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[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 85/2020 Central Tax New Delhi, the 10th November, 2020 G.S.R(E). In exercise of the powers conferred by section 148 read with sub-section (7) of section 39 of the Central Goods and Services Tax Act, 2017 (12 of 2017), (hereinafter referred to as the said Act), the C
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FAQ :
Registered persons who have opted to furnish a return for every quarter or part thereof, and have furnished returns for a complete tax period preceding the relevant month, are eligible.
The deposit amount is equivalent to 35% of the tax liability paid in the preceding quarter's return, or the tax liability paid in the last month of the immediately preceding quarter if filing monthly.
Yes, for the first month of the quarter, no deposit is needed if the electronic ledger balance is sufficient or if there's nil tax liability. Similarly, for the second month, no deposit is required if the cumulative balance covers the liability for both months or if there's nil tax liability.
This notification shall come into force with effect from the 1st day of January, 2021.
A complete tax period means a tax period in which the person was registered from the first day to the last day of that period.
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