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

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.

Interest in non-filing of GSTR-8 by pre-approved e-commerce operators is waived by the govt.

GST: Interest on non-filing of GSTR-8 by pre-approved e-commerce operators is waived by the govt.

The interest rate on non-filing of GSTR-8 by certain e-commerce operators has been waived by the Central Board of Indirect Taxes and Customs (CBIC) under section 52 of the Central GST Act, 2017.

Section 52 of the CGST Act, 2017 allows e-Commerce operators to collect tax at source on taxable supplies made via them by other suppliers when the consideration for such goods is collected by them.

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Electronic commerce operators with the prescribed Goods and Services Tax Identification Numbers who were unable to file the statement under sub-section (4) of section 52 of the said Act by the due date due to a technical glitch on the portal but had deposited the tax collected under sub-section (1) of section 52 for the said month in the electronic cash ledger will not be charged interest, according to a notification issued on Tuesday.

“In exercise of the powers conferred by sub-section (1) of section 50 read with section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Government, on the recommendations of the Council, hereby notifies the rate of interest per annum to be ‘Nil’, for the class of registered persons mentioned in column (2) of the Table given below, who were required to furnish the statement in FORM GSTR-8, but failed to furnish the said statement,” according to the notification.

GST receipts fell 16% in May, to Rs 1.41 lakh crore, from record highs a month before.

GST receipts fell 16% in May, to Rs 1.41 lakh crore, from record highs a month before.

This is the 11th month in a row that the overall GST collection has exceeded Rs 1 lakh crore.

According to data issued by the finance ministry on June 1, GST revenues decreased to Rs 1.41 lakh crore in May, down 16 percent from April’s all-time high of Rs 1.68 lakh crore.

 

GST receipts in May were up 44 percent year over year.

 

“The collection in May, which relates to returns for April, the first month of the financial year, has usually been lower than that in April, which relates to returns for March, the last month of the financial year,” the finance ministry said in a statement.

In May, Central GST collected Rs 25,036 crore, State GST collected Rs 32,001 crore, Integrated GST collected Rs 73,345 crore, and compensatory cess collected Rs 10,502 crore.

 

The government paid Rs 27,924 crore to the Central GST and Rs 23,123 crore to the State GST in May as part of the Integrated GST settlement. As a result, the Centre’s total revenue for the month after settlement was Rs 52,960 crore, while State GST revenue was Rs 55,124 crore.

 

This is the 11th month in a row that the overall GST collection has exceeded Rs 1 lakh crore.