Updates

GST Annual Return for F.Y.2018-19 : Due date 31.03.2020

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.

GSTR 9 & 9C of FY 2018-19 : Due date extension. Notification to come
  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
Clarification in respect of utilization of input tax credit under GST-Reg.

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.

NIL GSTR-GSTR-1, GSTR-3B, GST CMP-08 can be filed thru SMS
Timeline for compliance under GST & Erstwhile Tax Act is further extended
  • 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.
New functionalities made available for TCS and Composition taxpayers in GSTN
  • 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.
Timeline for completion or compliance of any action under Anti-profiteering clause is extended
  • 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.
Auto-drafted GSTR-3B is made available in GST Portal.
  • 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.
Participate in GST-n-You Creative Contest
  • 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.
Offline matching tool to compare ITC auto drafted in GSTR-2B with Purchase Register
  • 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 in late fees for filing GSTR-4 or GSTR-10 and change in navigation
  • 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
Blocking of E-way bill generation facility after 15.10.2020

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.

GST Portal – Known Issues & Suggested Solutions

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

Services provided by ISRO, Antrix and NSIL is exempted

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.

Income Tax

31.01.2022 : Guidance on uploading of Manually submitted Form 15CA and Form 15CB

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.

27.01.2022 : CBDT has issued refunds of over Rs. 1,62,448 crore

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.

25.01.2022 : Format for sharing queries on helpdesk E-mail IDs

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

23.01.2022 : Statutory Forms & related Services – FAQs

Forms & Functionalities and FAQs.

Tax Audit Report (Form 3CA-CB/ Form 3CB-CD)

FAQ 1: While submitting Form 3CB-3CD, “Unique Document Identification Number (UDIN)” page is displayed. Though we have duly taken UDIN before uploading the tax audit report, I am not able to add the UDIN details. Should I select “I do not have UDIN / I will update later” instead?

Ans: This feature is presently not available and will be enabled shortly. You may still go ahead and file the form by selecting “I do not have UDIN / I will update later”. Once the UDIN feature made available for all the forms, you can update the same in the portal. Read more

22.01.2022 : AVAILABILITY OF AUDIT REPORTS AND PROCESS FLOW STEPS IN e-FILING 2.0

Process Flow for Audit Reports. Read more

19.01.2022 : Home buyers may get higher tax deductions on home loans in Budget next month: Report

Finance minister Nirmala Sitharaman may increase the annual tax deduction limit on principal payment of housing loans under Section 80 C of the Income Tax Act. Currently, the limit is capped at Rs 1.5 lakh which can be raised to Rs 2 lakh in Budget 2023. Read more

19.01.2022 : Guidelines under clause 10D section 10 of the Income-tax Act, 1961

Clause (10D) of section 10 of the Income-tax Act, 1961 (the Act) provides for income-tax exemption on the sum received under a life insurance policy, including any sum allocated by way of bonus on such policy subject to certain exclusions. Refer Circular No. 2 of 2022 dated 19.01.2022. Read more

21.01.2022 : CBDT issued refunds of over Rs. 1,59,192 crore

CBDT issued refunds of over Rs. 1,59,192 crore to more than 1.74 crore taxpayers from April 01, 2021 to January 17, 2022 – as per the recent tweet of Income Tax India.

13.01.2022 : Clarification on Form 10CCB

To avoid errors in form filing and verification, kindly ensure that following points are considered:

  1. Please assign Form 10CCB to respective Chartered Accountant(CA) from “My CA” functionality.
  2. Once CA successfully submits the form, taxpayer can accept/reject the Form 10CCB under “Worklist” functionality.
  3. In case a CA needs to file multiple forms for the same Assessment Year, taxpayer must assign the form to same CA from “My CA” functionality again. The assignment can only happen when there are no forms which are active for action either by CA or taxpayer.
  4. In case taxpayer needs to assign Form 10CCB to different CAs for same Assessment Year, taxpayer must assign the form to different CA from “My CA” functionality again. The assignment can only happen when there are no forms which are active for action either by CA or taxpayer. (Same approach as mentioned in point 3 must be followed).

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11.01.2022 : Extension of timelines for filing of Income-tax returns and various reports of audit for the Assessment Year 2021-22–reg

On consideration of difficulties reported by the taxpayers and other stakeholders due to COVID and in electronic filing of various reports of audit under the provisions of the Income-tax Act,1961 (Act), the Central Board of Direct Taxes (CBDT), in exercise of its powers under Section 119 of the Act, provides relaxation in respect of the following compliances: Read more

07.01.2022 : CBDT issued clarification on Form 3CA-3CD, 3CB-3CD.

