We all know that CBIC had allowed mismatch of 20%, 10% and 5% for the difference between ITC as available in GSTR-2A/ 2B and the ITC as claimed in GSTR-3B Return. Consequently, GST Department has started issuing notices to several companies after tracking huge mismatch in ITC available and ITC claimed. The department is of …
GST Department Is Issuing Notices For Mismatch In Input Tax Credit Read More »
The Delhi High Court [W.P. (C) No. 6345 of 2018 dated May 05, 2020] had allowed Bharti Airtel Ltd. to rectify GSTR-3B Return for the period July 2017 to September 2017 and claim refund. The Delhi High Court also directed the Respondents that on filing of the rectified Form GSTR-3B, they shall, within a period …
Today (i.e. 20th October 2021) is the last date for filing monthly GSTR-3B Return for September 2021. It is most important to note that today is also the last date for claiming unclaimed ITC for the Financial Year 2020-21. So, please reconcile accordingly and claim unclaimed ITC of Financial Year 2020-21 by today. Also Read: …
Today is Most Important Due Date For Monthly Filers of GSTR-3B Return. Know Why Read More »
Almost all taxpayers and professionals are thinking that last date for claiming ITC of FY 2020-21 is 20th October 2021. But it is not correct. To understand this, let read the lines of section 16(4): “A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note …
Removing Doubts: What is The Actual Due Date for Claiming ITC of FY 2020-21 Read More »
Important Upcoming GST System Enhancement Auto-Interest Computation in GSTR-3B/GSTR-5/CMP-08 Negetive Liability in GSTR-3B Changes in Tax liabilities and ITC Comparison Report Converting IGST Refund withheld cases at ICEGATE into RFD-01 Refund of GST paid on Advances but supplies not made Enabling EVC option even for Companies/LLP in registration module Geo-Spatial data Integration for taxpayers to …
In the case of Bharat Electronics Limited vs Commissioner of GST & Central Excise, Madras High Court has directed GST department to provide facility to file revised form TRAN-1 on GST portal by opening portal. Reportedly, Assistant Commissioner denied the carried forward ITC claimed in GSTR-3B due to non revision of TRAN-1. Full text of …
CBIC has tweeted on 20th September 2021 that: A few taxpayers have reportedly faced difficulty in the updation of their Electronic Cash Ledger on September 20, 2021 while filing their GSTR-3B returns. To mitigate their difficulties, GSTN has been directed to take up the issue of waiver of late fee and interest for one (1) …
Business Concept’s Daily E-News Letter- 20th September 2021 Please Click on News Heading to Read Full News Note: Only TC VIP Users can Access It For New User- More information, Please Visit GST Non-filers of 1 Monthly GST Return to be Barred from Filing GSTR-1 from Next Year Businesses that default on filing summary return …
Business Concept’s Daily E-News Letter- 20th September 2021. Only for TC VIP Users Read More »
GST Council in its 45th meeting, has recommended that Rule 59(6) of the CGST Rules 2017 to be amended w.e.f. 01.01.2022 to provide that a registered person shall not be allowed to file GSTR-1, if he has not file GSTR-3B for the preceding month (previous month). Because of this amendment, a taxpayer will not be able …
Read! Who Will Not be Able to File GSTR-1 From Next Year Read More »
GST Council, in its yesterday’s meeting, has taken many decisions relating to important aspects of GST. Here is the compilation of 11 decisions which every professional should read: (1.) Relaxation in filing Form GST ITC-04: Now, Form GST ITC-04 to be filed as under: Once in 6 months, whose annual aggregate turnover is above Rs. …
11 Decisions of GST Council Which Every Professional Should Read Read More »
Implementation of Rule-59(6) on GST Portal Rule-59(6) of CGST Rules, 2017, inserted vide Notification No. 1/2021 dated 1st January 2021, provides for restriction in filing of GSTR-1 in certain cases. From 1st September 2021, the above rule shall get enabled on the GST Portal. The situations are explained below: As per the advisory issued at …
GST Insights: Important Developments in Law at GST Portal Read More »
Rule-59(6) of CGST Rules, 2017; inserted vide Notification No. 1/2021 dated 1st January 2021, provides for restriction in filing of GSTR-1 in certain cases : a) a registered person shall not be allowed to furnish the details of outward supplies of goods or services or both under section 37 in FORM GSTR-1, if he has …
GSTN Issues Update on Implementation of Rule 59(6) of the CGST Rules on GST Portal Read More »
CA Harshil Sheth tweeted about 25 current problems in GST: ITC restrictions in 36(4) and 16(2)(aa). ITC Denial of utilizing u/r 86B. ITC reversal due to 180 days Non-payment. No ITC allowed for CG in Export refund. No ITC allowed for CG & Services in Inverted duty refund. Whole return filling Mechanism. Non Effective GST …
GSTN has recently implemented certain new functionalities on the GST Portal related to Returns, Ledgers and Payments. For creating awareness amongst all the stakeholders, GSTN is holding webinars, as per details given below: Webinar Topic New functionalities related to Returns, Ledgers and Payments deployed on GST Portal Language of webinar Hindi Tamil English Marathi Date …
Few important changes related to QRMP Scheme implemented on the GST Portal for the taxpayers are as given below: A.Auto population of GSTR-3B liability from IFF and Form GSTR 1 : A taxpayer under QRMP Scheme can declare their liability through optional IFF for Month 1 and Month 2 of a quarter & Form GSTR-1 for …
As Indian businesses are severely affected from the second wave of COVID-19, the government has provided reliefs in GST compliance as well as payment. The compilation of these reliefs are as under for the kind reference of taxpayers and professionals: (1.) Waiver of interest and late fee to normal taxpayers (filing return on monthly or …
The new features related to filing of Statement/ Returns by taxpayers under QRMP Scheme, for the quarter Jan-Mar., 2021, which has been made available to them are summarized below. Auto Generation of Form GSTR-2B, for the QRMP taxpayers a)Form GSTR-2B contains details of filed IFFs (for Month M1 & M2) & filed Form GSTR 1 (for Month M3). b)Form …
New features of Form GSTR-2B & GSTR-3B made available to taxpayers under QRMP Scheme Read More »
1. Government of India, Ministry of Finance (Department of Revenue), CBIC, vide Notification No 82/2020 – Central Tax, dated 10th Nov., 2020, has revised Rule 61 of the Central Goods and Services Tax Rules, 2017, to provide for staggered filing of Form GSTR-3B, for the tax periods from January, 2021, onwards, as under: Sl.No. Class of registered …
Due dates for filing of Form GSTR-3B from the Tax Period of January, 2021 : Team GSTN Read More »
With effect from 1st January, 2021, all taxpayers with Annual Aggregate Turnover up to Rs 5 Crore have been given an option to file their Form GSTR-1 Statement and Form GSTR-3B return on a quarterly basis. They also have an option to file B2B invoice details in Invoice Furnishing Facility (IFF) for months 1 and 2 (eg. Jan and Feb) of the quarter in order to pass on the credit, whereas the remaining invoices have to be declared in the Quarterly Form GSTR-1 of Month 3 (e.g. March).
