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Showing posts from October, 2020

Compliance Calendar for the month of November, 2020

Statutory and Tax Compliance Calendar for November, 2020 for Compliances under GST, Compliances under Companies Act, 2013, Compliances for ESI and PF & PT Payments and Compliances Calendar Income Tax Act, 1961. S. No. Particulars of Compliance Forms / returns Due Date Compliances Calendar for GST 1. Return to be filed by every E-commerce operator […] from TaxGuru https://ift.tt/2HTivWl via gqrds

FAQs on Aadhaar Authentication while registering on GST Portal

Aadhaar Authentication – Selection as Yes Q.1 I have opted ‘Yes’ for Aadhaar authentication while registering on the GST Portal. What will happen next? Ans: Once you have opted ‘Yes’ for Aadhaar authentication while registering on the GST Portal and registration application is submitted, an authentication link will be shared on mobile numbers and e-mail […] from TaxGuru https://ift.tt/2Gik4gk via gqrds

E-Invoicing Updated List of Frequent Asked Questions

1. The compulsory e-invoicing of business-to-business transactions of companies with more than Rs 500 crore sales kicks in from 01st October 2020. The businesses were reportedly not ready to be seen by the tax officials and thus they had been given a chance to fill tax and save from penalty within 30 days. 2. The […] from TaxGuru https://ift.tt/37XdGGx via gqrds

Copy of GST documents seized can be denied to Assessee if it may adversely affect investigation

The discretion available to the competent authority u/S 67(5) of the CGST Act while withholding supply of copies/extracts of documents seized appears to be judiciously exercised by the competent authority for reasons which prima facie appear to be cogent and convincing. from TaxGuru https://ift.tt/3jDdjmU via gqrds

Filing of Appeal with GST Tribunal if not constituted- HC Direction

In the instant case, the petitioner filed a writ petition seeking to quash show cause notice issued by the respondents. The petitioner to reply to the said show cause notice within two weeks. Thereafter, the Adjudicating Authority shall consider the objection filed and pass orders in accordance with law. from TaxGuru https://ift.tt/3mAnbjd via gqrds

SC grants to Move Representation Seeking Exemption from GST on Disability Aids with GST Council

The petition is filed to seek exemption from GST on Disability aids i.e mobility services. Hence, the Supreme Court granted liberty to the petitioner to move a representation with the GST council for no GST on disability products. from TaxGuru https://ift.tt/3jH9E7p via gqrds

माल और सेवाओं की निर्यात के दौरान सप्लाई

अभिव्यक्ति (expression) “माल या सेवाओं की निर्यात के दौरान सप्लाई” में तीन चीजें महत्वपूर्ण हैं। ये तीन चीजें  निम्नप्रकार हैं:– (1) माल या सेवाओं की सप्लाई; (2) माल या सेवाओं का निर्यात; और (3) निर्यात के दौरान सप्लाई। माल या सेवाओं की सप्लाई में माल या सेवाओं का आपूर्तिकर्ता किसी मूल्यवान प्रतिफल के किये किसी […] from TaxGuru https://ift.tt/37RIuZr via gqrds

List of All GST Forms

Under the new taxation regime Taxpayers have to file various monthly and Quarterly Returns and Forms under the Central Goods and Service Tax Act, 2017 to comply with the provisions of the Act. Let us summarize all the returns in the one table. Forms Particulars GSTR-1 Filed by all registered taxpayers for Outward Supplies GSTR-1A […] from TaxGuru https://ift.tt/2HOMgbd via gqrds

Filing of a Reply in Form GST REG-18

Form GST REG-18 is a form through which the taxable person can file a reply to the show cause notice issued for cancellation of Goods and Services Tax (GST) registration. The present article briefly explains the provisions relating to filing of a reply in Form GST REG-18. Provisions governing the filing of a reply in […] from TaxGuru https://ift.tt/3oFmA1j via gqrds

CGST officials bust racket for generating fraudulent ITC via fake billing

Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST),Commissionerate, Delhi (East) have busted a major racket for generation of huge inadmissible input tax credit (ITC) through fake billing of Rs 1,278 crore (approx). from TaxGuru https://ift.tt/34IfW2F via gqrds

DGGI Gurugram arrests man for forging ITC of around Rs 392 crore

The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Kabir Kumar, resident of New Delhi on charges of creating and operating fictitious firms on forged documents and passing fake input tax credit by way of issuance of invoices without any actual receipt or supply of goods or services. from TaxGuru https://ift.tt/3878LTR via gqrds

Adjustment and Withholing of Refund under GST Act

INTRODUCTION Section 54 of CGST act provides for grant of refund  to any person  of any tax and interest if any or any other amount paid by him subject to provision of the act and  rules  to any person. However, during the course of sanctioning refund, sometimes, refund is adjusted to the outstanding demand under […] from TaxGuru https://ift.tt/3mtWL2q via gqrds

Application for cancellation of GST registration in Form GST REG-16

The taxpayer registered under Goods and Services Tax (GST), however willing to cancel the registration, may file an application in Form GST REG-16 for cancellation of GST registration. The provisions relating to filing of an application for cancellation of GST registration is covered under section 29(1) of the Central Goods and Services Tax Act, 2017 […] from TaxGuru https://ift.tt/3kF5le6 via gqrds

Accounting of GST Transactions

In the new GST era, some major changes are introduced by the Government. One of the major changes is introduction of Electronic Ledger system of GST Portal which shows Taxpayer’s ledger in the books of government. In order to align with the same, some accounting changes are also required in the Taxpayer’s books. This would […] from TaxGuru https://ift.tt/3mBvLhp via gqrds

Tips for GST audit FY 2018-19

Tips for GST Annual Return for the Financial year 2018-2019 Today we will discuss the GST annual filing return for the financial year 2018-19. GST annual return is an annual statement which contains all transactions related to outward and inward supplies in different heads. It contains the following details: 1. Outward Supplies ( Local sale, […] from TaxGuru https://ift.tt/3oAF3w7 via gqrds

Synopsis of Due date for GSTR-1 October 2020 to March 2021

CBIC released Notification No. 74/2020 – Central Tax dated, the 15th October, 2020 for specifying the Due date for GSTR-1 for the months from October, 2020 to March, 2021. Following questions emerge out of this-: Is it applicable for all the Registered Persons? Yes, It is applicable for registered persons having aggregate turnover of up […] from TaxGuru https://ift.tt/35M3gXw via gqrds

CBIC notifies extended due date of GSTR-9, GSTR-9A, GSTR-9C

Vide Notification No 80/2020 dated 28.10.2020 CBIC extends the due date u/s 44 of CGST Act 2017 for filing of Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for Financial Year 2018-19 from 31st October 2020 to 31st December, 2020. Ministry Of Finance (Department Of Revenue) (Central Board of Indirect Taxes and Customs) Notification […] from TaxGuru https://ift.tt/31TmqtE via gqrds

Impact of Decisions of European Court of Justice on Concept of Composite Supply In India

Composite supply under GST is a topic that is worth discussing considering the plethora of Advance Rulings that we have had ever since introduction of GST. Many of these advance rulings on the concept in question have also been contradictory leading to differing opinions on the subject. from TaxGuru https://ift.tt/3oymKYn via gqrds

Don’t lose your GST refund due to errors!!! Resolve It.

