Updates

Vide Order No.08/2019-Central Tax, dated 14.11.2019, CBIC has extended the due date of filing GST Annual return for the Financial Year 2018-19 up to 31.03.2020.

1. The Professionals were requesting the Govt. to extend the due date for filing GST Annual Return in Form GSTR 9 & 9C for the FY 2018-19 as there was challenges due to current ongoing situation. The due date for filing the annual return is 30.09.2020.
   
2. Today, the Govt. has announced thru twitter that the due date is extended to 31.10.2020 i.e. by one month. The twitter tweet reads as, “After obtaining due clearances from the Election Commission in view of the Model Code of Conduct, Government has extended due date for furnishing Annual Return in GSTR-9 and GSTR-9C for 2018-19 from 30.09.2020 to 31.10.2020. Notification follows.” and this is tagged to @ nsitharamanoffc @ianuragthakur.Official
   
3. Notification will be publish soon
   
4. Source : tweeter

The newly inserted rule 88A in the CGST rules, allows utilization of input tax credit of integrated tax towards the payment of Central tax and State tax, or as the case may be, Union territory tax, in any order subject to the condition that the entire input tax credit on account of integrated tax is completely exhausted first before the input tax credit on account of Central tax or State / Union territory tax can be utilized. Click here… to read circular no.98/17/2019-GST dated 23.04.2019.

• A provision to file NIL GSTR-3B thru SMS was provided vide Notification no.38/2020-CT dated 05.05.2020. The said provision is given effect vide Notification no.44/2020-CT dated 08.06.2020. Now, with effect from 08.06.2020, NIL 3B can be filed thru SMS.
• Steps to file NIL return :
• SMS – NIL space<Return Type>space<GSTIN>space<Return Period> To 14409. e.g. NIL 3B 07AQDPP8277H8Z6 022019
• 6 digits validation code is received.
• send the code: CNF space<Return Type>space<Code> e.g. CNF 3B 107543
• ARN received.
• Return filed
• NIL GSTR-1, GSTR-3 and GST CMP-08 can be filed through SMS Notification no.79/2020-CT dated 15.10.2020

• Timeline to comply for the compliance falling due between 20.03.2020 to 29.06.2020 was extended to 30.06.2020. Now, the timeline has being further extended till 31.08.2020 for all compliance falling due between 20.03.2020 to 30.08.2020. Refer Notification no.55-CT dated 27.06.2020. Read Notification
• Timeline is further extended to pass order under Section 54(7) of CGST Act till 31.08.2020. Refer Notification no.56-CT dated 27.06.2020 Read Notification.
• Timeline is extended for compliance under Central Excise Act, Customs Act, Customs Tariff Act and Finance Act, 1994 which falls during the period from “20.03.2020 to 29.09.2020” till 30.09.2020 Read Notification. Also read Notification.

• TCS
  • Table 4 (amendment table) of GSTR-8 was allowed to be amended only once.
  • Now, the e-commerce operator liable to collect tax at source u/s 52 can amend the details of table 4 multiple times.
• TCS facility extended to composition taxpayers
  • E-commerce operator can now add GSTIN of the composition dealer.
  • As a reason, the composition dealer can accept or reject the TDS and TCS credit reported by the e-commerce operator. Click here.

• Sec. 171 provides for Anti-profiteering provision under GST.
• The time limit for compliance of any action under the said section which falls during the period from 20.03.2020 to 30.03.2021 is extended till 31.03.2021 vide Notification no.91/2020-CT dated 14.12.2020.
• Previously, the time limit for compliance of any action under the said section which falls during the period from 20.03.2020 to 29.11.2020 was extended till 30.11.2020 vide Notification no.65/2020-CT dated 01.09.2020.

• Following tables of GSTR-3B will be auto-drafted based on GSTR-1 filed by the supplier.
  • 3.1(a) – Outward taxable supplies (other than zero rated, nil rated and exempted).
  • 3.1(b) – Outward taxable supplies (zero rated)
  • 3.1(c) – Other outward supplies (Nil rated, exempted)
  • 3.1(e) – Non-GST outward supplies
  • 3.2 – Supplies made to un-registered persons
  • 3.2 – Supplies made to composition taxable persons
  • 3.2 – Supplies made to UIN holders
  • Click here for more information.

• GSTN invites creative entries in form of videos (animation, tutorials, short-films etc.) of 30-120 seconds or static graphics on the various recent initiatives and reforms on GST, like following:
  • GST – One nation, one tax, one market,
  • GST and reduced taxes on MSME
  • GST and automated compliance
  • For more details Click here-GSTN
• Any Citizen of India can participate in their contest
• Last date of filing entries is 15th October, 2020
• For more details visit GSTN: Click here.

