CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases Fri, 12 Jul 2024 07:54:51 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://www.nyca.in/wp-content/uploads/2022/08/9060CA_logo_icai-1.jpg CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in 32 32 CBIC Notification 12/2024: Extended Deadline for FORM GSTR-4 Filing for Composition Taxpayers https://www.nyca.in/cbic-notification-12-2024-extended-deadline-for-form-gstr-4-filing-for-composition-taxpayers/ https://www.nyca.in/cbic-notification-12-2024-extended-deadline-for-form-gstr-4-filing-for-composition-taxpayers/#respond Fri, 12 Jul 2024 07:54:51 +0000 https://www.nyca.in/?p=12277 Learn about CBIC's Notification No. 12/2024, which extends the due date for filing FORM GSTR-4 from April 30 to June 30 for composition taxpayers starting FY 2024-25. Discover how this change benefits registered taxpayers and access the full notification here.

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Background:

During the 53rd GST Council Meeting on June 22, 2024, in New Delhi, a recommendation was made to amend Rule 62 of the CGST Rules and FORM GSTR-4. This amendment extends the due date for filing FORM GSTR-4 for composition taxpayers from April 30 to June 30 of the following financial year. This change will be effective for returns for the financial year 2024-25 onwards, providing additional time for taxpayers opting for the composition scheme to submit their returns.

Notification:

The CBIC has issued Notification No. 12/2024 – Central Tax on July 10, 2024. Under Section 164 of the CGST Act, the following proviso is added after sub-rule (1) of Rule 62:

“Provided that the return in FORM GSTR-4 for a financial year from FY 2024-25 onwards shall be required to be furnished by the registered person by the thirtieth day of June following the end of such financial year.”

Effect of the Notification:

Registered taxpayers under Section 10 of the CGST Act (Composition Levy) can now file their Annual Return in FORM GSTR-4 by June 30 of the year following the financial year, starting from FY 2024-25.

The full notification can be accessed here.

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]]> https://www.nyca.in/cbic-notification-12-2024-extended-deadline-for-form-gstr-4-filing-for-composition-taxpayers/feed/ 0 CBIC Notification 12/2024: E-Cash Ledger Consideration for Interest Calculation on GSTR-3B Delays https://www.nyca.in/cbic-notification-12-2024-e-cash-ledger-consideration-for-interest-calculation-on-gstr-3b-delays/ https://www.nyca.in/cbic-notification-12-2024-e-cash-ledger-consideration-for-interest-calculation-on-gstr-3b-delays/#respond Fri, 12 Jul 2024 07:43:51 +0000 https://www.nyca.in/?p=12264 Discover CBIC's Notification No. 12/2024, amending Rule 88B of the CGST Rules. Learn how amounts in the Electronic Cash Ledger impact interest calculations for delayed FORM GSTR-3B filings, providing significant relief to registered taxpayers. Access the full notification here.

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Background:

During the 53rd GST Council Meeting held on June 22, 2024, in New Delhi, a recommendation was made to amend Rule 88B of the CGST Rules. This amendment specifies that any amount available in the Electronic Cash Ledger on the due date for filing the return in FORM GSTR-3B, which is debited during the return filing, will not be included in the interest calculation under Section 50 of the CGST Act for delayed filings.

Notification:

The CBIC has now issued Notification No. 12/2024 – Central Tax on July 10, 2024. This notification, enacted under Section 164 of the CGST Act, introduces the following proviso after sub-rule (1) of Rule 88B:

“Provided that where any amount has been credited to the Electronic Cash Ledger as per sub-section (1) of Section 49 on or before the due date for filing the return, but is debited from the ledger for tax payment after the due date, the said amount shall not be considered for interest calculation if it remained in the ledger from the due date until its debit during the filing of the return.”

Effect of the Notification:

This new provision offers significant relief to registered persons regarding interest payments for delays in filing FORM GSTR-3B. Interest will not be charged on amounts credited to the Electronic Cash Ledger by the due date but debited for tax payment afterward, provided the amount remained in the ledger from the due date until the time of debit.

The full notification can be accessed here.

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]]> https://www.nyca.in/cbic-notification-12-2024-e-cash-ledger-consideration-for-interest-calculation-on-gstr-3b-delays/feed/ 0 CBIC Retrospectively Amends Rule 28(2) of CGST Rules for Corporate Guarantee Valuation https://www.nyca.in/cbic-retrospectively-amends-rule-282-of-cgst-rules-for-corporate-guarantee-valuation/ https://www.nyca.in/cbic-retrospectively-amends-rule-282-of-cgst-rules-for-corporate-guarantee-valuation/#respond Fri, 12 Jul 2024 04:27:23 +0000 https://www.nyca.in/?p=12205 CBIC has issued Notification No. 12/2024, amending Rule 28(2) of the CGST Rules, effective October 26, 2023. The amendment impacts the valuation of corporate guarantees provided by related parties, with specific provisions for exports and full input tax credit eligibility.

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Background:

Earlier, CBIC vide Notification No. 52/2023 – Central Tax dated October 26, 2023, notified new Sub Rule 28(2) of the CGST Rules. This rule stated that the value of supply of services by a supplier to a recipient who is a related person, by way of providing a corporate guarantee to any banking company or financial institution on behalf of the said recipient, shall be deemed to be one percent of the amount of such guarantee offered, or the actual consideration, whichever is higher.

Thereafter, in the 53rd GST Meeting of the GST Council held on June 22, 2024, in New Delhi, it was recommended to amend the valuation under Rule 28(2) of the CGST Rules retrospectively with effect from October 26, 2023. The said rule would not be applicable in the case of the export of such services and where the recipient is eligible for full input tax credit. CBIC will issue a circular to clarify various issues regarding the valuation of services of providing corporate guarantees between related parties.

Notification:

Now, the CBIC vide Notification No. 12/2024 – Central Tax dated July 10, 2024, in exercise of its powers conferred by Section 164 of the CGST Act, has retrospectively amended Rule 28(2) of the CGST Rules with effect from October 26, 2023, as follows:

Rules:

Before:

  • The value of supply of services by a supplier to a recipient who is a related person, by way of providing a corporate guarantee to any banking company or financial institution on behalf of the said recipient, shall be deemed to be one percent of the amount of such guarantee offered, or the actual consideration, whichever is higher.

After:

  • The value of supply of services by a supplier to a recipient who is a related person located in India, by way of providing a corporate guarantee to any banking company or financial institution on behalf of the said recipient, shall be deemed to be one percent of the amount of such guarantee offered per annum, or the actual consideration, whichever is higher.
  • Provided that where the recipient is eligible for full input tax credit, the value declared in the invoice shall be deemed to be the value of said supply of services.

Effect of the Notification:

  • The amendment clarifies that if the recipient who is a related person is located outside India, the said rule would not be applicable as the said supply will be classifiable as export of services.
  • If the recipient, being a related person, is eligible for full input tax credit, the value declared in the invoice shall be deemed to be the open market value of the goods or services. This means the supplier of services can decide the value, and it will be considered as the open market value.
  • If the recipient, being a related person, is not eligible for full input tax credit, the value of the corporate guarantee provided to any banking company or financial institution on behalf of the related person is to be deemed the higher of the following amounts:
  • 1% of the amount of such guarantee offered per annum, or
  • Actual consideration

The Notification can be accessed at:
https://www.nyca.in/wp-content/uploads/2024/07/Notification_No._12_2024_–_Central_Tax_10.7.2024.pdf

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