TAXGyaAan

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...

  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EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020.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.

In terms of Rule 138 E (b) of the CGST Rules, 2017, the E-Way Bill generation facility of a person is liable to be restricted, in case the person fails to file their GSTR-3B returns, for a consecutive period of two months or more. This provision is now implemented by GSTN in an automated environment.   GSTIN associated with the respective PAN with Turnover over INR 5 Crores has failed to file their GSTR-3B Return for 02 or more tax periods, up to the month of tax period of  August, 2020, their EWB generation facility will be blocked on the EWB Portal. 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.

CBIC had issued a circular for clarification on Rule 36(4) and stated that ITC would be available to  taxpayer to the extend of 120% of invoices or debit notes, the details of which have been uploaded by the supplier. Later on this capping limit of 120% was reduced to 110%. Due to Covid-19 Pandemic, this capping limit was postponed for the tax period February to August 2020 vide notification 30/2020- Central Tax dated 03.04.2020. However this capping limit shall apply cumulatively for the tax period February to August 2020 and the return in FORM GSTR-3B for the tax period September, 2020 shall be furnished with the cumulative adjustment of input tax credit for the said months. CBIC has issued Circular No. 142/12/2020-GST dated 09.10.2020 and clarified that the earlier prescribed capping limit shall still remain applicable, except for the cumulative application as prescribed in proviso to sub-rule (4) of rule 36 of the CGST Rules. Accordingly, all the taxpayers are advised...

CBIC has extended due date of f urnishing of the Annual Return for the FY 2018-19 to 31.10.2020 (Notification No.69/2020-Central Tax dated 30.09.2020) Board has received certain representation that the auto populated GSTR 9 for the year 2018-19 (Tables 4, 5, 6 and 7) also includes the data for FY 2017-18.However, this information for FY 2017-18 has already been furnished by the taxpayers in the annual return (GSTR9) filed for FY 2017-18 and there is no mechanism to show the split of two years (2017-18 & 2018-19) in FORM GSTR-9 for 2018-19. In this regard, it is clarified that   the taxpayers are required to report only the values pertaining to Financial Year 2018-19 and the values pertaining to Financial Year 2017-18 which may have already been reported or adjustedare to be ignored. No adverse view would be taken in cases where there are variations in returns for taxpayers who have already filed their GSTR-9 of Financial Year 2018-19 by including the details of supplie...

  Customs, Excise and Service Tax Appellate Tribunal issued an office order dated September 30, 2020, for hearing of appeals through Video conferencing.   The Hon'ble President directs the following: From October 1, 2020, to October 29, 2020, appeals will be heard in all Benches of the Tribunal through video conferencing. The instructions contained in the DOPT Office Memorandums F. No. 11013/9/20014-Estt. (AliI) dated 18 May 2020 will be followed with respect to the attendance of all employee including officers, personal staff of Members and outsourced staff. 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.

  The GST Council held its 42 nd Meeting today. The key takeaways of 42 nd Council meeting are as under: 1.       Imposition of Compensation Cess has been extended beyond the transition period of 5 years to meet the revenue gap. 2.       The present system of return i.e. GSTR 1 & GSTR 3B has been extended till 31 st March 2021. Further amendments to be made to make the present system as the default one. 3.       The tax liability will be auto populated in GSTR 3B based on outward supply furnished in GSTR 1 from 1 st January 2021. 4.       The input tax credit will be auto populated in GSTR 3B based on outward supply furnished by vendor in Form GSTR 1 through the newly introduced facility of GSTR 2B from 1 st January 2021. 5.       Filing of GSTR 1 will become a pre-condition for filing GSTR 3B with effect from 1 st April 2021. 6.     ...

  Central Board of Indirect Taxes and Customs issued a Notification No. 67/2020 – Central Tax dated September 21, 2020, regarding waiver/reduction in late fee for not furnishing FORM GSTR-4 for 2017-18 and 2018-19.   Late fee payable shall stand waived which is in excess of INR 250 and shall stand fully waived where the total amount of central tax payable in the said return is nil, for the registered persons who failed to furnish the return in FORM GSTR-4 for the quarters from July, 2017 to March, 2020 by the due date but furnishes the said return between the period from 22 September, 2020 to 31 October, 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.