Rule 47 of the CGST Rules, 2017 prescribes the time limit for issuing a tax invoice for the supply of services. Generally, the invoice must be issued within 30 days from the date of the supply of service, whereas for banks, financial institutions, and insurers, the limit is 45 days.
General Late Fees
The general late fee define under section 47 for various returns is Rs. 100 per day subject to a maximum late fee of Rs. 5,000. Similarly, States GST acts have the same amount of penalty.
As per Rule 47 of CGST Rules, 2017, Tax Invoice referred to in Rule 46 of CGST Rules, 2017 shall be issued within a period of 30 days from the date of the supply of service, and here, the said invoice has not been raised as per the said Rule.
GST Rate and HS Code Chapter 47 : Pulp of wood or of other fibrous cellulosic material; recovered (waste and scrap) paper or paperboard. Pulp of wood or of other fibrous cellulosic material; recovered (waste and scrap) paper or paperboard.
The following category of tax persons are exempted from payment of 1% of GST in Cash 1. Registered taxpayers who have paid income tax above Rs 1.00 in Income Tax during the last two years continuously 2. Taxpayers who have zero-rated supplies without payment of duty and claimed refund of more than Rs 1.00 lac 3.
No Cash Transaction Limit: The GST Act doesn't impose specific limits.
Common Examples of GST Exempt Transactions:
Financial services – Most banking services, interest payments, and insurance premiums. Residential rent – Rental income from residential properties. Donated goods and services – Items or services that are given away without payment.
According to Section 2(47) of the Central Goods and Services Tax (CGST) Act, exempt supply includes: Nil Rated Supply: Supplies attracting a zero tax rate (0%). Exempt Supplies under Section 11 of CGST: Supplies specifically exempted by the Central Government through notifications under Section 11 of the CGST Act.
Rule 47A: Main Provisions
Rule 47A gives a stringent timeline of 30 days to issue tax invoices under RCM. A registered business, while requiring an invoice under Section 31(3)(f) of the CGST Act, shall issue such an invoice within 30 days of receiving goods or services.
The New GST Rate Structure
CGST Rule 42 deals with the reversal of ITC on inputs and input services, whereas rule 43 deals with the reversal of ITC on capital goods.
The invoice should contain description, quantity and value & such other prescribed particulars under rule 46 of CGST Rules, 2017. An invoice or a bill of supply need not be issued if the value of the supply is less than Rs. 200/- subject to specified conditions.
Failure to issue a GST invoice, or issuing an incomplete/incorrect one, can lead to the following outcomes: Denial of Input Tax Credit to the recipient. Penalty under Section 122 of the CGST Act: ₹10,000 or 100% of the tax due, whichever is higher. Interest liability on delayed tax payment caused by late invoicing.
A section 47 enquiry (under Section 47 of the Children Act 1989) is initiated to decide whether, and what type of, action is required to safeguard and promote the welfare of a child who is suspected to be suffering, or is likely to suffer, significant harm.
Late fee for Default in Furnishing Return - Section 47
* b) As per section 47(2), If a person fails to provide the annual return [ GSTR 9/9C ] under section 44 before the due date shall be liable to pay * Late Fee * Rs. 100 per day maximum 5,000/- (i.e. Rs. 100 CGST + Rs.
The purpose of a s. 47 notice is to inform the leaseholder of the freeholder's identity by providing its name and address. A s. 48 notice has the sole purpose of stating an address in England & Wales where the leaseholder can serve notices on the freeholder.
1[(1) At any place other than a check post or barrier, the driver or any other person-in-charge of a goods vehicle or boat as the case may be, on demand, by an officer of Department not below the rank of an Assistant Commercial Tax Officer, shall stop the vehicle or boat, as the case may be, and keep it stationery as ...
Self-Invoices must be issued within 30 days from the date of receipt of goods or services from an unregistered supplier under Reverse Charge Mechanism. This creates a clear obligation on registered taxpayers to timely issue self-invoices when transacting with unregistered suppliers, enhancing compliance.
Amendments to CGST Act Section 47 Modify Late Fee Rules for Returns, Aiming to Streamline GST Tax Processes. .... Levy of late fee. - Consequential amendments with regard to additions or deletion of returns - Section 47 of CGST Act, 2017 amended....
Effective November 1, 2024, this rule mandates registered businesses to issue tax invoices for Reverse Charge Mechanism (RCM) transactions within 30 days of supply receipt. Here's a professional breakdown of its implications and compliance essentials.
Businesses dealing in goods are exempt from GST if their annual aggregate turnover is below INR 40 lakhs. For businesses in hilly and northeastern states, this threshold is reduced to INR 20 lakhs to address regional challenges. Service providers are exempt from GST if their turnover is under INR 20 lakhs annually.
Businesses must register for GST if their turnover exceeds ₹40 lakh, ₹20 lakh, or ₹10 lakh, depending on the supply and state/UT, and for specific categories like e-commerce sellers. GST simplifies the tax structure by eliminating cascading taxes and consolidating multiple indirect taxes into one.
The GST/HST break includes certain qualifying goods, such as:
There are only minimal items which are not reportable for GST purposes. These include bank transfers between accounts, stamp duty, depreciation and salary/wages. These are purchases/sales that have a 0% GST rate.