When the exporters have declared properly paid IGST on export supplies in their Form GSTR - 3B and the same matches with the liability declared in Form GSTR-1, then the data will be transmitted to the Customs system wherein the GST return data is matched with the shipping bill data. from TaxGuru https://ift.tt/3kyjkCv via gqrds

GSTR 3B and GST Annual Return

It has been more than 3 years since the implementation of GST, Goods and Services Tax and there are still a lot to fix. Probably with ever-changing provisions, GST is the most dynamic Act. This article is going to be short as it focuses only one aspect which is: claiming of ITC in GSTR 3B. […] from TaxGuru https://ift.tt/31JrYXs via gqrds

Synopsis of Due date for GSTR-3B October 2020 to March 2021

CBIC released Notification No. 76/2020 – Central Tax dated, Dated 15th October, 2020 for specifying the Due date for GSTR-3B for the months from October, 2020 to March, 2021. Following questions emerge out of this-: ♣ To whom Due date of Form GSTR 3B notified by Notification No. 76/2020 – Central Tax dated, Dated 15th […] from TaxGuru https://ift.tt/3kzKzg1 via gqrds

Dussehera gift of date extension, but what about Diwali gift of ITC?

Arjun (Fictional Character): Krishna, tax departments have gifted taxpayers with their Dussehera gift, in form of date extension, what are the new due dates for GSTR-9 & 9C? Krishna(Fictional Character): Arjuna, around 53 GST and trade associations had submitted representations as well as filed a writ petition for extension of due dates, which has now […] from TaxGuru https://ift.tt/37zMiOS via gqrds

Withdrawal of EVC facility extended to companies for filing GSTR1 & GSTR3B

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 from TaxGuru https://ift.tt/2Toz0fP via gqrds

GSTR 9, GSTR 9A, GSTR 9C due date extended to 31st Dec 2020

it has been decided to extend the due date for filing Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for Financial Year 2018-19 from 31st October 2020 to 31st December, 2020. from TaxGuru https://ift.tt/35teRuG via gqrds

Import of Services and treatment under GST Law

Article discusses about The Import of services and treatment under GST. Effective from 01.07.2017 many services are included under Tax Net in India. The Goods and Services Tax Act, 2017 is introduced all over India (Except Jammu and Kashmir up to 7.7.2017). In Jammu and Kashmir GST Act is been applicable from 8.7.2017. Let us […] from TaxGuru https://ift.tt/3mgQvew via gqrds

Deemed Duty Drawback under GST

1. Deemed Exports Under Section 147 of CGST Act, 2017, it refers to those transactions in which the goods supplied do not leave the country and the payment for such supplies is received either in Indian rupees or in free foreign exchange. 2. Essential conditions of Deemed Exports i. It is applicable only for the […] from TaxGuru https://ift.tt/2J2Q7lz via gqrds

Extend due date of ITC Claim & GSTR 9, GSTR 9A, GSTR 9C

Direct Taxes Professionals’ Association requested Hon’ble Finance Minister to allow filing of GSTR 9, 9A and 9C for the F.Y. 2018-19 at least till 31st December 2020 and to waive the late fees and penalty till then, extend time limit to claim credit on the invoices pertaining to FY 2019-20 as envisaged in Section 16(4) […] from TaxGuru https://ift.tt/37xJUrJ via gqrds

Extend Due dates of GST Annual Returns & Income Tax audit

Bhartiya Udyog Vyapar Mandal has made a representation for Extension of Due date of GST Annual Returns and Income Tax audits and compliance of Notices to Honble Union Finance Minister, Smt. Nirmala Sitharaman. Text of the Representation is as follows:- BHARTIYA UDYOG VYAPAR MANDAL Smt. Nirmala Sitharaman Honble Union Finance Minister North Block, Raisin Hills […] from TaxGuru https://ift.tt/34lCcPp via gqrds

Patanjali GST Profiteering Case for Supply of Detergent Powder

It is a proven fact that anti-profiteering provisions actually work and section 171 of the CGST Act, 2017 provides protection to the customers against illegal, inappropriate and excessive profiteering resorted by suppliers of goods and services. It becomes quite clear when rates are not reduced at all or commensurate with reduction in GST rates. The […] from TaxGuru https://ift.tt/3dQ1GHX via gqrds

Income Tax on Sale & Purchase of Motor Vehicle In India

Motor Vehicle includes Cars, buses, motorcycles, off-road vehicles, light trucks and regular trucks. In India there are more than 300 million operating vehicles. In this modern era everyone wants to be travel fast overcoming the hindrance of traffic and motor vehicles allows you to travel fast comfortably. India has 22 cars per 1000 individuals and […] from TaxGuru https://ift.tt/31xIE40 via gqrds

Bail Granted to Person Accused of Fraudulently availing ITC

The present petition is file to seek bail to the person accused of fraudulently availing Input Tax Credit (ITC) and allegedly involved in the tax evasion? The Court has admitted bail on furnishing bail bond in the sum of Rs.1 Lakh with one surety of like amount subject to the conditions. from TaxGuru https://ift.tt/2HvgNKE via gqrds

Form GST REG-13- Application for grant of Unique Identification Number

Section 25(9) read with rule 17 of the Central Goods and Services Tax Rules, 2017 covers the provisions of granting of Unique Identification Number. For obtaining the Unique Identification Number, the applicant is required to file an application in Form GST REG-13. The provisions are explained in detail under the current article. Categories of persons […] from TaxGuru https://ift.tt/3dRFnS8 via gqrds

Is your GST Refund struck due to SB005?

