GST: Today is the last day to file returns in certain categories.

According to the Central Board of Indirect Taxes and Customs, the last day to file the monthly GSTR-3B return for May for taxpayers who are not on the QRMP (quarterly return filing and monthly payment) system is today (June 20). (CBIC). The deadline for non-resident GST taxpayers to file their monthly GSTR-5 Return for the month of May is June 20.

“Attention GST Taxpayers who are not enrolled in the QRMP Program! In a tweet on Monday, the CBIC said, “Today is the last day to file your monthly GSTR-3B Return for the month of May 2022.”

GSTR-3B is filed in a staggered fashion between the 20th and 24th day of the month following.

“Non-Resident GST Taxpayers Take Notice! The deadline for filing the monthly GSTR-5 Return for the month of May 2022 is today. Suppliers of OIDAR Services, take note! In other tweets, the CBIC stated that “today is the last day for filing monthly GSTR-5A Returns for the month of May, 2022.”

For non-residents (NR), GSTR-5 contains all business information, including sales and purchases. The information from GSTR-5 will be fed into the buyers’ GSTR-2. GSTR-5A is a return form that non-resident Online Information and Database Access or Retrieval (OIDAR) service providers must file for services delivered to unregistered or non-taxable consumers in India from a location outside India.

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GST collections in May totaled Rs 1,40,885 crore, a 44 percent increase year over year. However, as compared to April’s GST receipts, it was a 16 percent decrease. In May 2022, gross GST income was Rs 1,40,885 crore, with CGST at Rs 25,036 crore, SGST at Rs 32,001 crore, IGST at Rs 73,345 crore (including Rs 37469 crore collected on goods imports), and cess at Rs 10,502 crore (including Rs 931 crore collected on import of goods).

ITAT ALLOWS DEPRECIATION EVEN WHEN ASSET IS RECEIVED AS A GIFT.

The GST Council will convene for the 47th time in Chandigarh on June 28 and 29. The Council-appointed group of ministers (GoM), led by Karnataka Chief Minister Basavaraj Bommai, has already met to examine a variety of issues, including tax slabs and rates. Before the GST Council meeting, the GoM will submit its report.

The GST Council, led by Finance Minister Nirmala Sitharaman, is expected to debate pruning the list of exempted items, a plan to relocate rate slabs, and a proposal to fix the inverted duty structure in textiles during its 47th meeting. It may discuss a proposal to raise rate slabs from 5% to 7% or 8%, and from 18% to 20%, respectively. The suggestion to fix inverted duty structure in textiles may potentially be discussed by the Council.

There are four GST slabs now in effect: 5%, 12%, 18%, and 28%. There are 480 goods in the 18% slab, which account for almost 70% of GST collections. Aside from that, there is a list of things that are exempt from the charge, such as unbranded and unpackaged food.