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CA Harshil sheth

17 Sep, 14 tweets, 5 min read

MEGA THREAD ON 30 BURNING GST ISSUES & SUGGESTIONS thereof

This detailed Presentation on 30 burning issues in GST Law, Procedures, Returns are hard work of Last 4 year. All GST law related issues (which we all have faced) have been compiled in this Thread. Also attached Link

You can check whole PDF in this link drive.google.com/file/d/1bM69fs…

or U can check 30 points below in Thread below

Lets get started

PART- 1 -Regarding Seamless ITC

1. REMOVE ITC restrictions of rule 36(4) and proposed Sec. 16(2)(aa)
2. Remove rule for Denial of utilizing ITC u/r 86B
3. Remove Provision ITC reversal due to 180 days Non-payment u/s 16(2)

4. Allow ITC of Capital Goods in Export refund
5. Allow ITC of Capital Goods & Services in Inverted duty refund
6. Relaxation on Sec. 16(4) regarding time limit & GST Amnesty
7. Remove Input tax restrictions on distribution of free samples:

8. Allow CGST credit to set of SGST liability & vice-versa
9. ITC Of factory or busi. car - sec. 17(5)
10. Remove 16(2)(c) condition - Eligibility for ITC depending on Actual payment

PART-2-Regarding Late fees

11. REMOVE LATE FEES OF GSTR 1
12. Remove late fees GSTR 9 & 9C

13. REFUND LATE FEES collected till APR-21 above Rs.500
14. Reduced late fees for all future returns

PART-3-Regarding Returns/forms - its design

15. Modify GSTR 3B portal interface so that Negative liability allowed in GSTR 3B
16. GSTR 3B design for previous year transactions

17. Overhauling complete return filling module - Allow to upload All Inward Supply Transactions - in Self Declared Manner- Also Revision of returns

18. Make Effective GSTR 9
19. Modify of Format of GSTR 9 (20-21) to give effect of transactions of previous year
20. Remove Useless forms like GSTR 10 & ITC 4

PART-4-Regarding other provisions & procedures

21. CATEGARIZATION OF EXEMPT INCOME
22. Rate Neutralization

23. Forming Appellate Tribunal
24. Stop Harassment by categorizing exporters into Risky exporters & not giving refund
25. Changing QRMP to QRQP to make quarterly scheme successful
26. Inclusion on Petrol / Diesel inclusion in GST
27. Reducing High penal Interest rate 18/24%

28. Stop giving Wide power to officers under RULE 21 & 86A for cancellations / suspension & block ITC
29. Harassment due to Minor errors in Eway Bill leads to major penalties

30 . Speed & smoothen up Approving New Registrations - Make clear SOP - Reduce delay in approving Registration & Irrelevant documents & delaying approval

At last journey of ITC

from seamless to seamless

I have been Updating, Editing, adding points through last 4 years and this is Final Form of My presentation covering every corner from Return filling, Law provisions, Refund issues, registration issues, And Most Important ITC restrictions issues.

https://twitter.com/CA_HarshilSHETH/status/1408342961545306116?s=20

Many would wonder why GSTN Portal issues are not mentioned. For 20 Portal issues , I have already posted in June-2021 . You can check That on This link

https://twitter.com/CA_HarshilSHETH/status/1408342961545306116?s=20

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More from @CA_HarshilSHETH

CA Harshil sheth

@CA_HarshilSHETH

15 Sep

@IncomeTaxIndia

26AS should be having all info.
@IncomeTaxIndia
@FinMinIndia

Apart from TDS TCS or AIR SFT

1 SB interest
2 FD interest ( evenif TDS not deducted or no 15G/H)
3 MF Sold
4 Shares sold
5 Crypto sold
6 Share Trading or F&O
7 Property sold (Evenif < 50 lac)
8 Gold sold (yes)

9. Dividend ( Evenif TDS not deducted)

(Salary /Rent / Commission/ Fees/ Deposit interest/ Royalty
tough to get info. if TDS not deducted)

But Rest like any of above, Anything where PAN is used and Any heads of income are hit
Then it must be shown in 26AS automatically

These 9 incomes are sure shot incomes which must be shown in ITR & taxed

IT dept can easily get most these info from Bank

The IT return filer will have to show these Income from above transactions once reflected i. 26AS

