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CA Bimal Jain

@BimalGST

Jun 12

📍💥Important Update: 2 Factor Authentication will be made mandatory from July 15, 2023 for all taxpayers with AATO above 100cr

#GST #GSTeWayBill #gstwithbimaljain #a2ztaxcorpllp #einvoice

Read the Complete Update below 👇🏻

To enhance the security of e-Way Bill/e-Invoice System, NIC is introducing 2-Factor Authentication for logging in to e-Way Bill/e-Invoice system. In addition to username and password, OTP will also be authenticated for login.

There are 3 different ways of receiving the OTP. You may enter any of the OTP and login to system. The various modes of generating OTP are explained below:

Read 10 tweets

CA Bimal Jain

@BimalGST

May 31

🚨 Rajasthan High Court landmark ruling:

‘Pizza’, ‘Sandwich’ is ‘Cooked Food’, 'not Bakery product'; Looks at subsequent legislation

Read More Below:

#VAT #food #Pizza #a2ztaxcorpllp #GSTwithBimalJain

1/10

Rajasthan HC holds sale of ‘pizza’ and ‘sandwiches’ to be ‘cooked foods’, eligible to exemption from payment of VAT in excess of 5% vide notification dated March 09, 2010;

2/10

Perusing Notification and Entry providing for rate of tax @ 14% on goods notified therein, as well as ubsequent amendments to Rate Schedule, HC at the outset clarifies that the sale of ‘pizza’ and ‘sandwich’ would qualify as sale of ‘cooked food’;

3/10

Read 10 tweets

CA Bimal Jain

@BimalGST

May 27

💥📍Important #GST updates for this week:

Eligibility of input tax credit (ITC) for works contract services and materials used for the foundation and structural supports of machinery

[Colourband Dyestuff P Ltd ., In re]

1/5

#GSTwithBimalJain #a2ztaxcorpllp #GSTUpdates

Issuing separate invoices for different tasks, despite being mentioned in a single contract agreement, cannot be considered a 'composite supply'

[PES Engineers Private Limited ., In re]

2/5

More steps needed to weed out fake ITC generators from GST system: CBIC member

Read More at: a2ztaxcorp.com/more-steps-nee…

3/5

Read 5 tweets

CA Bimal Jain

@BimalGST

May 19

User Development Fee collected by International airport a ‘statutory-levy’, not liable to service tax

SC - Central GST Delhi vs. Delhi International Airport Ltd.

1/5

SC holds that no service tax is applicable on ‘User Development Fee’ (UDF) collected from domestic and international passengers departing from Delhi, Hyderabad and Mumbai international airports; At first blush, clarifies that

2/5

(i)User Development Fee is a statutory levy
(ii)Collection is not premised on rendering of any service
(iii)Amounts collected are deposited in escrow account (which does not make it any less a statutory levy or compulsory exaction), not within the control of the assesses

3/5

Read 5 tweets

CA Bimal Jain

@BimalGST

Mar 24

The Finance Bill 2023 was passed in the Lok Sabha without a discussion on Friday.

Finance Bill 2023 passed in Lok Sabha — check key amendments and highlights ⬇⬇

1/8

1⃣ Mutual Funds (MFs) having less than 35 percent AUM in domestic equity are to be taxed as short-term capital gains.

2⃣ Enhanced tax benefits to offshore banking units operating in GIFT City. Offshore banking units to get 100 percent deduction on income for 10 years.

2/8

3⃣ Tax on Royalty or technical fee earned by foreign (non-resident) Cos hiked from 10 percent to 20 percent.

4⃣ No Change in tax on non-par savings insurance products (Rs 5 lakh cap remains).

3/8

Read 8 tweets

CA Bimal Jain

@BimalGST

Mar 23

GST relief for hotels, and restaurants soon? Govt to change GST structure?

Know Here ⬇⬇

1/5

#GST #GSTITC #GSTcredit #Restaurant #Hotel #GSTwithBimalJain #a2ztaxcorpllp

Sources says:

➡️ Hotel and restaurant industry may soon get relief on GST
➡️ Finance Ministry is considering their demand to change current GST structure
➡️ GST on Hotels/Restaurants may be increased to 12% from 5% with ITC benefit

2/5

Source says:

➡️ Alert: At present Hotels/Restaurants attracts 5% GST without input tax credit
➡️ Finance Ministry has sent the proposal to the fitment committee of the GST council

3/5

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