When the exporters have declared properly paid IGST on export supplies in their Form GSTR - 3B and the same matches with the liability declared in Form GSTR-1, then the data will be transmitted to the Customs system wherein the GST return data is matched with the shipping bill data. from TaxGuru https://ift.tt/3mkJeKJ via gqrds

53 Associations submits representation on issues in GST

53 GST and Trade Associations, under the banner of the ‘All India Joint Representation Committee for GST’, have come together, to submit a joint representation to the Union Finance Minister, Smt.Nirmala Sitharaman, on various relaxations which are required in GST to ease the suffering of businesses as well as meet the emergent circumstances of lockdown […] from TaxGuru https://ift.tt/31AnsdR via gqrds

HC upheld validity of Seizure of cash by GST Authorities

Kanishka Matta Vs Union of India (Madhya Pradesh High Court) The petitioner’s contention is that the word “money” is not included in Section 67(2) of the CGST Act, 2017 and therefore, once the “money” is not included under Section 67(2) of the CGST Act, 2017 the Investigating Agency / Department is not competent to seize […] from TaxGuru https://ift.tt/3mhpGqe via gqrds

Printing content provided by customer on PVC banners is supply of Goods

(i) Whether the transaction of printing of content provided by the customer, on Poly Vinyl Chloride (PVC) banners and supply of such printed trade advertisement material is supply of goods. (i) The transaction of printing of content provided by the customer, on Poly Vinyl Chloride (PVC) banners and supply of such printed trade advertisement material is supply of goods. from TaxGuru https://ift.tt/2HiffnG via gqrds

18% GST on street lighting activity under Energy Performance Contract

i. The street lighting activity under the Energy Performance Contract dated 05-12-2016 is considered as a composite supply of goods and services with the supply of service being the predominant supply. The service is classified under Heading 999112. from TaxGuru https://ift.tt/37q977v via gqrds

Period for filing appeal against AAR order to be counted from Original Order & not from date of ROM rejection order

In re NMDC Ltd (GST AAAR Karnataka) An appeal can be filed before the Appellate Authority only against an advance ruling pronounced in terms of Section 98(4). In this case, the ruling pronounced in terms of Section 98(4) is the advance ruling order No KAR ADRG 69/2019 dated 21-09-2019. An appeal is maintainable only against […] from TaxGuru https://ift.tt/35hPsEf via gqrds

Contributions for DMF & NMET was directly linked to royalty & amounts to Supply

In re NMDC Limited (GST AAR Karnataka) The applicant filed the instant application, for rectification of ruling, alleging that the authority has not ruled in the order as to whether the contributions towards DMF & NMET amount to supply in terms of Section 7 of the CGST Act 2017 or not and also the authority […] from TaxGuru https://ift.tt/35g0Hgp via gqrds

18% GST Payable on royalty paid in respect of Mining Lease

In re NMDC Ltd. (GST AAR Karnataka) 1. The royalty paid in respect of Mining Lease is a part of the consideration payable for the Licensing services for right to use minerals including exploration and evaluation falling under the Head 9973 which is taxable at the rate applicable on supply of like goods involving transfer […] from TaxGuru https://ift.tt/3dLfpzV via gqrds

GST on supply of Dress, School Bag, Boots etc to students without consideration to Govt/Govt Aided schools

In re Tamil Nadu Textbook and Educational Services Corporation (GST AAR Tamilnadu) 1 & 2 Whether the supply of educational aids to students such as school bags, footwear, geometry box, wooden colour pencils, crayons, woollen sweater to government and government aided schools based on the State Government educational policy for which the consideration is paid […] from TaxGuru https://ift.tt/2TcJVch via gqrds

No GST on Supply of alcoholic liquor for human consumption by a restaurant

In respect of Q.No.2, the applicant on rephrasing the original question has sought clarification on the taxability of alcoholic liquor for human consumption under GST when supplied in the restaurant. It is stated that they serve liquor in restaurants and room service. From the invoice furnished, it is seen that the applicant is charging only VAT when the supply of the same is made in the Restaurant. from TaxGuru https://ift.tt/2Te4HIw via gqrds

Significant Changes in GST Forms notified on 15th October, 2020

The Ministry of Finance on 15th October, 2020 notified various notifications incorporating various changes to the CGST Act and CGST Rule. In this Article we will discuss the various amendments made in GST Forms. Notification No. 74/2020- Central Tax Dated 15th October, 2020 This notification revised the due date for filing of GSTR-1 for small […] from TaxGuru https://ift.tt/31pc3gI via gqrds

Representation on GST Audit, Notices, ITC, Late Fees issues & Solution

AIMTPA has made a representation to Smt. Nirmala Sitharaman, Finance Minister and discussed prevailing Issues in GST and their probable solutions that can be acceptable to all. They discussed the issue of GST Late Fees, The unanswered question of section 16(4), Issues related to Departmental Audit under section 65 and Rule 36(4) issues. Relevant Text […] from TaxGuru https://ift.tt/3dH0vdF via gqrds

Can Input Tax Credit for FY 2019-20 be claimed after September 2020? YES, YOU MAY

Can Input Tax Credit for FY 2019-20 be claimed after September 2020..? YES, YOU MAY Few days ago, I came to know that Confederation of GST Professionals and Industries filed a writ petition before the Hon’ble Bombay High Court for the extension of due date of GSTR-9 / GSTR-9C to 31st December 2020. from TaxGuru https://ift.tt/356cmyc via gqrds

Optional for proper officer to communicate GST liability before issuing SCN

CBIC amended CGST Rules making it optional for the proper officer to communicate the liability before issuing SCN under Section 73/74 of the CGST Act  The CBIC vide Notification No. 79/2020- Central Tax dated October 15, 2020 amended Rule 142(1A) of the Central Goods and Services Tax Rules, 2017 (CGST Rules) in following manner making […] from TaxGuru https://ift.tt/3lRLt7Q via gqrds

Changes in GST Rules related to mentioning of HSN code 

CBIC amended CGST Rules empowering the Board to specify a class of registered person or supply of goods or services, require mentioning HSN code  The CBIC vide Notification No. 79/2020- Central Tax dated October 15, 2020 substituted first proviso to Rule 46 of the Central Goods and Services Tax Rules, 2017 (CGST Rules) to expand […] from TaxGuru https://ift.tt/349lses via gqrds

CBIC amends Rules of filing of nil GSTR 1 or GSTR 3B or CMP 08 via SMS 

CBIC amended CGST Rules w.r.t. filing of nil GSTR 1 or GSTR 3B or CMP 08 through SMS The CBIC vide Notification No. 79/2020- Central Tax dated October 15, 2020 substituted Rule 67A of the Central Goods and Services Tax Rules, 2017 (CGST Rules) to extend the facility of furnishing nil statement through short message […] from TaxGuru https://ift.tt/2T1QSNr via gqrds

