Accounts of Dena Bank, Vijaya Bank, Allahabad Bank, Corporation Bank, Oriental Bank, Syndicate Bank and United Bank will be closed from 1st March, 2021. So the Cheques of these banks will be out-dated & will not be taken from 1st March, 2021 and pay-out will not be done. So please get new cheque books in these banks at the earliest. Request also to get the details of other bank mapped in Demat and trading accounts before 1st March, 2021.
(1.) Insertion of Sub-section (12) in Section 75: As per the proposed amendment in section 75, if any registered person uploaded invoices in GSTR-1 and forget to amend/ remove them/ upload credit note issued against that invoice till the specified date but paid tax as per net output, then this will be deemed as self-assessment tax and recovery provisions will enforced on that registered person without any show cause notice.
There are two methods for generating and paying challan under QRMP Scheme. First is Self Assessment Method (SAM) and Second is Fixed Sum Method (FSM); FSM is also called as 35% Challan Method.
With the insertion of Clause(aa) in Section 16(2) of the CGST Act by the Finance Act, 2021, now it is clear that Input Tax Credit (ITC) claimed on the basis of invoices which are not uploaded by the supplier in his GSTR-1, is required to be reversed and tax/interest/penalty has to be paid under section 73(5) of the CGST Act.
(1.) ITR filing exemption to citizens aged 75 years and above (only if income from pension and interest).
(2.) New period for re-opening of assessment for transparent tax system : Reopening of assessment period reduced from 6 years to 3 years except in the cases where tax evasion is 50 lakh or more (re-opening of assessment period is 10 years in these cases).
(3.) Constitution of Dispute Resolution Committee (for taxpayers having taxable income of 50 lakh and above and disputed income is 10 lakh).
As we know that Reconciliation is most important part of GST. Without Reconciliation between Books and Portal, we can not determine how much tax is required to be paid/ how much ITC is required to be claimed in next year’s returns. Reconciliation also enable us to make proper adjustments in relevant tables of GSTR-9. To ease our Reconciliation process, I have prepared two examples which will guide us about how to reconcile books with GST Portal and also how to make relevant adjustments in GSTR-9.
Rule 86B of the CGST Rules has been challenged in Gujarat High Court in the case of AAP and Co. v/s Union of India. This has been challenged by Advocate Mr. Avinash Poddar and notice has been issued to CBIC (respondent) returnable on 24th February, 2021.