CURRENT AFFAIRS

Detailed explanation-1: -The government issued nine Central Tax (Rate) notifications number 03/2022 to 11/2022 on 13th July 2022. These GST rate changes will apply from 18th July 2022.

Detailed explanation-2: -On such rental services of goods carriages where the cost of fuel is in included in the consideration charged from the recipient of service, GST rate has been reduced from 18% to 12% with effect from 18.07. 2022. Prior to 18.07. 2022, it attracted GST at the rate of 18%.

Detailed explanation-3: -Recently, the government decided to lower the e-invoice threshold limit to Rs. 10 Cr. i.e. businesses with an annual aggregate turnover of Rs. 10 Cr. or more in any financial year from 2017-18 onwards need to mandatorily start generating IRN from October 1, 2022 as per GST notification 17/2022.

Detailed explanation-4: -48th GST Council meeting Agenda Certain offences under the GST law are set to be decriminalised. Setting up of GST appellate tribunal in 2023 and its powers. GST rate on health insurance may be reduced from 18% to 12%. Defining the scope of power of CCI acting as the Anti-profiteering Authority.