Important Changes in various GST Forms

Important Changes in various GST Forms The CBIC vide Notification No. 79/2020- Central Tax dated October 15, 2020 notified Central Goods and Services Tax (Twelfth Amendment) Rules, 2020 amending Central Goods and Services Tax Rules, 2017 (CGST Rules) vide which following amendments have been made in GST Forms: Form No. Particulars GSTR – 1 1. In […] from TaxGuru https://ift.tt/2Hfmcp8 via gqrds

No Need to Furnish GSTR-9C for F.Y. 2019-20 if Turnover less than ₹ 5 crore

Taxpayers having aggregate turnover of up to INR 5 crore, not required to furnish GSTR-9C for F.Y. 2019-20 The CBIC vide Notification No. 79/2020- Central Tax dated October 15, 2020 substituted proviso to sub-rule (3) of Rule 80 of the Central Goods and Services Tax Rules, 2017 (CGST Rules) to relax the requirement of furnishing a […] from TaxGuru https://ift.tt/3dEZ3II via gqrds

Non Generation of Part A of e-way Bill wef 16.10.2020 for return Defaults

No Generation of Part A of e-way Bill will be allowed if 2 consecutive returns are not filed for the tax period up to August, 2020 w.e.f. October 16, 2020  The CBIC vide Notification No. 79/2020- Central Tax dated October 15, 2020 inserted fourth proviso to Rule 138E(b) of the CGST Rules w.e.f. March 20, […] from TaxGuru https://ift.tt/2Hdh5G0 via gqrds

Expense wise split of GST Input from Tally

Under GST, when an audit of accounts is conducted, the auditor is required to prepare GSTR 9C which requires much details about the year under audit in different ways. Table 14 which requires an expense wise bifurcation of the Inputs availed is labor intensive, mainly owing to the fact that such a requirement was not […] from TaxGuru https://ift.tt/3586yUR via gqrds

How to download all GST Returns filed at once

This article describes a way to download GSTR 2A in excel form and the rest of returns in JSON form and also to view summary. To start with you have to add extensions to your Google Chrome Browser. Extensions are small programs that resides in your browser which interacts with the webpage to automate certain […] from TaxGuru https://ift.tt/3486qph via gqrds

Notification of due dates for GST returns and Other Updates

Article contains summary of GST Notification No. 74/2020-Central Tax to 79/2020-Central Tax and Notification No. 6/2020 – Integrated Tax all dated 15th October 2020.  Notification 74 to 76 Notifies due date of GSTR 3B and GSTR 1 for the period deom October 2020 to March 2021. Notification 77 specifies that Filing of Annual Return in […] from TaxGuru https://ift.tt/3dBQuyn via gqrds

ITC of Education Cess, SHEC & KKC cannot be claimed against GST: HC

Assistant Commissioner of CGST and Central Excise Vs Sutherland Global Services Private Limited (Madras High Court) Whether the Assessee is entitled to utilise and set off the accumulated unutilised amount of Education Cess (EC), Secondary and Higher Education Cess (SHEC) and Krishi Kalyan Cess (KKC), all jointly referred to as the “Cess” against the Output […] from TaxGuru https://ift.tt/2T883g0 via gqrds

Marketable/consumable/Manufactured Chewing tobacco classifiable under CTH 24039910

In re Kavi Cut Tobacco (GST AAAR Tamilnadu) The appellant has stated to have purchased ‘Raw dried tobacco leaves’ from wholesale dealers/farmers and then undertakes the process of grading, drying, dipping in jaggery water, stalking, semi-drying, mincing, subjecting to natural/agricultural preservatives, weighing and packing for supply. Thus, the raw material which is ‘Raw dried tobacco […] from TaxGuru https://ift.tt/3jaWSxT via gqrds

Person liable to pay consideration for supply of services is ‘Recipient’ of such supply

In re Rajesh Rama Varma (GST AAAR Tamilnadu) Appellant has been contracted by M/s Doyen Systems Private Ltd to provide professional and consultancy services to be carried out through them and that, he had rendered software support services to the client of M/s Doyen Systems Private Ltd, IRM in the United States of America and […] from TaxGuru https://ift.tt/3dJqb9O via gqrds

CBIC exempt CGST on satellite launch services

To amend notification No. 12/2017- Central Tax (Rate) so as to exempt satellite launch services provided by ISRO, Antrix Co. Ltd and NSIL as recommended by GST Council in its 42nd meeting held on 05.10.2020. Notification No. 05/2020 – Central Tax (Rate) dated 16th October, 2020. Government of India Ministry of Finance (Department of Revenue) […] from TaxGuru https://ift.tt/3k47OP7 via gqrds

Rule 36(4) Template For September 2020 GSTR-3B

Rule 36(4) Template For September 2020 GSTR-3B will calculate the final Input Tax Credit (ITC) to be claimed in September 2020 Form GSTR-3B by just filling in relevant figures.   from TaxGuru https://ift.tt/31k5wUD via gqrds

Impact of GST on Business Restructuring

Since transfer of business as going concern is exempt under GST, according to sec. 17 read with rule 42 of CGST Rules, 2017, in case any registered person is having any exempted supplies, then ITC pertaining to such exempted supplies shall be reversed proportionately. So the transferor will have to reverse the ITC taken earlier. from TaxGuru https://ift.tt/3nZarEf via gqrds

10 Common Mistakes made by a Taxpayer in GST

Taxpayers and Tax Practitioners both commits some errors or mistakes in the filing of GST Registration or during GST Return Filings. GST was commenced in 2017 and since then taxpayers are committing some mistakes even till now, which we would like to raise so that after reading this article taxpayers can save their money by […] from TaxGuru https://ift.tt/346BeGL via gqrds

Summary of GST Notification No 74,75,76,77,78,79/2020-Central Tax

The ministry of Finance on 15/10/2020 notified 6 notifications incorporating various changes to the CGST Act and CGST Rule. In this Article we will discuss the notifications with reference to the original act or rules. 1.Notification No 74/2020-Central Tax This notification revised the due date for filing of GSTR-1 for small tax payer who files […] from TaxGuru https://ift.tt/2IGtFyj via gqrds

