TAXGyaAan

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EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020.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

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...