The Central Board of Direct Taxes (“CBDT”) issued clarification on Form 3CA-3CD, 3CB-3CD to avoid errors in form filing and verification. In order to avoid errors in form filing and verification, kindly ensure that following points are considered: Read more

07.01.2022 : CBDT issued updated Common offline utilities for filing ITR 1, ITR-2, ITR-3 & ITR-4

The Central Board Direct Taxes (“CBDT”) issued updated Common offline utilities for filing ITR 1, ITR-2, ITR-3 & ITR-4 for Assessment Year 2021-2022. Read more

02.12.2021 : Central Board of Direct Taxes (CBDT) has issued refunds of over Rs. 1,29,210 crore to more than 1.15 crore taxpayers from April 01, 2021 to November 29, 2021.

As per the recent tweet of Income Tax India, the Central Board of Direct Taxes (CBDT) has issued refunds of over Rs. 1,29,210 crore to more than 1.15 crore taxpayers from April 01, 2021 to November 29, 2021. Income tax refunds of Rs. 42,981 crore have been issued in 1,13,14,007 cases & corporate tax refunds of Rs. 86,228 crore have been issued in 1,93,002 cases. This includes 79.70 lakh refunds of AY 2021-22 amounting to Rs. 16,691.50 crore.

30.11.2021 : Last Date for Updation of UDINs at e-filing Portal

UDIN Directorate
The Institute of Chartered Accountants of India

The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 31st January, 2022.

For any clarification, please write to us at udin@icai.in.

UDIN Directorate

25.11.2021 : Guidelines under sub-section (4) of section 194-0, sub-section (3) of section 194Q and subsection (I-I) of section 206C of tile Income-tax Act, 1961 – reg.

Finance Act, 2020 inserted a new section 194-0 in the Income-tax Act 196 1 (herein after referred to as ” the Act”) which mandates that with effect from 1st day of October, 2020, an e-commerce operator shall deduct income-tax at the rate of one per cent of the gross amount of sale of goods or provision of services or both, facilitated through its digital or electronic facility or platform. However, exemption from the said deduction has been provided in case of certain individuals or Hindu undivided fam il y subject to fulfilment of specified conditions. This deduction is required to be made at the time of cred it of the amount of such sale or service or both to the account of an e-commerce participant or at the time of payment thereof to such e-commerce participant, whichever is earlier. Read more

22.10.2021 : Income Tax website under maintenance 23.10.2021 and 24.10.2021

The Income Tax Department says that the website will not be accessible due to scheduled maintenance activity from Saturday, October 23, 2021 10:00 PM to Sunday, October 24, 2021 10:00 AM Indian Standard time (IST).

11.10.2021 : CBDT issued refunds of over Rs. 84,781 crore

CBDT issued refunds of over Rs. 84,781 crore to more than 59.51 lakh taxpayers from April 01, 2021 to October 11, 2021.

20.07.2021 : CBDT further extends timeline to submit IT Form 15CA/CB in manual format till 15.08.2021

Tax payers were finding difficulties to upload Form 15CA/CB on the Income Tax portal and therefore timeline was extend till 15.o7.2021. Now it has been decided to extend the time tine till 15.o8.2021. Read more

19.07.2021 : Income Tax Exemption on amount received toward medical treatment

The income tax exemption shall be allowed on amount received from an employer without any limit and the limit shall be Rs.10 lakh in aggregate for the amount received from any other persons. Read more.

05.07.2021 : CBDT grants further relaxation in e-filing of Form 15CA/ 15CB

As per Income Tax law Form 15CA and Form 15CB need to be filed online before submitting the copy to the authorised dealer for any foreign remittance. In view of the difficulties reported by the taxpayers in e-filing on the portal www.incometax.gov.in it is hereby decided to allow taxpayer to submit both the said forms to the authorised dealer in manual form till 15th June, 2021. It was earlier allowed up to 30.06.2021. Read Press Release.