CBIC exempt UTGST on satellite launch services

To amend notification No. 12/ 2017- Union Territory Tax (Rate) so as to exempt satellite launch services provided by ISRO, Antrix Co. Ltd and NSIL as recommended by GST Council in its 42nd meeting held on 05.10.2020. Notification No. 05/2020 – Union Territory Tax (Rate) Dated 16th October, 2020. Government of India Ministry of Finance […] from TaxGuru https://ift.tt/3o2u9PB via gqrds

CBIC exempt IGST on satellite launch services

To Amend Notification No. 9/2017- Integrated Tax (Rate) So As To Exempt Satellite Launch Services Provided By ISRO, Antrix Co. Ltd And NSIL As Recommended By GST Council In Its 42nd Meeting Held On 05.10.2020. Notification No. 05/2020- Integrated Tax (Rate) dated 16th October, 2020. Government of India Ministry of Finance (Department of Revenue) Notification […] from TaxGuru https://ift.tt/3k7m0qD via gqrds

Highlights of various notifications issued by CBIC on 15.10.2020

A flurry of notifications hasbeen issued by the CBIC yesterday on various aspects from return filing to HSN code requirement. A brief summary of them all is as below: Notification No. 74/2020 –Central Tax: The registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial […] from TaxGuru https://ift.tt/2ID3LLR via gqrds

Taking of ITC in case of Renting Property – With Immediate Actions Required

What is the position of ITC 1. when a new building is being constructed for purpose of letting it out 2. Repairs & renovations are done on an existing building 3. Is there any other suggestion you could give so that ITC on all the above items used in a building could be claimed against rental income from TaxGuru https://ift.tt/3nUZwLR via gqrds

Milk with turmeric extracts is classifiable under HSN 0401

Milk fortified with vitamins A and D is classifiable under HSN 0401. The above Explanatory Note further explains that such milk remains classified under HSN 0401 even if a small quantity of items containing anti-oxidant properties are added. The applicant's product, therefore, remains classifiable under HSN 0401 even after a small quantity of curcuminoids, having ant-oxidant properties, are added, provided the Analysis Report referred to in para 2.1 is accurate. It follows that the product is exempt under Entry No. 25 of the Exemption Notification. from TaxGuru https://ift.tt/31bZa9H via gqrds

Works contract service of laying pipelines in Bangladesh is not export

In re Maninder Singh (GST AAR West Bengal) NRL has awarded the contract to the applicant for construction of the pipeline in Bangladesh and pays the consideration. NRL is, therefore, the recipient in terms of section 2(93)(a) of the GST Act. A strip of land extending over more than a hundred kilometre is not a […] from TaxGuru https://ift.tt/3lOiyld via gqrds

Impact on Valuation of used waste sand which is of the value ‘Nil

In re Kolhapur Foundry and Engineering Cluster (GST AAR Maharashtra) The question raised by the applicant is ‘The used waste sand which is of the value NIL Refer separate Valuation Certificate by Engineer) will have any impact on Valuation?.’ The jurisdictional officer has submitted that, as regards the second question, value of inward supply does not have […] from TaxGuru https://ift.tt/342wAtm via gqrds

Renting of e-bikes/bicycles without operator cannot be classified under SAC 9973

In re Yulu Bikes Pvt. Ltd. (GST AAR Karnataka) Renting of e-bikes/bicycles without operator cannot be classified under SAC 9973 – Leasing or rental services without operator and Sl.no. 17(viia) of Notification no. 11/201 7 CT(R) dated 28th June 2017 as amended is not applicable to the instant case. FULL TEXT OF ORDER OF AUTHORITY […] from TaxGuru https://ift.tt/31eNcMN via gqrds

New Paint On Door One: A Bond Update

The government has executed a re-think on the outstanding GST compensation issues by announcing intent to borrow itself under the Option 1 amount of INR 1,10,000 crores and allocating this to states as loans. It may be remembered that earlier the center had apparently insisted that, while it will ‘facilitate’ the borrowing for states, it will not borrow the amount itself. from TaxGuru https://ift.tt/3nSdGxn via gqrds

No registration required for trust carrying out ‘charitable activities’ exempt under GST

The Hon’ble AAR, Gujarat in Re: All India Disaster Mitigation Institute [Advance Ruling No. GUJ/GAAR/R/20/2019 dated September 11, 2019] wherein the charitable trust registered under Section 12AA and 80G of Income-tax Act, 1961 (Income Tax Act) carrying out charitable activities for preservation of environment, held that since the activities were exempt from tax under GST, […] from TaxGuru https://ift.tt/350RoRe via gqrds

FAQs on Form GSTR-2B

Form GSTR-2B Q.1 What is Form GSTR-2B? Ans: Form GSTR-2B is an auto-drafted ITC statement which will be generated for every registered person on the basis of the information furnished by his/her suppliers in their respective Form GSTR-1 & Form GSTR-5 and ITC received through Form GSTR-6. The statement will indicate availability of Input Tax […] from TaxGuru https://ift.tt/2FyHWfb via gqrds

GSTR 2A: What you must know with FAQs

Form GSTR-2A is a system generated Statement of Inward Supplies for a recipient. Form GSTR-2A will be generated in below scenarios: When the supplier uploads the B2B transaction details in their Form GSTR-1 / 5 from TaxGuru https://ift.tt/3j4SLU7 via gqrds

All about GSTR 1- Monthly Statement of Outward Supplies with FAQs

Q.1 What is GSTR-1? Who is required to file the GSTR-1? Ans: GSTR-1 is a monthly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services. Every registered taxable person, other than […] from TaxGuru https://ift.tt/3ihWXkd via gqrds

Importing of invoices in e-Way bill system into Form GSTR-1

Taxpayers supplying taxable goods valued of Rs. 50,000 and above, generate e-way bills, where details of invoices have to be given by them. Further, the invoice details for business to business sales, made by them, have to be given in Form GSTR-1. To avoid duplicate data entry, GSTN has provided a facility to taxpayers, where […] from TaxGuru https://ift.tt/379Ya9U via gqrds

Summary of notifications under GST issued on 15.10.2020

Brief update on the notifications under GST issued by the Government on 15.10.2020 The government has come up with the various notifications for prescribing the due dates for filing GSTR 1 & GSTR 3B , providing exemptions to certain category of persons from filing GSTR 9,GSTR-9A & GSTR-9C, mandating a registered person for mentioning of […] from TaxGuru https://ift.tt/342Y0iY via gqrds

GST Audit relaxation to SMEs to continue in FY 2019-20

For the financial year 2018-2019 and 2019-2020, every registered person whose aggregate turnover exceeds five crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C for the said financial year, electronically […] from TaxGuru https://ift.tt/3lVSVyZ via gqrds