For third month of the quarter, taxpayers can click the button “Create Challan” in Payment Table 6 of Form GSTR-3B and file GST PMT-06 Challan, for depositing any amount towards their tax liability.
GSTN has recently posted an update on its official website http://www.gst.gov.in that “Quarterly taxpayers are able to see the GSTR3B tile for Jan, Feb and Mar 21. They are requested to file GSTR3B for the quarter Jan-Mar, 21 using tile for Mar, 21. The tile for Jan and Feb is being removed.”
The Central Board of Indirect Taxes & Customs (CBIC) has issued Circular No. 04/2021-Customs dated 16th February 2021 regarding extension of IGST Refund Circular for records not transmitted due to GSTR1 & GSTR3B mismatch error up-to 31.03.2021.
Department has issued below circular prescribing Standard Operating Procedure (SOP) to be followed in case of suspension of GST Registration due to discrepancy between “GST payable and actual GST paid”. To protect yourself from this type of notice or suspension of registration, please reconcile your books with all GST Returns and pay short-fall in tax with interest. Remember that if you have not filed your GSTR-9/9C for relevant year, the details as available in GSTR-1/ GSTR-3B/ GSTR-2A will be final.
(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.
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.
Government has launched Quarterly Return Monthly Payment (QRMP) Scheme in GST in order to accomplish the target of Ease of Compliance and Ease of Doing Business. To avail the benefit of this scheme, government has notified due dates, after which we can avail this scheme in next quarter. So, for the quarter January- March, 2020, the due date to opt QRMP Scheme is 31st January, 2021.
A return is a document including details of income which a taxpayer is
required to file with the tax authorities. This can help tax authorities to
calculate tax liability.
Under GST, a registered dealer has to file GST returns that include:
• Purchases
• Sales
• Output GST (On sales)
• Input tax credit (GST paid on purchases)
To file GST returns sales and purchase invoices are required. In the GST
regime any Regular business has to file two monthly returns and one annual
return. This amounts to 26 returns in a year.
The number of GST filings vary for Quarterly GSTR-1 filers. The number of
GST filings online for them is 17 in a year.
There are separate returns required to be filed by special cases such
as Composition dealers whose number of GST filings is 5 in a year.
1.Restriction on availing ITC – Rule 36(4)
➢ ITC can be availed only up to 105% of GSTR 2A, as against 110% earlier. Now, the
ceiling of 105% to be computed on invoices uploaded & returns furnished + invoices
furnished by quarterly taxpayer.
➢ Violation of the above could lead to suspension of registration
2.Restriction on use of ITC – Rule 86(B)
ITC in credit ledger can be used only to pay 99% of output tax liability. It is applicable to
taxpayers having monthly taxable supply exceeding Rs. 50 lacs.
Not applicable to the following taxpayers
➢ Paid Income tax exceeding Rs. One lac in each of the last two financial years
➢ Claimed refund of more than Rs. 1 lac on zero rated supplies or inverted duty
structure in the preceding financial year
➢ Discharged tax liability cumulatively in cash in excess of 1% in the current
financial year
➢ Govt. department, PSU, local authority or statutory body
Today, GSTN has enabled option for opting quarterly filing of GST returns under QRMP scheme. Payment will be monthly in this scheme. The said option can be navigated through : Services >> Returns >> Opt-in for Quarterly Return However, the window will open on 5th December, 2020. Currently, the message as shown in below picture …
GSTN Enabled Option for Opting Quarterly Filing of GST Returns under QRMP Scheme Read More »
Introduction: GST Council in its 42nd meeting held on 05.10.2020, had recommended that registered person having aggregate turnover up to five (5) crore rupees may be allowed to furnish return on quarterly basis along with monthly payment of tax, with effect from 01.01.2021. Eligibility for the QRMP Scheme: In terms of notification No. 84/2020- Central …
NEW GST RETURNS: (QRMP) Quarterly Return Monthly Payment Scheme Read More »