• An offline matching tool has been made available to the taxpayers to match Input Tax Credit (ITC) as populated in GSTR-2B with their purchase register.
• The tool is available in GSTN under Downloads > Offline Tools > Matching Offline Tool
• Post matching its result will be summarized as Exact match, Partial match, Probable match or Unmatched. Click here to read more

• Relief to composition taxpayers in late fees for delayed filing of GSTR-4
• Relief in late fees for delayed filing of Final Return in Form GSTR-10. Click here details

Taxpayer having turnover more than 5 Crore if fails to file GSTR-3B for two or more tax periods, up to the month of August, 2020, their E-way bill generation facility will be blocked on the E-way Portal after 15.10.2020. Click here to read more.

GSTN has issued a list of known issues and suggested solutions on GST new registration, GSTR-1, GSTR-2A, GSTR-3B, Refund application, GST Annual Return etc. Click here

Satellite launch services supplied by Indian Space Research Organisation, Antrix Corporation Limited or New Space India Limited falling under HSN / SAC 9965 is exempted from GST vide serial number 19C to Notification no. 05/2020-Central Tax (Rate) dated 16.10.2020. Click here to access the notification.

Guidance on uploading of Manually submitted Form 15CA and Form 15CB with Authorised Dealers between 7th June to 15th August 2021 in accordance with Press Release dt. 20th July 2021. In accordance with Press release dated 20th July 2021 issued by Central Board of Direct Taxes (CBDT), functionality for uploading Form 15CA and Form 15CB submitted with Authorised Dealers in manual format during the period 7th June 2021 to 15th August 2021 has been enabled at e-filing portal www.incometax.gov.in.

As per the recent tweet of Income Tax India, the Central Board of Direct Taxes (“CBDT”) has issued refunds of over Rs. 1,62,448 crore to more than 1.79 crore taxpayers from April 01, 2021 to January 24, 2022. Income tax refunds of Rs. 57,754 crore have been issued in 1,77,35,899 cases &corporate tax refunds of Rs. 1,04,694 crore have been issued in 2,23,952 cases. This includes 1.41 crore refunds of AY 2021-22 amounting to Rs. 27,111.40 crore.

Income Tax Department has issued a Format for sharing queries on helpdesk e-mail ID. Read more

Forms & Functionalities and FAQs.

Process Flow for Audit Reports. Read more

Federation of Automobile Dealers Association (FADA) has highlighted few issues to Union Finance Minister, Nirmala Sitharaman, which are hurting the growth of the Indian Automobile Industry and Auto Dealerships at large. The Association has bifurcated the recommendation into two different aspects Demand Revival Appeal and Dealer Issue. We urge the government if the concerns are accommodated in the upcoming budget this could reenergize the auto retail trade, which in turn will bring back the sector and the entire automobile industry back on track and the overall economic growth too, said FADA. Read more

Economists want the government to do the heavy lifting in the February 1 budget to support economic recovery amid the wave of Covid infections, proposing higher allocations for capital spending and tax incentives to spur private investment. Other suggestions include reduction in the goods and services tax (GST) for a limited duration to spur demand, front-loading of transfers to states, income-enhancing or support measures, and subsidised credit to small and medium enterprises and contact-intensive sectors. Read more

Telecom operators want the government to refund input tax credit (ITC) of around Rs 35,000 crore, reduce levies and waive GST on licence fees and spectrum usage in the upcoming Budget. According to pre-Budget recommendations of telecom industry body COAI, whose members include Vodafone Idea, Bharti Airtel and Reliance Jio, the telecom sector wants the government to suspend universal service obligation fund (USOF), which financially supports rollout of telecom services in the rural area, to reduce burden on the service providers. Read more

The upcoming Budget Session of Parliament will being on January 31, 2022 and conclude on April 8, 2022 as per the recommendations of the Cabinet Committee on Parliamentary Affairs… Read more

Health insurance is an essential commodity and needs to be slotted in the 5% GST tax slab to make it more affordable to access quality healthcare. A significant reduction in the GST on all personal lines of products—from the existing 18% to 5% will encourage more people to buy health insurance. For senior citizens, it should be exempted. Read more

• The Union Budget 2021-22 is to be presented on 1st February, 2021
• Finance Minister has launched the “Union Budget Mobile App” for hassle-free access of Budget documents by Members of Parliament (MPs) and the general public using the simplest form of digital convenience.
• The mobile App facilitates complete access to 14 Union Budget documents, including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution.

PIB has published the Summary of the Budget 2021-22 on 01.02.2021. Read more.