GUIDE TO SETTING UP BUSINESS ENTITY IN THE UAE
August 20, 2022NON RESIDENT- TAXABILITY OF RENTAL INCOME EARNED IN INDIA
September 15, 2022
The Supreme Court on Friday gave the finance ministry further extension of 30 days for opening of the GST common portal. It also directed the GSTN to open the portal for 60 days for submitting TRANS1 from 1st October, 2022 till 31st December, 2022 so as to “give full effect” to its July 22 order that had allowed taxpayers to claim accumulated ITC accrued in the pre-GST indirect tax regime. Earlier, the Supreme Court vide its order dated 22nd July, 2022 had directed for opening the common portal for filing TRANS1 from 1st September, 2022 until 31st October, 2022.
On July, 22, the Supreme Court in the case of “The Union of India Vs. M/s Filco Trade Centre Private Limited” gave a landmark verdict by allowing the pre Goods and Service Tax (Credit) and passed the following directions :
- To open GST portal for filing forms for availing Transitional Credit through TRAN-1 and TRAN-2 for two months i.e. 01.09.2022 to 31.10.2022.
- Aggrieved Tax payer can file the relevant form or revise the already filed form irrespective of whether the taxpayer has filed writ petition before High Court.
- GSTN has to ensure that there are no technical glitch in the said period
- Concerned officers are given 90days to verify the claim of credits and pass orders after granting proper opportunity to taxpayer.
- Allowed transition credit is to be reflected in Electronic credit ledger.
The Centre in August approached to Supreme Court and submitted an application seeking an extension for reopening of the Transitional window. According to application, the government wants to avoid giving taxpayers hard time at the time of filing of monthly returns.
