The Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019,(SVLDRS) application has been made available online from 1-9-19.
The 36th GST Council Meeting was held on 27th July 2019 with the prime agenda being – reduction of GST rates applicable on Electric Vehicles.
The annual return is divided into 6 parts, Part I covers basic details while Part II is for outward supplies. Part III is important section covering ITC related reports in Table 6, Table 7 and Table 8.
GSTR 9 Annual Return preparation is round the corner. With due date extended twice from 31st December 2018 to 30th June 2019 and from 30th June 2019 to 31st August 2019, it is expected that this time there won’t be any extensions.
CBIC vide Circular No. 105/24/2019-GST dated June 28, 2019, has clarified that the treatment of tax in cases of secondary discounts or post-sales discount under GST regimes for the purpose of determination of the value of supply.
Although the due date to file the annual return forms has been extended to August 31, 2019, the confusion among the taxpayers is yet to be settled.
The Government has issued various notifications, Order and Circulars for implementing the decisions taken in the 35th meeting of the GST Council.
The first section relates to the comparison of credit availed on forward charge by the taxpayer with the credit available as per inward supply uploaded by the suppliers in GSTR 1, duly reflected in GSTR 2A.
The Goods and Service taxation introduced in the country in 2017 is one of the most intricate taxation systems worldwide.
![[Case Study] GST Reconciliation in Manufacturing Industry](https://irisgst.com/wp-content/uploads/2019/07/228-Case-Study-GST-Reconciliation-in-Manufacturing-Industry.png)
The introduction of GST, has provided a great boost to the manufacturing sector by eliminating the cascading taxes. This has resulted in reducing cost of production.
The Central Board of Indirect Tax and Customs (CBIC) introduced “Manual check” for its Customs and GST formation before the issuance of IGST refunds.
GST council have made amendments that mandates timely and apposite maintenance of account books and ledgers by a taxpayer registered under GST rules.
