Annual Return in GSTR-9 for FY 2020-21 is Now Live
GSTR-9 for FY 2020-21 has been enabled on the GST portal. In case GSTR-9C (Reconciliation statement and Certification) is required to be filed, the same shall be enabled on the...
CBIC Issues Notifications to Notify GSTR-9 and GSTR-9C for the Financial Year 2020-21
Notification No. 29/2021-Central Tax Dated 30th July 2021: Notify section 110 and 111 of the Finance Act, 2021 w.e.f. 01.08.2021. Download Notification: Please Click Here Notification No. 30/2021-Central Tax Dated...
Learn! How to Make Voluntary Payment in GST through Form GST DRC-03
Form GST DRC-03 is used to make voluntary payment in GST when we are making any payment through Annual Return (GSTR-9)/ Reconciliation Statement (GSTR-9C)/ payment in response to any notice...
A Thread on 25 Problems in GST
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...
GST Webinars on recent functionalities related to Returns, Ledgers and Payments deployed on GST Portal
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...
Attention GST Taxpayers who are not under QRMP Scheme
Attention GST Taxpayers who are not under QRMP Scheme! Today is the last date to file your monthly GSTR-3B Return for the month of February, 2021. https://t.co/rWo0yc81pA
Due Date for Filing GSTR-9 and 9C of F.Y. 2019-20 Further Extended
The CBIC has extended the due date for filing GSTR-9 and 9C of F.Y. 2019-20 to 31st March, 2021. Earlier due date was 28th February, 2021.
Important Advisory on GSTR-9 Annual Return by GSTN
The taxpayers are advised to ensure that values are reported upto two decimal places in the GSTR-9 offline utility. The error “Error! Invalid Summary payload” after uploading the JSON created from the Offline Utility of GSTR-9 is reported due to reporting values upto three decimal places instead of two decimals.
Advisory on Annual Return (GSTR-9) Offline Utility
The taxpayers are advised to ensure that values are reported upto two decimal places in the GSTR-9 offline utility. The error “Error! Invalid Summary payload” after uploading the JSON created...
File your Annual Return along with Reconciliation statement GSTR-9C before February 28, 2021(Update)
Attention GST Taxpayers whose Aggregate Annual Turnover for the FY 19-20 is more than Rs. 5 crore! @cbic_india File your Annual Return along with Reconciliation statement GSTR-9C before February 28,...
Advisory on Reconciliation Statement (GSTR-9C )
Advisory on Reconciliation Statement (GSTR-9C ) 22/02/2021 GSTR-9C Reconciliation statement to be filed in Form GSTR-9C requires the tax rate wise declaration of transactions for the concerned financial year. In...
GST Return and Type of GST Return
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.
Recent GST Updates and Amendments
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
NEW GST RETURNS: (QRMP) Quarterly Return Monthly Payment Scheme
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...
Government extends due date for filing GST annual return for FY19 till Dec 31
The government has extended the due date for filing GST Annual Return in FORM GSTR-9 and GSTR-9A and Reconciliation Statement in FORM GSTR-9C for Financial Year 2018-19 from 31st October...
CBDT and CBIC has Extended Due Dates for Various Returns/ Reports
CBDT and CBIC has Extended Due Dates for Various Returns/ Reports Due Dates Extended by the CBDT (1.) The due date for furnishing of Income Tax Returns for the taxpayers...
Tax Concept’s Letter to Hon’ble Prime Minister for Serious Issues Regarding GST
Tax Concept's Letter to Hon'ble Prime Minister for Serious Issues Regarding GST Date : 11.10.2020 Ref.: TC/20-21/1 To, Hon’ble Prime Minister, Government of India, New Delhi Subject : To attract...
11 E-BOOKS ON GST OFFERED BY THE ICAI FOR FREE
11 E-Books on GST offered by the ICAI for Free For enhancing knowledge of professionals and to keep them update, ICAI releases 11 E-Books on GST. ICAI President CA Sh....
NOTIFICATIONS ISSUED BY THE CBIC ON 5th MAY, 2020
Notifications issued by the CBIC on 5th May, 2020 Notification No. 38/2020- Central Tax, Dated 05-05-2020 This Notification seeks to make fifth amendment (2020) to CGST Rules In exercise of...
DUE DATE FOR GSTR-9 (F.Y. 2018-19) FURTHER EXTENDED
Due Date for GSTR-9 Extended Notification No. 41/2020- Central Tax, Dated 5th May, 2020 In exercise of the powers conferred by sub-section (1) of section 44 of the Central Goods...
UPDATED CGST RULES BY CBIC (UPDATED UP TO 3rd APRIL, 2020)
Updated CGST Rules by CBIC : After including all notifications till date, CBIC issues new updated version of CGST Rules, 2017 for the ease of learning for taxpayers and professionals....
RELAXATION IN TAXATION, MCA DUE TO COVID-19
INCOME TAX (1.) Extend last date for income tax returns for (FY 18-19) from 31st March, 2020 to 30th June, 2020. (2.) Aadhaar-PAN linking date to be extended from 31st...
39th GST COUNCIL MEETING UPDATES ACCORDING TO SOURCES
> Interest will be charged on NET CASH LIABILITY. Amendment to be made retrospectively w.e.f. 01st July, 2017. > Late fees for GSTR-9 has been waived for 2 years (F.Y....
COMPLIANCE REQUIREMENTS FOR MARCH, 2020
About Article : This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” If you think compliance is expensive, try non‐ compliance” COMPLIANCE REQUIREMENT...
JUST IN : SUPREME COURT REFUSES TO INTERFERE IN ORDER PASSED BY RAJASTHAN HC FOR GSTR-9 AND 9C
In the matter of UOI vs Tax Bar Association, Hon'ble Supreme Court through its bench comprising of Hon’ble Justice R F Nariman & Hon’ble Justice Ravinder S Bhatt, at the...
TAXPAYERS OF RAJASTHAN CAN FILE GSTR-9 AND 9C (F.Y. 2017-18) WITHOUT LATE FEES UP TO 12th FEB, 2020 – RAJASTHAN HC
In PIL No. 1805/2020, Adv. Sanjay Jhanwar, Adv. Rahul Lakhwani and Adv. Prateek Gattani appeared for the Petitioner (Tax Bar Association, Jodhpur) before the High Court of Rajasthan regarding technical...
CBIC FURTHER EXTENDS DUE DATE FOR GSTR-9 AND 9C (F.Y. 2017-18) IN A STAGGERED MANNER
Notification No. 06/2020 - Central Tax, Dated 3rd February, 2020 In exercise of the powers conferred by sub-section (1) of section 44 of the Central Goods and Services Tax Act,...
CORPORATE COMPLIANCE CALENDAR FOR THE MONTH OF FEBRUARY, 2020
ABOUT ARTICLE :This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.”If you think compliance is expensive, try non‐ compliance” COMPLIANCE REQUIREMENT UNDER :Income...
CHANGES IN CGST ACT AFTER UNION BUDGET, 2020
Clause No. Of Finance Bill 2020Section of GST Act 2017 Present Provision Proposed Provision Remarks 116 ...
CBIC EXTENDS DUE DATE FOR GSTR-9 AND 9C (F.Y. 2017-18) IN A STAGGERED MANNER
Considering the difficulties being faced by taxpayers in filing GSTR-9 and GSTR-9C for FY 2017-18 it has been decided to extend the due dates in a staggered manner for different...