Summary of the notifications issued by CBIC dated 15th October 2020

-

Summary of the important notifications issued by CBIC dated 15th October 2020 the Central Goods and Services Tax Act, 2017

GSTR 3B due date

✅Notification No. 74/2020- Central Tax dated October 15, 2020*

Due date for filing Quarterly GSTR-1 
The registered persons having aggregate turnover of up to INR 1.5 crore in the preceding financial year or the current financial year in the following manner:


✅Notification No. 75/2020- Central Tax dated October 15, 2020*

Due date for filing monthly GSTR-1
For the months from October, 2020 to March, 2021 the due date will be eleventh day of the month succeeding such month.
*Notification No 83/2020-Central Tax dated November 10th, 2020 issued 

✅Notification No. 76/2020-Central Tax dated October 15, 2020

Due date for filing monthly GSTR-3B
Due date for filing monthly GSTR-3B for taxpayers with turnover above Rs. 5 Cr will be 20th of the month succeeding such month.

For taxpayers having turnover up to Rs. 5 Cr due date for States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman, and the Nicobar Islands or Lakshadweep will be 22nd of the month succeeding such month. 

For taxpayers having turnover up to Rs. 5 Cr due date for the States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi will be 24th of the month succeeding such month

✅Notification No. 77/2020 – Central Tax dated October 15, 2020

Annual return in form GSTR-9 optional for taxpayers having turnover up to 2 Cr for FY 2019-20. Earlier vide notification no 47/2019-CGST annual return was made optional for FY 2017-18 & FY 2018-19.

✅Notification No. 78/2020- Central Tax dated October 15, 2020 &Notification No. 06/2020-IGST

HSN code on invoices
Earlier HSN code was not mandatory on invoices for taxpayers with turnover less than 1.5 Cr, now CBIC has stated w.e.f 01/04/2021 HSN on invoices mandatory for all taxpayers irrespective of turnover. However length of HSN will be in the following manner:
HSN code on invoices
However, for B2C transaction HSN not mandatory for taxpayers with turnover up to Rs.5Cr

Comments

Post a Comment

Popular posts from this blog

PF payment due dates for the FY 2020-21 for tax audit reporting

-
Image
PF payment due dates for the FY 2020-21 for the purpose of tax audit reporting While preparing Tax Audit Report in Form 3CD it is important to fill due date of payment to various Employees contribution fund and actual payment of the contribution. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va)" Most commonly reported funds under the clause are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI may result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2020-21 for quick reference  PF payment due dates for the FY 2020-21 Period Due date Day Extended date Reference Apr-20 15/05/2020 Friday                                -                           -   May-20 15/06/2020 Monday                  
Continue Reading

PF payment due dates for the FY 2021-22 for reporting u/s 36(1)(va)

-
Image
PF payment due dates for the FY 2021-22 for the purpose of tax audit reporting Reporting under clause 20 (b) of Form 3CD requires due dates of payment to various Employees contribution fund. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va) " Here " due date " means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise. Most commonly reported funds under the clause 20(b) are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2021-22 for quick reference. PF payment due dates for the FY 2021-22 Period Due date Day
Continue Reading

Format of shorter notice consent for AGM (Annual General Meeting)

-
Image
Format of shorter notice consent for AGM (Annual General Meeting) Background The Companies Act mandates companies to issue a notice to members calling a general meeting at least 21 clear days before the date of the meeting. Sometimes, the matters in urgency require quick decision making and in such circumstances, the companies may go for calling general meetings at shorter notice. However, in case of the private limited companies the period can be less than 21 days as provided in the Articles of Association (AOA). Provision and Rule As per the provisions of Section 101 (1) of the Companies Act, 2013, every general meeting of a company may be called by giving not less than twenty-one days clear notice in writing or through electronic mode in such manner as provided under Rule 18 of Companies (Management and Administration) Rules 2014. What is Consent for shorter notice? It is permission obtained by the company from its shareholders, in advance, to call a general meeting at an earlier da
Continue Reading

PF payment due dates for the FY 2022-23 for reporting u/s 36(1)(va)

-
Image
PF payment due dates for the FY 2022-23 for the purpose of tax audit reporting Reporting under clause 20 (b) of Form 3CD requires due dates of payment to various Employees contribution fund. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va) " Here " due date " means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise. Most commonly reported funds under the clause 20(b) are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2022-23 for quick reference. PF payment due dates for the FY 2022-23 Period Due Date Day Extended D
Continue Reading

Letter of Authority for Tax Practitioners (Income tax)

-
Image
Letter of Authority for Tax Practitioners (Income Tax) LETTER OF AUTHORITY I/We ________________ , Proprietor/Partner/Director of _______________________ , hereby authorize Mr./Mrs./CA __________________________ to appear, represent, and settle on my/our behalf the Income tax assessment proceedings before the Income Tax Officer / Assistant/Dy. / Commissioner of Income Tax or in appeal before the Appellate Assistant Commissioner of Income Tax, Commissioner of Income Tax (Appeal), or the Appellate Tribunal or the Board of Direct Taxes for the assessment year 20XX-XX . [to produce accounts and documents/statements and to receive on my/our behalf any notice or documents/statements issued in connection with the said proceedings] or/and [to apply for, obtain, and receive refund orders in respect of the said assessment (if any)] or/and [to apply for copies of the Income Tax assessment
Continue Reading