TAXGyaAan

The government has come up with the various notifications for prescribing the due dates for filing GSTR 1 & GSTR 3B. All the notifications which are related to due dates for filing GSTR 1 & GSTR 3B are compiled here. Notification 74/2020-Central Tax dated 15.10.2020 This notification prescribes the due date for filing GSTR 1 for the registered persons having aggregate turnover of up to 1.5 Crores in the preceding FY or the current FY shall be: S.No. Quarter for which GSTR 1 is to be filed Due Date to furnish the return 1 October-December 2020 13 th January 2021 2 January-March 2021 13 th April 2021 Notification 75/2020-Central Tax dated 15.10.2020 This notification prescribes the due date for filing GSTR 1 for the registered persons having aggregate turnover more than 1.5 Crores in the preceding FY or the current FY shall be: S.No. Month Due Date ...

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...

This is to informed that electronic invoicing (e-invoicing) for Goods and Services Tax (GST) will be made mandatory for all business-to-business transactions from 1st April 2021 as it looks to do away with physical invoices and e-way bills to streamline tax collections and plug revenue leaks.   Finance secretary, Ajay Bhushan Pandey said that the government will roll out the electronic invoicing (e-invoicing) system for all business-to-business (B2B) transactions under the Goods and Services Tax (GST) regime from 1st April 2021 that will replace physical invoices. He further said that the government introduced the e-invoicing system on 1st October 2020, for businesses with an annual turnover over Rs 500 crore. By 1st January 2021, it will be available to taxpayers with an annual turnover over Rs 100 crore. E-invoicing introduction plan : Particulars Effective date B2B transactions for all businesses above INR 500 crores. Effective fro...

  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.

  Late fees capped at Rs. 500 for delay in filing Final Return in Form GSTR 10 if it is filed between 22/09/2020 to 31/12/2020 vide Notification No. 68/2020 Central Tax dated 21st September 2020. A taxpayer whose GST registration has either been cancelled or surrendered is required to file GSTR-10. Rs. 500 is sum of fine under Both CGST and SGST Law. 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 Direct Taxes and Customs issued an Order dated September 29, 2020, regarding the information of GST Returns in Form 26AS.   Central Board of Direct Taxes (Board), hereby authorizes the Principal Director General of Income-tax (Systems) or the Director-General of Income-tax (Systems) to upload information relating to GST return , which is in his possession, in the Annual Information Statement in Form 26AS.   Author's comment Inter-unit transactions would pose a challenge in line to line matching of the tax data as per GST returns and as per Income tax filings. 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.     ...

  ·         The Central Board of Indirect Taxes and Customs ( CBIC ) has enabled the Matching Offline Tool to compare ITC auto-drafted in Form GSTR-2B with Purchase Register.        An offline tool has been made available to the taxpayers to match Input Tax Credit (ITC), as auto-populated in their Form GSTR-2B, with their purchase register. This tool will help the taxpayer to compare their ITC as per their Purchase Register, with the ITC as shown available in their auto-drafted Form GSTR-2B, and thus help them to claim correct ITC while filing Form GSTR-3B. To use the Matching Offline Tool, taxpayer need to : ·         Download and install the Offline tool on their system ·         Download the Form GSTR-2B JSON file from the GST portal ·         Prepare purchase register in the template provided with offline tool ·   ...