GST Council Meeting – October Reschedule..

The Goods & Services Tax (GST) Council may meet in October instead of September, as the group of ministers (GoM) on casinos, race courses & online gaming, as well as the panel on the GST Appellate Tribunal (GSTAT), are yet to submit their reports, sources told FE.

With no unanimity about taxing at the rate of 28% on the full value of the consideration, without making a distinction between games of skill or chance, the GoM led by Meghalaya chief minister Conrad Sangma has sought legal opinion on whether or not the prize money in online gaming and horse racing is covered within “actionable claim”.

The report has yet to be submitted, despite the GoM’s intention to do so by September 16. According to insiders, it will be submitted at another GoM meeting later this month to include a legal opinion on the topic.

 

gst council meet

 

On August 18, the GoM on tribunals, chaired by Haryana deputy chief minister Dushyant Chautala, agreed to establish the GST Appellate Tribunal (GSTAT), with the main court in New Delhi and comparable benches in other cities. However, the report has yet to be submitted to the council.

Read More: CBDT notifies Rules for E-Filing of Income Tax Return by Successor Entity to a Business Reorganization in Form ITR-A

According to sources, each of these regional benches will have a judicial officer with the rank of a high court judge and a senior tax officer from the Centre or the state as a technical member. A state can only host a maximum of five benches, and state governments will have some leeway in appointing technical members.

 

Goods sent by GST Regd. entity/ Individual to a job worker -Is it treated as supply and liable to levy GST on same?

  • 21 Sep 2022
  • GST
  • Comments Off on Goods sent by GST Regd. entity/ Individual to a job worker -Is it treated as supply and liable to levy GST on same?

No, because there is no transfer of title and no consideration for the items, products sent by a GST registered person to a job worker is not a supply. According to Section 143 of the Central Goods and Service Tax Act, a registered taxable person (the principal) may, after following the authorized procedure, deliver any inputs or capital goods to a job worker for job work without paying tax, and the principal shall either

  • Return such GST inputs or capital goods after completion of the activity or otherwise within the stipulated period, which is one year for GST inputs and three years for capital goods, or
  • Supply such (ITC) inputs or capital goods within the stipulated time frame, on payment of tax within India, or with or without payment of GST for export, as applicable.

 

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If the goods or capital goods are not returned to the principle within the time stated above, they will be regarded to have been supplied by the principal to the job worker on the date the goods were sent out to the job worker, and the principal will be required to pay GST on such supplies.

Can I opt for quarterly GST returns instead of monthly returns?

  • The government of India has introduced a scheme called QRMP ( Quarterly Returns with Monthly
    Payment). It allows eligible taxpayers to file their Form GSTR-1 and Form GSTR-3B returns
    on a quarterly basis while paying their tax dues on monthly basis through a challan. This
    scheme can be opted either at the time of fresh registration or even later by the registered
    person (Normal taxpayer, SEZ Developer, SEZ unit)). e.other than composition scheme
    opted taxpayers.
  • To avail of this scheme, you need to fulfill the following criterion:
    1. Aggregate turnover should be less than R 5 Cr in both current and previous(if
    applicable) financial year
    2. All the GSTR 3B returns due to date have been filed.
  • If your aggregate turnover (PAN-based) for FY 2020-21 and the current Financial year is up to 7 5
    Crore and you have filed your FORM GSTR-3B for the month of October 2021 (let’s say at
    least) by 30th November 2021, you will be assigned to the QRMP scheme, by the GST system.
  • Once the aggregate turnover crosses the prescribed limit, compulsory opt-out from the
    the scheme would take place.
  • The option to choose quarterly or monthly returns is the same for both GSTR-1 & 3B. which
    means you cannot file one return monthly and another one quarterly.
  • Where such option has been exercised once, they will continue to furnish the return as
    per the selected option for future tax periods, unless they revise the said option or their
    AATO exceeds 7 5 Crore. This means that you need not select each and every time unless
    you want to opt-out or opt-in.
  • You can opt-in or opt-out of the QRMP scheme as per the timelines mentioned in the table
    below.

 

  • If you have multiple GSTINs from the same PAN, the QRMP scheme opted in one number
    doesn’t make it mandatory for you to opt-in for another GSTIN.
  • In the case of the newly registered person, whose AATO is up to R 5 Crores can opt for the QRMP
    scheme based on the following conditions:
    1. The registration is granted on any date during the first month of a quarter will be able to opt for
    QRMP scheme from the beginning itself.
    For example, a person granted registration up to 31st January 2022, will be able to opt for QRMP
    Scheme from the quarter Jan-Mar, 2022 itself by 31st January 2022.