VidyaSunil and Associates

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Bihar, Delhi, Karnataka and Punjab Sep 6th, 2024 Dear All, This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process. 1. Rule 8 of the CGST Rules, 2017 has been amended to provide that an applicant can be identified on the common portal, based on data analysis and risk parameters for Biometric-based Aadhaar Authentication and taking a photograph of the applicant along with the verification of the original copy of the documents uploaded with the application. 2. The above-said functionality has been developed by GSTN. It has been rolled out in Bihar, Delhi, Karnataka, and Punjab on 6th September 2024. 3. The said functionality also provides for the document verification and appointment booking process. After the submission of the application in Form GST REG-01, the applicant will receive either of the following links in the e-mail, (a) A Link for OTP-based Aadhaar Authentication OR (b) A link for booking an appointment with a message to visit a GST Suvidha Kendra (GSK) along with the details of the GSK and jurisdiction, for Biometric-based Aadhaar Authentication and document verification (the intimation e-mail) 4. If the applicant receives the link for OTP-based Aadhaar Authentication as mentioned in point 3(a), she/he can proceed with the application as per the existing process. 5. However, if the applicant receives the link as mentioned in point 3(b), she/he will be required to book the appointment to visit the designated GSK, using the link provided in the e-mail. 6. The feature of booking an appointment to visit a designated GSK is now available for the applicants of Bihar, Delhi, Karnataka and Punjab. 7. After booking the appointment, the applicant gets the confirmation of appointment through e-mail (the appointment confirmation e-mail), she/he will be able to visit the designated GSK as per the chosen schedule. 8. At the time of the visit of GSK, the applicant is required to carry the following details/documents (a) a copy (hard/soft) of the appointment confirmation e-mail (b) the details of jurisdiction as mentioned in the intimation e-mail (c) Aadhaar Card and PAN Card (Original Copies) (d) the original documents that were uploaded with the application, as communicated by the intimation e-mail. 9. The biometric authentication and document verification will be done at the GSK, for all the required individuals as per the GST application Form REG-01. 10. The applicant is required to choose an appointment for the biometric verification during the maximum permissible period for the application as indicated in the intimation e-mail. In such cases, ARNs will be generated once the Biometric-based Aadhaar Authentication process and document verification are completed.

Misclassification of Amount due from Subscribers/Promoter Directors by CA: ICAI slaps fine of Rs. 20,000, removes CA from Roll for 1 Month #misclassification #CA #ICAI #Taxscan #taxnews Read More: https://lnkd.in/g3Bz27Xk

Advisory on Reporting of supplies to un-registered dealers in GSTR1/GSTR 5 Vide Notification No. 12/2024 – Central Tax dated 10th July, 2024, the Government has reduced the threshold limit for reporting of invoice wise details of inter-state taxable outward supplies made to unregistered dealers from 2.5 Lakh to 1 Lakh which needs to be reported in Table 5 of Form GSTR-1 and Table 6 of GSTR-5. In accordance with the new legal provisions, this change is currently under development on the portal and would be available to the taxpayers shortly. Further, till the time the functionality is made available on portal, it is advised to continue reporting the invoice wise details of taxable outward supplies to unregistered dealers which are more than 2.5 Lakhs in the Table 5 of Form GSTR-1 and Table 6 of GSTR-5.

ICAI seeks pause on change in key audit rule Full Article Link >>> https://lnkd.in/g9wpsRTB Welcome To Latest IND >> Fastest World News NEW DELHI: The Institute of Chartered Accountants of India ( ICAI ) on Friday asked regulator National Financial Reporting Authority ( NFRA ) to pause the proposed changes in the auditing standard SA 600 related to group audits , possibly setting the stage for a confrontation.In a […] . . Latest IND . . . . #trendingnews #newstrending #trendingtopicnews #lifestyle #business #news #healthylifestyle #smallbusiness #supportsmallbusiness #lifestyleblogger #luxurylifestyle #businessowner #businesswoman #smallbusinessowner #businessnews

54th GST Council Meeting - Key Recommendations A. Changes/Clarifications in GST Tax Rates – Goods 1. Namkeens and Extruded/Expanded Savory Food Products: GST on extruded or expanded savory/salted products reduced from 18% to 12% to match with the rate on namkeens, bhujia, etc. Un-fried/un-cooked snack pellets will continue to attract a 5% GST rate. 2. Cancer Drugs: GST on cancer drugs like Trastuzumab Deruxtecan, Osimertinib, and Durvalumab reduced from 12% to 5%. 3. Metal Scrap: Reverse Charge Mechanism (RCM) will apply to metal scrap supplied by unregistered persons to registered persons, with the latter being liable to pay GST. A TDS of 2% will be applicable on the supply of metal scrap in B2B transactions. 4. Roof Mounted Package Unit (RMPU) Air Conditioning Machines for Railways: Clarified that RMPU AC Machines for railways are classified under HSN 8415 with a 28% GST rate. 5. Car and Motorcycle Seats: Car seats classified under HSN 9401 will now attract 28% GST instead of 18%, bringing parity with motorcycle seats. B. Changes/Clarifications in GST Tax Rates – Services 1. Life and Health Insurance: A GoM will study issues related to GST on life and health insurance, with recommendations due by October 2024. 2. Transport of Passengers by Helicopters: A 5% GST will apply to helicopter transport on a seat-sharing basis. Past GST liability will be regularized, but helicopter charters will continue to attract 18% GST. 4. Supply of Research and Development Services: Exemption for R&D services supplied by government entities, universities, colleges, or research associations notified under Section 35 of the Income Tax Act using government or private grants. 5. Preferential Location Charges (PLC): PLC charges for construction services form part of the composite supply and are taxed at the same rate as construction services. 6. Renting of Commercial Property: Renting of commercial property by unregistered persons to registered persons will be brought under RCM. A mechanism under Rule 164 of CGST Rules will allow waiver of interest/penalty for tax demands under Section 73 of CGST Act for FYs 2017-18, 2018-19, and 2019-20. 2. Implementation of Sub-sections (5) and (6) in Section 16 of CGST Act: A procedure will be notified for rectification of orders related to wrongly availed input tax credit, where such credit is now allowed under newly inserted provisions. D. Other Changes and Enhancements 1. B2C E-invoicing Pilot: A pilot for B2C e-invoicing will be rolled out, aiming to improve business efficiency and provide consumers the option to verify invoices in GST returns. 2. Invoice Management System (IMS) and New Ledgers: New features like the Reverse Charge Mechanism ledger and Input Tax Credit Reclaim ledger will be introduced, with taxpayers allowed to declare their opening balances by 31st October 2024.

Irregularities in Audit Memo issuance do not Affect validity of GST SCN: Delhi HC [Read Order] #auditmemo #gst #gst #delhihc #taxscan Read More: https://lnkd.in/epPGkGxY