TAXGyaAan

Central Board of Indirect Taxes and Customs has issued Notification No. 94/2020 – Central Tax dated December 22, 2020, regarding amendments in CGST Rules,2017. Restrictions on use of amount available in electronic credit ledger Where the value of taxable supply other than exempt supply and zero-rated supply, in a month exceeds fifty lakh rupees, the registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax in excess of ninety-nine per cent. of such tax liability. Such restriction is not applicable in following cases: (i)    Where the taxpayer has paid Income Tax exceeding Rs. 1 lakh in two preceding financial year. (ii)   Where taxpayer has received refund exceeding Rs. 1 lakhs on account of inverted duty structure or zero-rated supplies without payment of tax in the preceding financial year. (iii)  Where taxpayer has used electronic cash ledger to pay of liabil...

  Central Board of Indirect Taxes and Customs has issued a Circular No. 144/2020 GST  – dated December 15, 2020 Regarding Waiver from recording of UIN on the invoices for the months of April 2020 to March 2021. Vide Circular No.63/37/2018-GST dated 14th September, 2018, waiver from recording of UIN on the invoices issued by retailers/other suppliers were given to UIN entities till March,2020. It has been bought to the notice of the Board that the issue of non-recording of UINs has continued even after 31st March,2020. Therefore, it has been decided to give waiver from recording of UIN on the invoices issued by the retailers/suppliers, pertaining to the refund claims from April 2020 to March 2021, subject to the condition that the copies of such invoices are attested by the authorized representative of the UIN entity and the same is submitted to the jurisdictional officer. SOURCE : CBIC NOTIFICATIONs Disclaimer :  TAXGyaAan is meant purely for the educational purpose o...

Key Highlights of the QRMP Scheme:   1. Eligibility for QRMP Scheme A registered person who is required to furnish a return in Form GSTR-3B, and who has an aggregate turnover of upto Rs. 5 crores in the preceding financial year, is eligible for the QRMP Scheme. Clarification 1: The aggregate annual turnover for the preceding financial year shall be calculated in the common portal considering the details furnished in the returns by the taxpayer for the tax periods in the preceding financial year. And it should be PAN wise. If a taxpayer having 2 or more GSTIN’s then the aggregate turnover of all should be taken for eligibility. Clarification 2: In case the aggregate turnover exceeds 5 crore rupees during any quarter in the current financial year, the registered person shall not be eligible for the Scheme from the next quarter. Clarification 3: The option to avail the QRMP Scheme is G...