Government has announced various relief measures relating to statutory and regulatory compliance matters across sectors amid Covid-19. Accordingly, Government has issued following notifications in order to provide relief to the GST taxpayers. Notification No. Summary 36/2020-Central Tax Due date for furnishing FORM GSTR-3B for the month of May, 2020 extended based on turnover in the … Read more
CBEC has issued clarification w.r.t. refund related issues based on several representation received. Accordingly master circular Master Circular on Refunds No. 125/44/2019-GST dated 18.11.2019 stand modified to that extent . Here are important issues and clarification thereon vide Circular No.135/05/2020 – GST dated 31/03/2020: 1.Bunching of refund claims across Financial Years (Clubbing of multiple tax … Read more
CBIC Issued 20 notifications under GST on 23/03/2020 summary of the notifications provided here: You can get all 20 notifications here: GST Notifications dated 23rd July 2020 Notification No Summary 29/2020-Central Tax Extended applicability of return in FORM GSTR-3B till September, 2020 28/2020-Central Tax Prescribed the due date for furnishing FORM GSTR-1 by registered persons … Read more
Compliance based relaxation is provided by Finance Minister amid COVID-19. The relaxation is with respect to filing of various returns ,documents under Income Tax, GST, Companies Act etc. Category wise details are given here for better understanding. Income Tax Last date for income tax returns (belated returns) for (FY 18-19) from 31st March, 2020 to … Read more
All about GSTR-10 (Final Return) Introduction to form GSTR-10: A taxable person whose GST registration is cancelled or surrendered has to file a return in Form GSTR-10 called as Final Return under section 45 of CGST. This is statement of stocks held by such taxpayer on day immediately preceding the date from which cancellation is made … Read more
Major and important recommendations by 39th GST Council Meeting dated 14th March 2020 Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017. I.e. Interest is to be paid only on cash payment of GST in case of late payment. Where registrations have been cancelled till 14.03.2020, … Read more
Under GST Law, Export of goods or services can be made without payment of integrated tax under the provisions of rule 96A of the Central Goods and Services Tax Rules, 2017 (the CGST Rules). Under the said provisions, an exporter is required to furnish a bond or Letter of Undertaking (LUT) to the jurisdictional Commissioner … Read more
The first two digits of GST Number- GST State Code ! The first two digits of GST Number represent the state code [ state where GST number is registered]. Each state has a unique two digit code like “27” for Maharashtra and “24” for Gujarat. Here is a list of all the GST State Codes: … Read more
What happens if E-Waybill is generated but goods are not transported? Answer: In case EWB is generated but no movement of goods took place, it may be cancelled, as EWBs that are not accepted, cancelled, rejected within 72 hours will be admitted as valid and create a trail for further reporting and verification by tax authorities. … Read more
Consequences of not issuing e-way bill The consequences of not generating & carrying the E-Way bill can result in both monetary and non monetary penalty to the taxpayer. Non-compliance with e-way bill is costly affair. 1. Monetary penalty Transporting goods without an invoice and E-way bill constitutes an offence and attracts a penalty higher of: … Read more