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...

Central Board of Indirect Taxes and Customs has issued a Notification No. 88/2020 – Central Tax dated November 10, 2020, to implement e-invoicing for the taxpayers having aggregate turnover exceeding INR. 100 Cr from January 01, 2021. E-invoicing applicable from January 01, 2021 on taxpayers having aggregate turnover above INR. 100 Crores in any preceding financial year from 2017-18 onwards. SOURCE : CBIC NOTIFICATION    Disclaimer :  TAXGyaAan is meant purely for the educational purpose of Tax Laws and Regulatory Updates. It will not be treated as professional advice. This Blog should not be substituted for professional advice. For specific Queries, please post in the comments section.

 1)      Due Dates for GSTR-1.   GSTR-1   Periodicity Period Due Date   Monthly filings October 2020 11-Nov-20   Quarterly filings October to December, 2020 13-Jan-21   2)      Due Dates for GSTR-3B.   GSTR-3B   Turnover Period Due Date   Above 5 Crores October 2020 20-Nov-20   Below 5 Crores (State I/ State II) October 2020 22-Nov-20 24-Nov-20   Specified States-I  Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andam...

  A Composition taxpayer may now file NIL statement in Form GST CMP-08 for a quarter, through an SMS, apart from filing it through online mode, on GST portal. (a)    To file NIL Form GST CMP-08 through SMS, the taxpayer must fulfil following conditions: Ø   Taxpayer must be registered as composition taxable person (by filing Form GST REG-01) or have opted for composition levy (by filing Form GST CMP-02) Ø   Taxpayer must have fulfilled all the applicable statements in Form GST CMP-08 for the previous quarters. Ø   Authorised signatory and his/her phone number must be registered on the GST portal. Ø   There must not be any data in save stage, in online version of Form GST CMP-08, on the GST Portal. (b)   The taxpayer can file the nil return, if taxpayer has   not performed the below mentioned activities: Ø   Any outward supply(Commonly known as sale) Ø   Any liability due to reverse charge (including import of service...

  1.      The government has been receiving a number of representations regarding need to extend due date for filing Annual Return (Form GSTR-9) and Reconciliation Statement (Form GSTR-9C) for 2018-19 on the grounds that on account of the COVID-19 pandemic related lockdown and restrictions, normal operations of businesses have not been possible in several parts of the country. 2.       In view of the same, on the recommendations of the GST Council, it has been decided to  extend the due date for filing Annual Return (Form GSTR-9) and Reconciliation Statement (Form GSTR-9C) for FY 2018-19 from 31 st  October, 2020 to 31 st  December, 2020. Notifications to give effect to this decision would follow. SOURCE : GST PRESS RELEASE  DATED 24.10.2020 Disclaimer :  TAXGyaAan is meant purely for the educational purpose of Tax Laws and Regulatory Updates. It will not be treated as professional advice. This Blog should not be subs...

The facility to file GSTR 3B and GSTR-1 with the EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020. However, facility to file NIL returns through OTP verification, shall be continued for all types of registered persons in view of notification 58/2020- dated 1st July 2020. SOURCE : CBIC NOTIFICATIONS Disclaimer :  TAXGyaAan is meant purely for the educational purpose of Tax Laws and Regulatory Updates. It will not be treated as professional advice. This Blog should not be substituted for professional advice. For specific Queries, please post in the comments section.

Central Board of Indirect Taxes and Customs issued a Notifications No. 78/2020 – Central Tax & 06/2020 – Integrated Tax dated October 15, 2020, to notify the number of HSN digits required on tax invoice. With effect from April 01, 2021, HSN required to be printed on invoice would be as below: S. No. Aggregate Turnover in  preceding F. Y. No. of digits for HSN Code 1 Up to rupees five crores 4 2 more than rupees five crores 6 However, a registered person having aggregate turnover up to five crores rupees in the previous financial year may not mention the number of digits of HSN Code on a tax invoice issued by him under the said rules in respect of supplies made to unregistered persons. SOURCE : CBIC NOTIFICATIONS Disclaimer :  TAXGyaAan is meant purely for the educational purpose of Tax Laws and Regulatory Updates. It will not be treated as professional advice. Thi...

  The government has come up with the various notifications for providing exemptions to certain category of persons from filing GSTR 9,GSTR-9A & GSTR-9C, mandating a registered person for mentioning of HSN Code in the Tax invoice, etc. All the above notifications are compiled here. Notification 77/2020-Central Tax dated 15.10.2020 By this notification the government has given exemption for the registered persons from filing annual return for the FY 19-20 for the registered persons having aggregate turnover less than 2 Crore. Therefore, the registered person is not required to file GSTR 9, GSTR 9A & GSTR 9C if the aggregate turnover is less than 2 Crores. Notification 78/2020-Central Tax dated 15.10.2020 and Notification 06/2020-Integrated Tax dated 15.10.2020 This notification mandates a registered person to mention the HSN Code for the all products sold the HSN Digits to be mentioned are as under: S.No. Aggregate Turnover in the preceding FY Num...