Instructions to Income-Tax Return Forms (ITR 1 to ITR7) for F.Y.2020-21
  1. ITR1 Return Form is to be used by an individual or a Hindu Undivided Family (HUF) who is not eligible to file Form ITR-1 (Sahaj) and who is not having any income under the head “Profits or gains of business or profession”. Click here for instruction
  2. ITR2 Return Form is to be used by an individual or a Hindu Undivided Family (HUF) who is not eligible to file Form ITR-1 (Sahaj) and who is not having any income under the head “Profits or gains of business or profession”. Click here for instruction
  3. ITR3 Return Form is to be used by an individual or a Hindu Undivided Family who is having income under the head “profits or gains of business or profession” and who is not eligible to file Form ITR-1 (Sahaj), ITR-2 or ITR-4 (Sugam). Click here for instruction
  4. ITR4 Return Form is to be used by an individual or HUF, who is resident other than not ordinarily resident, or a Firm (other than LLP) which is a resident, whose total income for the assessment year 2020-21 does not exceed Rs.50 lakh and who has income under the following heads … Click here for instruction
  5. ITR5 Form can be used by a person being a firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), Artificial Juridical Person (AJP) referred to in clause (vii) of section 2(31), local authority referred to in clause (vi) of section 2(31), ….. Click here to read more and instruction
  6. ITR6 Return Form can be used by a company as per section 2(17) of the Income Tax Act, This form is filed by company other than a company which is required to file return in Form ITR-7. Click here for instruction
  7. ITR7 Return Form can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D). Click here for instruction
Extension of due date of furnishing of Income Tax Returns and Audit Reports. Press Release.
  1. The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October, 2020] has been extended to 31st January, 2021.
  2. The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish report in respect of international / specified domestic transactions [for whom the due date (i.e. before the extension by the said notification) as per the Act is 30th November, 2020] has been extended to 31st January, 2021.
  3. The due date for furnishing of Income Tax Returns for the other taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Act was 31st July, 2020] has been extended to 31st December, 2020.
  4. Click here to access Press Release dated 24.10.2020
The date of payment under Vivad se Vishwas Scheme under Income Tax is extended

The date for making payment without additional amount under the Vivad se Vishwas Scheme has been extended from 31.12.2020 to 31.03.2021 vide Notification in SO 3847(E) issued on 27.10.2020. Declarations are required to be filed latest by 31.12.2020. Press Release dated 27.10.2020.

Guidebook for Faceless Assessment is issued by CBIC, October 2020 Version 1.0

CBIC has issued a guidebook to enable Faceless, Contactless and Paperless Customs Clearance. Click here to access guidebook.

Central Government releases Rs.6000 Crore as second tranche to 16 States and 3 Union Territories
  • The Ministry of Finance, under its “Special Window to States for meeting the GST Compensation Cess shortfall,” will be releasing an amount of Rs 6000 crore as second tranche to 16 States and 3 Union Territories today.
  • Ministry of Finance has facilitated loans of Rs 12,000 crore till date under the Special Window to States/UTs.
  • 21 States and 3 Union Territories till date, have opted for the Special Window under Option I. The loans raised by GoI are released on a back-to-back basis to States/UTs, in lieu of GST Compensation Cess releases. 
  • The loans have been released to the following States and Union Territories – Andhra Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Meghalaya, Odisha, Tamil Nadu, Tripura, Uttar Pradesh, Uttarakhand, UT of Delhi, UT of Jammu and Kashmir and UT of Puducherry. Press Release dated 02.11.2020.
Extension of time limits for income tax returns
  • The due date was earlier extended for all Income Tax Returns for the FY 2019-20 (AY 2020-21).
  • Now, in order to provide more time to taxpayers for furnishing of Income Tax Returns, the due date is further extended. Refer Press Release dated 30.12.2020.
CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties etc.

Taking another step towards e-governance and encouraging participation of citizen as stakeholders in curbing tax evasion, the Central Board of Direct Taxes has launched an automated dedicated e-portal on the e-filing website of the Department to receive and process complaints of tax evasion. Refer Press Release dated 12.01.2021.

Budget

17.01.2022 : FADA wants 18% GST on two-wheelers, 5% on used vehicles in Union Budget

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

15.01.2022 : India Budget 2022: Economists prescribe tax relief, higher capex

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

14.01.2022 : Telcos seek refund of Rs 35,000 crore input tax credit, GST waiver on licence fee, SUC

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

14.01.2022 : Budget Session to begin on Jan 31, 2022

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

11.01.2022 : Budget 2022 Expectations: ‘Reduce GST to 5% 

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 & “Union Budget Mobile App”
  • 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.
Summary of the Finance Budget 2021-22 held on 01.02.2021

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

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2 thoughts on “Updates

  1. Most important and effective information shared by your team
    Thanks alot, request send the future updates and guide me in respect of GST laws

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