And
Tax will be huge when All will show such incomes

Read 4 tweets

CA Harshil sheth

@CA_HarshilSHETH

3 Aug

HANDS ON EXPERIENCE on New portal

For simpler ITR 1 or 2 having Salary & Interest incomes , I tried filing few ITR & here is experience ( torture)

If you lucky U get to validate ur json from Software, upload it .. If more lucky then No error will come & U can Submit ITR

But problems are mainly after that

1. If name is not matching with PAN database then ITR will not be submitted. Dont get annoyed . Change name and Upload Json again . We had habit of Writting name SURNAME-NAME-FATHER NAME
Now this habit need to be changed

2. In some cases , OTP was coming late for E-verification..AFTER E-VERIFICATION done, When I go to download.. I cant see AY 21-22 return.. This is worst level of Glitch which can give heart attack...इतनी महेनत से upload हुआ and गायब

Read 7 tweets

CA Harshil sheth

@CA_HarshilSHETH

3 Aug

Earlier payment of TDS was really insignificant task. Clients used to pay at own before 7th

So I was nvr worried for reminders .. Still I used to send them

But now It has 3 categorizes (and horrible messy task of checking )

so I had sent this- as reminder to clients

JUL month TDS TCS reminder - Pay before 7th Aug

Category 1- TDS (normal) -
on interest, Commission, RENT, Fees, JOB WORK, REPAIRING, ADVERTISEMENT , FREIGHT ( >10 TRUCKS)

Category 2 TDS (on Purchases 194Q)
( Only if U r 10 cr above)
Deduction of 0.1% on if purchases hv Crossed 50 lac

Read 4 tweets

CA Harshil sheth

@CA_HarshilSHETH

12 Jul

MASTER Thread on current PROBLEMS in GST ( law, procedure & Returns)

GST can be Good & Simple if Following problems r resolved . I am aware that There is no discussion, No representation, No hope abt these Problems getting solved

But Still I am making list

READ ALL 25 points

1. ITC restrictions in 36(4) and 16(2)(aa)
2. ITC Denial of utilizing u/r 86B
3. ITC reversal due to 180 days Non-payment
4. No ITC allowed for CG in Export refund
5. No ITC allowed for CG & Services in Inverted duty refund

6. Whole return filling Mechanism
7. Non Effective GST Annual Return format
8. No CAP on Max. LATE FEES
9. No Amnesty for GSTR 9/9C
10. No relaxation on Sec. 16(4) regarding time limit

Read 7 tweets

CA Harshil sheth

@CA_HarshilSHETH

1 Jul

4 years of GST - THREAD ON UNANSWERED QUESTIONS

This thread is different than anything else

Here are list of some Unanswered Questions. Its about those "WHY" which You must have encountered these questions in these 4 years.

like CGST of one state not available to Other

Do read all. Add more in Comments .

Here it goes

1. Why Credit of CGST of other state not available in state in which Taxpayer is registered ?? Why? There is only one CGST act. Right? Have you ever thought?

2. In refund in Export. Why ITC of CG not allowed whereas ITC of Input services allowed? This curtail refund Amt. Also If I m doing export with IGST then Full IGST is allowed as Refund. Why such discrimination in both scheme ? If purpose is to give full refund to Exporters

Read 11 tweets

CA Harshil sheth

@CA_HarshilSHETH

30 Jun

GST REGISTRATION related Questions - A thread

WHETHER PERSON is LIABLE to REGISTER in EACH CASE ?
(SECTION 22 to 25 & DEFINITION OF AGGREGATE Turnover will be helpful )

Here are Incomes of some persons from his Profit loss accounts

1. A trader having 38 lakh turnover ( Taxable Goods) + 1 lakh Rent from residential house +1 lakh Interest from FD and saving bank account

2 An advocate earning 19 lakh from consultancy on which recipient is paying tax on RCM basis + 2 lac rent from Commercial Property

3. An advocate earning 19 lakh from consultancy + 2 lakh income from interest of FD / SB a/c

4. A doctor having income of Rs 19 lakh from his consultancy + 2 Lac income of commission from suggesting medicine of a particular company

Read 6 tweets

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