Indore (Madhya Pradesh): The decision taken in the 50th meeting of the GST Council were analysed today at Maheshwari Bhawan under the joint aegis of Madhya Pradesh Tax Law Bar Association and Commercial Tax Practitioner Association. Experts suggest that the recommended GST rate of 28% on online games etc.will be implemented only after making necessary changes in the law.
GST expert CA Sunil P Jain said that in respect of new registration, it will be mandatory to update the bank account details on the portal within 30 days, otherwise the registration will be suspended by the portal and will be barred from filing any kind of return later whenever the bank details are updated. The portal will automatically revive the registration. He also talked about the GST liability on cotton for cooperative societies. He also talked about the government clearing the confusion regarding tax rates on items like zari thread and yarn, biomass, etc.
Jain said GST liability has been recommended at the rate of 28% on online games etc. but this will be implemented after making necessary changes in the law. In respect of GSTR 9 for the year 2022-23, it will be optional for businesses with a turnover of two crores and for the rest, filling information on many items of the form will be optional. ITC will be considered on the basis of declaration of supplier regarding mismatch of ITC in GSTR 2a for GSTR 3b till 31st December 2021 or certificate of a CA in respect of ITC mismatch of more than 500000. The prevalent amnesty scheme has been extended from June 30 to August 31, under which old annual returns etc. can be submitted with minimum fees.
President of Madhya Pradesh Tax Law Bar Association Ashwin Lakhotia and president of Commercial Tax Practitioner Association Kedar Heda told that after the implementation of GST it is mandatory for petrol diesel dealers to take VAT number. Such dealers who had taken GST number but had forgotten to take VAT number must take the VAT number otherwise they would be liable to pay tax so their tax liability would double. He said we will make efforts to ensure that petrol, diesel dealers who do not have VAT number are not hit by double taxation. The programme was coordinated by Hemant Shah, Devendra Jain accepted, Yashwant Luhane, Hemant Joshi, Amar Maheshwari, Ashok Vyas welcomed the guests.