿𝘀

The Supreme Court has 𝗱𝗶𝘀𝗺𝗶𝘀𝘀𝗲𝗱 𝘁𝗵𝗲 𝗱𝗲𝗽𝗮𝗿𝘁𝗺𝗲𝗻𝘁'𝘀 𝗦𝗟𝗣 𝗮𝗴𝗮𝗶𝗻𝘀𝘁 𝘁𝗵𝗲 𝗖𝗮𝗹𝗰𝘂𝘁𝘁𝗮 𝗛𝗖 𝗷𝘂𝗱𝗴𝗺𝗲𝗻𝘁 𝗶𝗻 𝘁𝗵𝗲 𝗰𝗮𝘀𝗲 𝗼𝗳 𝗦𝘂𝗻𝗰𝗿𝗮𝗳𝘁 𝗘𝗻𝗲𝗿𝗴𝘆 𝗣𝘃𝘁. 𝗟𝘁𝗱., wherein it was held that the *purchasing dealer's ITC cannot be denied by the department on the ground that that supplying dealer has not remitted the tax so collected unless there is an exceptional case like the supplier going missing or any situation wherein it becomes impossible for the department to collect tax from such a supplier.* 𝘜𝘯𝘵𝘪𝘭 𝘵𝘩𝘦𝘳𝘦 𝘪𝘴 𝘢 𝘳𝘦𝘮𝘰𝘵𝘦 𝘤𝘩𝘢𝘯𝘤𝘦 𝘰𝘧 𝘳𝘦𝘤𝘰𝘷𝘦𝘳𝘪𝘯𝘨 𝘵𝘩𝘦 𝘵𝘢𝘹 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘴𝘶𝘱𝘱𝘭𝘺𝘪𝘯𝘨 𝘥𝘦𝘢𝘭𝘦𝘳, 𝘵𝘩𝘦 𝘥𝘦𝘱𝘢𝘳𝘵𝘮𝘦𝘯𝘵 𝘴𝘩𝘢𝘭𝘭 𝘯𝘰𝘵 𝘥𝘦𝘯𝘺 𝘐𝘛𝘊 𝘵𝘰 𝘵𝘩𝘦 𝘱𝘶𝘳𝘤𝘩𝘢𝘴𝘪𝘯𝘨 𝘥𝘦𝘢𝘭𝘦𝘳.

𝘈𝘨𝘢𝘪𝘯𝘴𝘵 𝘵𝘩𝘪𝘴 𝘰𝘳𝘥𝘦𝘳, 𝘵𝘩𝘦 𝘋𝘦𝘱𝘢𝘳𝘵𝘮𝘦𝘯𝘵 𝘧𝘪𝘭𝘦𝘥 𝘢𝘯 𝘚𝘓𝘗 𝘪𝘯 𝘵𝘩𝘦 𝘚𝘶𝘱𝘳𝘦𝘮𝘦 𝘊𝘰𝘶𝘳𝘵 (𝘋𝘪𝘢𝘳𝘺 𝘕𝘰. 44241/2023).

It is being reported that the SLP has been dismissed and the Calcutta High Court judgment has been upheld.

This comes as a massive victory for honest taxpayers.

The order copy of the judgment is awaited.

(𝗦𝗼𝘂𝗿𝗰𝗲: 𝗧𝗮𝘅 𝗦𝘂𝘁𝗿𝗮)

Ministry Of Finance (Department Of Revenue) (Central Board of Indirect Taxes And Customs) New Delhi Notification No. 01/2022 – Central Tax | Dated: 24th February, 2022 G.S.R. 159(E).—In exercise of the powers conferred by sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017, the Government, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2020 – Central Tax, dated the 21st March, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 196(E), dated 21st March, 2020, namely:— In the said notification, in the first paragraph, with effect from the 1st day of April, 2022, for the words “fifty crore rupees”, the words “twenty crore rupees” shall be substituted. [F. No. CBIC- 20021/1/2022-GST]

GST Highlights 23rd February 2022
No adversarial relationship between Centre and states on GST: FM Sitharaman
Finance Minister Nirmala Sitharaman said that there is no adversarial relationship between the states and the Centre when it comes to matters of Goods and Services Tax (GST).
The finance minister, while addressing a press conference in Mumbai, said: "GST Council has itself decided that compensation cess will continue to be collected until March 2026. This will make up for the shortfall until now. This extension in GST compensation collection will also be used to pay interest on the borrowed money."
Speaking on matters of GST Compensation she stated that the cess will continue till March 2026 and all decisions regarding the same will be discussed in the GST Council.
Coaching institutes need to pay GST on composite supply basis, clarifies CBIC
A coaching institute cannot deposit Goods & Services Tax (GST) on individual items basis for the supply of notebooks, t-shirts, bags, sweat shirts, etc. to students along with coaching service, Central Board of Indirect Taxes & Custom (CBIC) has clarified.
“These types of bundled services fall under the category of ‘Composite Supply’ and attract 18 per cent GST,” CBIC Chairman Vivek Johri said in a weekly communication to officers and staff of the indirect tax body.
Issues related to GST irk Ludhiana bizmen
Industrialists dealing in steel, scrap and furnaces are sore over the lackadaisical approach of the government in controlling steel prices. As if it was not enough, they faced a double blow from the government itself when the department concerned asked them to deposit the already paid GST. Despite this, there is a revenue loss of Rs 30,000 crore per month on steel in the country.
“Instead of cracking a whip against those generating fake invoices, the government has started targeting genuine persons. If we are paying lakhs of rupees to the PSPCL that means we have purchased steel and paid the GST too. The government needs to find a permanent solution to the GST evasion which is not possible without the connivance of officials,” he said.

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