The GST Council in their 47th meeting at Chandigarh proposed changes in Form GSTR 3B as well as suggested new disclosure requirements for GSTR 1 and GSTR 3B. We have summarised the Circular No 170/02/2022-GST dated 6th July 2022 as well as presented the changed Form GSTR 3B for better understanding and clarity.
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XYZ Limited is a company engaged in real estate and construction business. In order to build a land bank in various parts of India that were likely to see commercial development and anticipating a future upward trend in land prices in various parts India.
CBIC has issued Non-Rate Notifications giving effect to the recommendations of the GST Council meeting
Post 5 years of GST implementation, it is seen that GST still remains an evolving law, leave alone a settled law so to speak. While some of the issues are ironed out, there are still plenty of issues that need consideration in terms of ground-level reality check.
Earlier, every registered person whose aggregate turnover during a financial exceeds Rs. 2 crore was required to get his accounts audited as specified under section 35 (5) of the CGST Act and was required to furnish a copy of audited annual accounts and a reconciliation statement, duly certified from GSTR-9C.
In compliance of recently concluded GST Council meeting and recommendations made by the Council therein, the CBIC has issued various notifications to give effect to some of those recommendations on 05.07.2022.
Financial Planning and Tax planning are considered to be the same tax, but these concepts are not similar. Both financial planning and tax planning are interconnected.
Upon acceptance of an application, the adjudicating authority shall initiate a corporate insolvency resolution process (CIRP), under Section 10 and shall thus proceed to appoint an Interim Resolution Professional under section 16 of the said Act.
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