HSN Code Mandatory irrespective of Turnover from 01.04.2021

With effect 01st April 2021 CBIC notifies that a dealer registered under GST has to mention 4 digit of Harmonised System of Nomenclature Code (HSN Code) if his Aggregate Turnover in the preceding Financial Year is up to rupees five crores and he has to mention 6 Digit of HSN Code if Turnover in the […] from TaxGuru https://ift.tt/319uI0c via gqrds

Optional annual GST return filing benefit extended to FY 2019-20

CBIC vide Notification No. 77/2020 – Central Tax dated 15-10-2020 extends benefit of optional filing of annual return for registered persons whose aggregate turnover in a financial year does not exceed Rs 2 crore, for FY 2019-20 as well. The benefit was already there for Financial Year 2017-18 and 2018-19. This means that such taxpayers […] from TaxGuru https://ift.tt/2H6xPij via gqrds

CBIC notifies GSTR-3B due date for October 2020 to March 2021

Due dates of filing of GSTR-3B for the period October, 2020 to March,2021 have been notified vide Notification No. 76/2020 – Central Tax, all dated 15-10-2020. Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes And Customs) New Delhi, Notification No. 76/2020 – Central Tax Dated: 15th October, 2020 G.S.R. 636(E).— In exercise […] from TaxGuru https://ift.tt/3j5q9dj via gqrds

CBIC notifies GSTR-1 due date for dealers with T.O. exceeding ₹ 1.5 Cr

Due dates of filing of GSTR-1 for the registered persons having aggregate turnover Exceeding Rs. 1.5 crore rupees in the preceding financial year or the current financial year for the period October, 2020 to March,2021 have been notified vide Notification No. 75/2020 – Central Tax Dated: 15th October, 2020. Ministry of Finance (Department of Revenue) […] from TaxGuru https://ift.tt/2SZY9gw via gqrds

CBIC notifies GSTR-1 due date for dealers with T.O. < Rs. 1.5 Cr

Due dates of filing of GSTR-1 for the registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year for the period October, 2020 to March,2021 have been notified vide Notification No. 74/2020 – Central Tax Dated: 15th October, 2020. Ministry of Finance (Department of […] from TaxGuru https://ift.tt/34W2hUg via gqrds

HSN Code on GST Tax Invoice Mandatory wef 01st April 2021

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. The only exemption is given to the registered persons having turnover less than 5 Crores is that they need not mention the HSN code in the Tax Invoice in […] from TaxGuru https://ift.tt/3kfQpTu via gqrds

Impact of Recent clarifications on GSTR-9 & GSTR-9C

Currently, the taxpayers are facing issue in GSTR-9 in reporting transactions pertaining to F.Y. 2017-18 which was reported in GST returns of 2018-19 as there is no specific column for the same. Such values were already reported in GSTR-9 of F.Y. 2017-18 in Tables 10 to Table 14. from TaxGuru https://ift.tt/34N8emE via gqrds

HC Rejects Bail to Officer Involved allegedly in Bribery & Helping in GST Evasion

In the instant case, the petition id filed to seek the bail to a person accused of tax evasion and bribery as per GST Act and Prevention of Corruption Act. from TaxGuru https://ift.tt/30TA9QF via gqrds

मन की बात किसकी

रविवार को सुबह तैयार होकर नाश्ता कर रहा था। पत्नी भव्या ने बातचीत करते हुए कहा कि जब से जीएसटी लागू हुआ है, तब से व्यापारी हो या टैक्स प्रोफेशनल दोनों की परेशानियां बहुत बढ़ गई हैं। उपर से ये कोरोना ने ‘कोढ़ में खाज‘‘ का काम किया है। भव्या बोली, एक बार मोदी जी […] from TaxGuru https://ift.tt/33PANAk via gqrds

Clarification on availment GST ITC for Feb, 20 to Aug, 20 – Rule 36(4)

CBIC has issued a Departmental Circular No 142/12/2020- GST on 9th October, 2020 clarifying applicability of Rule 36(4) of the CGST Rules, 2017 for the months of February 20 to August 2020. Earlier on 11th November, 2019 CBIC had clarified that ITC is to be availed based on Invoices or debit notes reported by suppliers. […] from TaxGuru https://ift.tt/30Vb87F via gqrds

HC Reject Bail Application against Offense of Creating Fake Firms & Claiming Fraudulent ITC

In the instant case, the petitioner is filing the petition for requesting to grant the bail against the offense committed under GST by creating fake firms and claiming such fraudulent input tax credit. from TaxGuru https://ift.tt/3nALuPk via gqrds

GST E-way Bill Decoded

E-Way Bill is an Electronic Way bill for movement of goods to be generated on the e-Way Bill Portal. The provisions governing E-way bill are provided in Rule 138 of CGST Rules, 2017. Below are the various provisions of E-way Bill in simplified language to help the audience in understanding the nitty-gritties of the EWB provisions. Every registered person […] from TaxGuru https://ift.tt/2GBtGmF via gqrds

Transit Checks of Goods & Conveyance under CGST Act 2017

This article covers provisions relating to inspection, seizure, and detection of goods and conveyances carrying the goods prescribed vide section 68, section 129 of CGST Act read with Rule 138 of CGST Rules 2017. from TaxGuru https://ift.tt/30RNitu via gqrds

Form GST REG-01

Form GST REG-01 is an application form for obtaining Goods and Services Tax (GST) registration. The present article tries to simplify the understanding of Form GST REG-01. Applicability and non-applicability of Form GST REG-01 As per rule 8(1) of the Central Goods and Services Tax Rules, 2017, every person willing to obtain GST registration is […] from TaxGuru https://ift.tt/30K6edw via gqrds

HC Grant Bail to Petitioner allegedly involved in GST Evasion of upto Rs. 18 Crore

In the instant case, the petitioner is requesting for bail against the offenses under Sections 132(1), (b), and (c) of Rajasthan Goods and Services Tax Act, 2017. from TaxGuru https://ift.tt/2Guwp17 via gqrds

Common errors that a registered person must avoid while submitting GST return

Even after 3 years of introduction of GST Act, people registered under GST are making many errors while filing their GST returns. It is very important to file GST returns with the most accuracy to avoid litigation from the department. A wrong filing in GST return can impose a huge amount of penalty and interest […] from TaxGuru https://ift.tt/3jHSRBX via gqrds

Membership subscriptions & Admission fees paid to club not liable to GST

The Hon’ble AAAR, Maharashtra in Re: Rotary Club of Mumbai Nariman Point [Order No. MAH/AAAR/SS-RJ/20/2019-20 dated December 11, 2019] held that where membership subscription and admission fees received from the members of the club and was utilized solely towards meetings and administrative expenditure and not for providing any specific facility or benefits to its members […] from TaxGuru https://ift.tt/2GOaT70 via gqrds

Various Aspect of GSTR-10 (Final Return)

1. What is GSTR-10? GSTR-10 is the final return (Statement of Stock held at the time of Cancellation) to be submitted by the Taxpayers who has cancelled their registration by applying form REG-16 on GST Portal or ‘Suo Moto’ cancelled by the Department. 2. Latest Update on GSTR-10 waver of late fee: as per Notification […] from TaxGuru https://ift.tt/36J6Dk8 via gqrds

Will Remuneration To Directors Attract GST Under RCM?

