Introduction

The Central Government shattered down on the cryptocurrency market in December 2017, making it a grey area in India. The RBI had placed a ban on banks from dealing in cryptocurrencies in April 2018, prohibiting them from buying/selling cryptocurrencies for INR through banks. Despite this, India ranks among the top five countries globally, having 44 per cent of the world's share. But so far, regulators have refrained from giving them legal or illegal status.

The GST, like other sectors of the economy, has impacted the real estate sector and its aspects like sale, purchase, construction, rent, lease, etc. Further, several provisions were laid down for regulating GST on the rental income, such as place of supply, taxable services under GST, exception limits for GST in case of service etc.
The GST value is nothing but the number of rents received from an individual's commercial properties. The commercial rents received must be more than Rs. 20 lacs a year. The commercial rents less than Rs. 20 lacs a year shall not be based on GST.

Introduction
The CG introduced a new rule in CGST Rules 2017 termed Rule 86B vide Notification No. 94/2020 – Central Tax, dated December 22, 2020, to curb the ongoing fake invoices transactions. It provides restrictions on the use of ITC to discharge the output liability, with effect from January 1 2021.
 

The MoF vide Press Release dated February 22, 2021, has clarified that the time limit for sanctioning of pending IGST refunds stands extended till March 31, 2021, for the cases where record have not been transferred to the ICEGATE due to return GSTR 1 and GSTR 3B mismatch. Further, it was provided that such facilitation will overcome the refund blockage problem by allowing refunds subject to post refund audit scrutiny and undertakings of CA certificates by the exporters.

The CBIC vide Circular No. 145/01/2021-GST dated February 11, 2021, has issued a Standard Operating Procedure (commonly referred to as SOP) to implement the provisions for suspension of registrations. As per Section 21(2A) of the CGST Act, 2017, the GST registration shall be suspended, whereupon comparison of the returns, it is indicated that there are noteworthy differences or anomalies indicating contravention/violation of the provision of the Act or the Rules.