TAXGyaAan

 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...

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EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020.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

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 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.

  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.

Section 16 read with Rule 37 ( 2 ) Non-Payment within 180 Days   The reversal of the ITC is based on the provisions given in Section 16 of the CGST Act,2017. Where a recipient fails to pay to the supplier of goods or services or both, other than the supplies on which tax is payable on reverse charge basis, the amount towards the value of supply along with tax payable thereon within a period of one hundred and eighty days  (180Days) from the date of issue of invoice by the supplier, an amount equal to the input tax credit availed by the recipient shall be added to his output tax liability, along with interest thereon, in such manner as may be prescribed.  As a dealer, you would have availed ITC on inward supplies. But if you fail to pay the invoice amount to the supplier within 180 days the ITC must be reversed. If part of the invoice is paid the ITC will be reversed on a proportionate basis. This means that the business must maintain the creditors aging and basi...

  Earlier GST law has made quoting original Invoice Number mandatory for reporting Debit/Credit Note on GST portal. This system was inconsistent with the GST law which says that a single Debit/Credit note can be issued for multiple invoices. Now, GST portal has provided following facilities to the taxpayers: Ø   Report a single Debit/Credit Note for multiple invoices without giving reference of Original Invoice Number. Ø    Taxpayers  need to select supply type from drop down to identify the table to which Debit/Credit note pertains. Ø    Taxpayers  need to select Place of Supply to identify whether supply is inter state or intra state. Ø   Debit/Credit note can be reported with tax amount but without any taxable value i.e. if debit/credit note is issued for difference in tax rate, then note value can be reported as zero and only tax amount is to be entered in such case. Note: The above changes have been made in GSTR 1 and GSTR 6....

Goods & Services Tax commonly known as GST was formally ushered in at a late-night session of parliament, being dubbed as the flag bearers of Economic Independence. However, even after 3 years, the promise still looks nothing but a far-fetched thought or an illusion. There could be "n" no. of reasons which can convince you How "GST" has failed to make the desired effect or impact and how businesses are still coping with the Law. One Burning Issue pending for 3 years since the advent of GST is the  "Transitioning of tax credits from the erstwhile regime into the GST regime" . Right from the time when GST was launched, there has been a lot of clutter around various aspects of transitional credit provisions. Sad to say, even after 3 years of GST enactment, the issue is still undecided. Whether the Input Tax Credit of earlier Laws is eligible to be carried forward under GST after 27th December 2017 i.e. the due date of filing TRANSITION FORM-1 under GST? o...