WILL THE REMUNERATION PAID BY A COMPANY TO ITS DIRECORS ATTRACT GST UNDER THE REVERSE CHARGE MECHANISM? 1. PECULIAR LEGAL FICTION IN THE GST LAW This was there in the erstwhile Service Tax Regime also. The Principle is simple—“If you are unable to tax a category of persons who supply the services, call the poor […] from TaxGuru https://ift.tt/34rVSQB via gqrds

End of suspension of GST Rule 36(4)

The emphasis of the provision is to restrict the ITC claimed by registered person in GSTR 3B whose corresponding details of sales have not been uploaded on GST Portal by supplier in his GSTR – 1 (i.e. GSTR – 1 have not been filed by supplier) thereby not visible to the recipient in its GSTR – 2A (Auto-populated return). from TaxGuru https://ift.tt/2GGi2Xf via gqrds

42nd GST Council meeting outcome : Key highlights

42nd GST Council meeting outcome : Key highlights dated 5th October, 2020 The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman via video conferencing today i.e. 05th day of October, 2020 via video conferencing in New Delhi. Union minister of state (MoS) for finance Anurag Thakur […] from TaxGuru https://ift.tt/33Bc9DM via gqrds

HC Quashes Order of Commissioner of Customs freezing Bank A/c beyond 1 Year

The issue under consideration is whether the freezing of the bank account of the petitioner was undertaken by the Deputy Commissioner (Customs) under the provisions of the Customs Act, 1962 is justified in law? from TaxGuru https://ift.tt/3jBhwbo via gqrds

Highlights of 42nd GST Council Meeting

The 42nd GST Council Meeting held under the chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry […] from TaxGuru https://ift.tt/36BRtgw via gqrds

Analysis of Composite & Mixed Supply in GST Section 8

Composite and mixed Supply is always a dubious and confusing topic In this article, I tried to make it simplified by doing a detailed analysis of it with various illustrations while using bare text language also. First, we will discuss composite supply only Definition of  composite supply Section 2(30) of CGST Act A supply made […] from TaxGuru https://ift.tt/3llT1Q9 via gqrds

All you need to know about E-invoicing under GST wef 01.10.2020

Introduction The concept of E-invoicing for India is a big move, due to the volume of business transactions undertaken every day, as well as the plethora of different, non-standardized formats used in invoice generation. The concept of e-invoicing may be new to Indian taxpayers, but it has been already adopted by about 70 countries over […] from TaxGuru https://ift.tt/3lfc4LQ via gqrds

Checklist to adhere before filing September 2020 GST Returns

As we know that the September 2020 returns are the most crucial returns. Because these are the last returns to rectify the error made in the FY 19-20 returns. September 2020 returns has to be filed before time to make the changes as as the last date for rectifying the mistakes or availing the ITC […] from TaxGuru https://ift.tt/36yYCyu via gqrds

Matching Concept Under GST

1. The concept of Matching forms the backbone of ITC (Input Tax Credit) under the GST regime. According to this concept, ITC of the recipient for inward supply to be accepted only if the corresponding outward supply of supplier is matched. 2. Section 42 of the CGST Act prescribed the procedure for matching the outwards […] from TaxGuru https://ift.tt/2Gzx3tK via gqrds

Due Date Compliance Calendar October 2020

Article compiles due dates of compliance related to GST, Income Tax, ESI, PF Acts which includes compliance related to GSTR-1, GSTR-3B, ITC-04, GSTR-5 & 5A, GSTR-6, GSTR-7, GSTR-8,  RFD-10, Due dates for payment of TDS / TCS, Dues date for Payment of Advance Tax, Due date for Issue of TDS/ TCS Certificates, Due date for […] from TaxGuru https://ift.tt/2P2r2Fi via gqrds

Recent Updates In GST till 02nd October 2020

On GST compensation option to states, about 20 states have reverted and all these states want Option-1 to borrow Rs. 97,000 crore without the obligation paying interest and principal back. Next GST Council meeting on 5th October shall take this forward. CAG report recently disclosed that for 2018-19, out of the Rs. 2.7 lakh crore […] from TaxGuru https://ift.tt/3ivdeAW via gqrds

GST ITC Rejection through a non speaking order is bad in law

In the present case, the petitioner had made an application for refund under Section 54 of the Act and when the respondent had issued notice to them for rejection of the ineligible goods and services of SGST, CGST and IGST, they have given a detailed reply, objecting to the All these objections were required to be dealt with by the authority, before taking a final call, which is conspicuously absent. from TaxGuru https://ift.tt/34p7TGF via gqrds

No taxable event under GST on mere inter-State transfer of goods – HC directs refund of Tax & Penalty

Same Deutzfahr India P Ltd Vs State of Telangana (Telangana High Court) Once it is clear that petitioner has additional place of business in the State of Telangana in Bongulur village, Ibrahimpatnam Mandal and the goods were being transported to that address from its Corporate office at Ranipet, Tamil Nadu State, it cannot be said […] from TaxGuru https://ift.tt/2GncBfM via gqrds

Assessment of Non-Filers of Returns under GST Act

Under Scheme of CGST act, persons who are to liable for registration requires to obtain registration. Every registered person, has to determine his tax liability by making self-assessment, and after making of payment of tax, is required to furnish correct and complete prescribed returns, as per provisions of the act and rules. from TaxGuru https://ift.tt/3jtueZO via gqrds

