*What is New Time limit for GST Credit Note*: [ ❌Don’t follow wrong practice ]

👍 As per Amended Sec 34(2), now GST Credit Note can be declared in GST return till 30th Nov of next F.Y.

👍 Normally Oct month GSTR 1 will be filed by 11th Nov. Thereafter no GSTR 1 will be filed in Nov month. *Therefore, for practical purpose* -

     ✅ Maximum time till credit note can be “issued” is 31st Oct of next FY
     ✅ And, then such credit note should be declared in Oct GSTR 1 and 3B. However kindly ensure to file Oct GSTR 1 and 3B by maximum 30th Nov

👍 So, in nutshell, *Remember to issue credit note till* 31st Oct of next FY and its *disclosure in GST Return* before 30th Nov.

❌ Don’t get confused and follow wrong practice. Nothing can be done in Dec month for GST Credit note ( neither issuance or disclosure will be possible ).

INCOME FROM SALARY=
BASIC SALARY + ALLOWANCES + PERQUISITES.

Penal Offences Covered Under IPC Maybe Removed From GST Law: Report

The proposal, is expected to be considered in the next meeting of the GST Council, making it part of the exercise to decriminalise GST law


The government is planning to cut the penal offences already covered under the Indian Penal Code (IPC) from the purview of GST Act in order to make it more taxpayer-friendly, said an official.

The proposal, is expected to be considered in the next meeting of the GST Council, making it part of the exercise to decriminalise GST law.

Once it receives the essence of GST Council, the Finance Ministry will propose the amendments to the GST law.

 This may be discussed in the upcoming winter session of Parliament, in the next month.
According to the official, the changes in Section 132 has finalised by the GST Act Law committee as part of the exercise to decriminalise the law.

The offences on similar lines covered under the Indian Penal Code would be removed from GST law, the official added.

The amendments would be placed before the GST Council for approval. Thereafter, it would go to Parliament for effecting changes in the GST Act.

After the proposal receives approval from the Parliament, states would be required to change their state GST laws.

The offences like primarily fake billing may become a part of the decriminalisation exercise, according to tax experts. Also, supplies of goods or services or both without proper invoices and issues of invoices or bills without a supply of goods, may form part of the same.
The act of availing input tax credit (ITC) by using fake invoices too could be covered under the offences laid in the IPC.

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Document and forms for claiming ITC under GST

Following documents would be required by each applicant who wants to claim ITC under, GST:

👍An invoice issued by the supplier for the supply of goods and services or both as per the GST law.

😳The eligible ITC must appear in the GSTR-2B of the recipient or buyer.

😳The debit note issued by the supplier to the recipient in case of taxable value or tax payable mentioned in the invoice is less than the taxable value or tax payable on such supply of goods and services or both.

❤️‍🔥Bill of entry

🥎An invoice issued under certain circumstances like the bill of supply issued instead of tax invoice if the amount is less than Rs 200 or in situations where the reverse charge is applicable as per GST law.

⚽️ An invoice or credit note to be issued by the Input Service Distributor(ISD) as per the invoice rules under GST.

🍎 A bill of supply issued by the supplier of goods and services or both as per the invoice rules under GST

😇All the above applicable documents prepared as per the invoice rules under GST are to furnished at the time of filing form GSTR-2.

 😞ITC cannot be claimed on the tax paid on goods and services or both due to an order for the demand raised due to any fraud, willful misstatement or suppression of facts.