The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. The GST Council has made the following recommendations: 1. Levy of Compensation Cess to be extended beyond the ..
The 39th GST Council meeting will be held on the 14th March 2020, at Vigyan Bhawan, New Delhi. Taxpayers and practitioners have huge expectations from the meeting as the meeting is being held just two weeks before the last date of filing Annual Returns for FY 18-19 and the implementation of the New Return System. Below are some expectations from the 39th GST Council Meeting: 1. Deferment and relaxation of e-Invoicing under GST : The GST Council in its 35th GST Council Meeting ann..
Government has mandated e-invoice for businesses with turnover of more than INR 50 crores w.e.f 1st April 2021. In case e-invoice is not issued by the seller as required by the law provisions, the invoice would not be considered as a valid GST invoice. Further, the buyer would also not be eligible to avail Input Tax Credit since the invoice would not be a valid GST invoice. This may lead to serious financial burden on the businesses. In such a scenario, every business with turnover of 50 c..
GSTN has issued an advisory on 8th April 2021 for payment of Tax by Taxpayers under QRMP Scheme, for the month of March, 2021 1. All taxpayers having aggregate turnover up to Rs. 5 crores, under QRMP Scheme (w.e.f. 01.01.2021 onwards), are required to furnish return on quarterly basis, along with payment of tax on monthly basis. Persons availing QRMP Scheme are required to pay tax due, in each of the three months of the quarter, by depositing the due amount as discussed below. 2. Payment f..
A. Registration 1. For certain cases, assignment of new applications of registration with same PAN and in same State/ UT New registration applications of the applicants, whose previous application for registration were either rejected by Tax Officer or whose GSTIN was cancelled will now be assigned to the respective authority of the State or Centre (who have earlier rejected the same), whenever these applicants/ taxpayers apply for registration under the same PAN and within the same State/..
1. All taxpayers having aggregate turnover up to Rs 5 crores, under QRMP Scheme (w.e.f. 01.01.2021 onwards), are required to furnish return on quarterly basis, along with payment of tax on monthly basis. 2. Persons availing QRMP Scheme are required to pay tax due, in each of the three months of the quarter, by depositing the due amount as discussed below. 3. Payment of Tax for first two months of a quarter (M1 & M2 ie for January and February month for Jan-March Quarter): a. While g..
Background The Goods and Services Tax constitutional amendment having been promulgated by the Govt of India, the rollout of the GST Bill will be a collective effort of the Central and State Governments, the tax payers and the IT platform provider i.e. GSTN, CBEC and State Tax Departments. Besides these main participants there are going to be other stakeholders e.g. Central and States tax authorities, RBI, the Banks, the tax professionals (tax return preparers, Chartered Accountants, Tax Advoc..
GSTN has recently implemented new functionalities on the GST Portal for the convenience of persons applying for registration and certain other functionalities for the existing taxpayers. These changes are mostly in areas of on Registration and Returns. For creating awareness amongst new applicants and the existing taxpayers, GSTN is holding a series of webinars, as per details given below: GSTN Webinars on New Taxpayer Functionalities related to Registration an..
1 - Registration S.No Form/ Functionality Functionality made available for Taxpayers 1 Assignment of new applications of registration, in certain cases, with same PAN and in same State/ UT New registration applications of the applicants, whose previous application for registration were either rejected by Tax Officer or whose GSTIN was cancelled (ei..
1. For the month of March, 2021, the auto-population of e-invoices into GSTR-1 (of March, 2021) is still in progress and is likely to take some more time. Hence, notified taxpayers who are reporting e-invoices, are hereby advised not to wait for the complete auto-population, and instead proceed with preparation and filing of GSTR-1 for March, 2021 (by the due date), based on actual data as per their records. 2. To check whether a HSN Code is valid or not, please visit GST Portal: www.gst.g..
In terms of Section 9(3) of the CGST Act, in respect of specified categories of goods and services, the recipient of supply is required to pay tax under reverse charge and these provisions have been specified in Notification 4/2017 Central Tax (Rate) and Notification 13/2017 Central Tax (Rate) respectively, as amended from time to time. The person liable to pay tax under reverse charge shall be required to issue an invoice in respect of goods /services received by him from the unregistered su..
It has been more than 6 months now since Indian GST law has mandated e-invoice for businesses with turnover of more than 500 crores selling goods to other businesses i.e. B2B transactions. Recently w.e.f. 1st April 2021, the government has further made e-invoicing mandatory for businesses with turnover above 50 crores and it seems that very soon it would also be made applicable for much more smaller businesses. This write-up series would help the businesses to proactively understand and ad..