HC directs GST Department to refund Amount of Bank Grantee Encashed

LM Wind Power Blades India Pvt. Ltd. Vs. State of Maharashtra (Bombay High Court) Learned counsel for the petitioner submits that action of respondent No. 4 in encashing the bank guarantees without waiting for expiry of the appeal period is wholly illegal and should be declared as such by this court. He submits that respondent […] from TaxGuru https://ift.tt/3jpKyuH via gqrds

GST e-invoicing – Relaxation and latest changes

e-invoicing – Relaxation and latest changes 1.‘e-invoicing’ for certain classes of taxpayers has come into effect from 1-10-2020. 2. Keeping in view the hardships faced by the taxpayers due to COVID-19 lockdown and as some of these taxpayers are still not ready, as a last chance, Government had given relaxation that invoices raised by notified […] from TaxGuru https://ift.tt/34kO0Ab via gqrds

Delhi HC rejects plea challenging 12% Rate of GST on Fabric

Petition requesting to notify the GST rate of 5% for all varieties of fabrics falling under Chapters 50 to 63 of the Customs Tariff in furtherance of the recommendations made by the Goods and Service Tax Council from TaxGuru https://ift.tt/3jnmqcb via gqrds

CBIC notifies special procedure for issuance of GST e-Invoices till 31.10.2020

Seeks to notify a special procedure for taxpayers for issuance of e-Invoices in the period 01.10.2020 – 31.10.2020 vide Notification No. 73/2020 – Central Tax dated 1st October, 2020. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 73/2020-Central Tax New Delhi, the 1st October, 2020 […] from TaxGuru https://ift.tt/2Gp60RQ via gqrds

GST Revenue collection for September, 2020

The gross GST revenue collected in the month of September, 2020 is ₹ 95,480 crore of which CGST is ₹ 17,741 crore, SGST is ₹ 23,131 crore, IGST is ₹ 47,484 crore (including ₹ 22,442 crore collected on import of goods) and Cess is ₹7,124 crore (including ₹ 788 crore collected on import of goods). from TaxGuru https://ift.tt/3n3FEpg via gqrds

HC orders to Deposit Profiteered Amount & Stays Interest & Penalty Imposed by NAA

High Court directed the petitioner to deposit principal profiteered amount but stayed interest and penalty imposed by National Anti-Profiteering Authority (NAA). from TaxGuru https://ift.tt/36qN3JC via gqrds

HC Grants Release of Detained Goods on payment of Tax & Penalty alongwith Bank Guarantee

Radha Tradelinks Pvt Ltd Vs State of Gujarat (Gujarat High Court) The present writ petition is filed for requesting to quash the detention and confiscation order passed under GST Act. The writ applicant, is engaged in the business of areca nut, spices, etc. A consignment of areca nut was transported from Karnataka so as to […] from TaxGuru https://ift.tt/33n6CAg via gqrds

Extension of time limit for filing of Annual GST return for FY 2018-19

Notification 69/2020  of CGST : Extension of time limit for filing of  Annual Return for Financial Year 2018-19 . CBIC on 30th September 2020, issued notification  no 69/2020-Central Tax Extending time limit for filing annual return , audited financial statement and reconciliation statement  for the financial Year 2018-19  under section 44 from 30/09/220 to 31st […] from TaxGuru https://ift.tt/2SjYvya via gqrds

Analysis of GST Notifications dated 30th September, 2020

(1) Extension of Due Date to File GST Annual Return (GSTR 9) & GST Audit (GSTR 9C) (NN 69/2020 – CT dated 30th September, 2020) In order to provide relief to businesses grappling with the economic impact of COVID 19, the government on Wednesday i.e. 30th September, 2020 has extended the due date to file […] from TaxGuru https://ift.tt/3jl4cHX via gqrds

E-way bill did not mention correct details- Decide case on Merits: HC

Jaitron Communication Pvt. Ltd. Vs State Of U. P.  (Allahabad High Court) Admittedly, in the facts of the present case the petitioner did accept that the e-way bill with the vehicle did not contain correct description with regard to movement of goods. Another e-way bill (though not available with the vehicle, at the time of […] from TaxGuru https://ift.tt/2Sd2EnL via gqrds

GST Updates & Deadlines for the Month of October 2020

1.GST DEADLINES 1.1. GSTR2A reconciliation from Feb to Sep 20 in GSTR3B of Sep 20 (Notification No.- 30/2020 –CT; Dated: 3 April 2020) Rule 36(4) of CGST Rules 2017 has restricted Input Tax Credit to the maximum of 110% of ITC available in GSTR 2A. However, the said condition for the period Feb 20 to […] from TaxGuru https://ift.tt/2GnwJyi via gqrds

Tax Collected at Source (TCS) on Sale of Goods with 15 FAQs

Tax collected at Source on sale of Goods effective from 01st October 2020 Due date for filing Annual return and audit report under GST has been extended, tax payer got some relaxation however new compliance requirement has been introduced which is applicable from 01st October 2020 i.e. tax to be collected at source on sale of goods. […] from TaxGuru https://ift.tt/3jm4D4S via gqrds

Applicability of Section 206C(1H) TCS on GST portion

Applicability of TCS u/s 206C(1H) on GST Component? There were doubts among taxpayers whether TCS u/s 206C(1H) is to be collected on net of GST amount or inclusive of GST. The matter has been clarified by Income Tax Department vide Circular No.17/2020 dated 29.09.2020 Para 4.6 of circular read as under: 4.6 Adjustment for sale return, […] from TaxGuru https://ift.tt/3cKfGm4 via gqrds

Tax Compliance Calendar for October 2020

Article compliance dye date under Income Tax Law, GST Law and Labour Laws which falls between 01st October 2020 to 31st October 2020. Same includes due date for filing of Form GSTR-3B, GSTR-7, GSTR-8, GSTR-1, GSTR-6, GST CMP 08, GSTR-5, GSTR-5A (OIDAR Service Provider), GSTR 9, GSTR 9C, GSTR-4 and due of Furnishing Tax Audit […] from TaxGuru https://ift.tt/3jk1e6R via gqrds

GST Annual Return due date extension & E-Invoice Compliance relaxation

Extension of date for furnishing Annual Return and One time relaxation of E-Invoice Compliance vide Notification No. 69/2020 – Central Tax to 72/2020 – Central Tax dated 30-09-2020 and Exemption Notification No. 04/2020-Integrated Tax – Rate etc. Sl. No Notification No Date Summary of Notification 1 69/2020 – Central Tax 30-09-2020 Extension of due date […] from TaxGuru https://ift.tt/2GushxO via gqrds

Export of Goods and Services: A Complete Guide