The Government, vide Notification No. 19/2021, dated 1st June, 2021, inter alia, has waived the late fee payable, in excess of amount as specified in the Tables, as given below: (Note: Please refer to respective State/UT Notifications for waiver of State/UT tax). This is for information please. A. For the registered persons who have failed to furnish the return in FORM GSTR-3B, for the months /quarter of July, 2017 to April, 2021, by the due date Sl.No ..
Summary of GST notification are tabulated below Relevant Notifications (Central Tax dated 01.05.2021) Notification No. Central Tax Description 08/2021 Interest Relaxation for Tax Payable of Mar-Apr-21 09/2021 Late Fee Relaxation for GSTR3B of Mar-Apr-21 10/2021 Extension of GSTR-4 for FY 2020-21 11/2021 ..
Goods & Services Tax is a very comprehensive indirect tax levied on the supply of goods and services in our country. It was launched countrywide on July 1, 2017, by the President of India. GST was brought in as a revolutionary change and India's biggest tax system overhaul with one of the essential objectives of providing seamless credit flow to the taxpayers. From the past year, notices of discrepancy of ITC in GST ASMT-10 have been issued by the GST department of almost all the Stat..
Amidst the second wave of covid-19 pandemic throughout the country and complete/partial lockdown already in force in most parts of the country, CBIC comes out with another set of midnight notifications to provide relief to the taxpayers for various GST compliance/returns. The relief comes in the form of waiving late fees for certain Certain returns and providing conditional reduction in interest on late payment of GST. CBIC, vide notifications have also relaxed the provisions of Rule..
Government announces various relief measures for taxpayers under GST law in view of severe COVID-19 pandemic In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under Goods & Services Tax (GST) law due to the outbreak of the second wave of COVID-19 pandemic, the Government has issued notifications, all dated 1st May, 2021, providing various relief measures for taxpayers. These measures are explained below: Reduction in rate of interest ..
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 27th April, 2021 No. 07/2021–Central Tax G.S.R. 292(E).—In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Government, on the recommendations of the Council, hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely: - 1. (1) These rules may be c..
1. Government of India, Ministry of Finance (Department of Revenue), CBIC, vide Notification No 82/2020 – Central Tax, dated 10th Nov., 2020, has revised Rule 61 of the Central Goods and Services Tax Rules, 2017, to provide for staggered filing of Form GSTR-3B, for the tax periods from January, 2021, onwards, as under: Sl.No. Class of registered persons who have Opted for Having principal place of business in the State/ UT of Due date of fi..
With effect from 1st January, 2021, all taxpayers with Annual Aggregate Turnover up to Rs 5 Crore have been given an option to file their Form GSTR-1 Statement and Form GSTR-3B return on a quarterly basis. They also have an option to file B2B invoice details in Invoice Furnishing Facility (IFF) for months 1 and 2 (eg. Jan and Feb) of the quarter in order to pass on the credit, whereas the remaining invoices have to be declared in the Quarterly Form GSTR-1 of Month 3 (e.g. March). I. The salie..
1. The new features related to filing of Statement/ Returns by taxpayers under QRMP Scheme, for the quarter Jan-Mar., 2021, which has been made available to them are summarized below. 2. Auto Generation of Form GSTR-2B, for the QRMP taxpayers a) Form GSTR-2B contains details of filed IFFs (for Month M1 & M2) & filed Form GSTR 1 (for Month M3). b) Form GSTR 2B has two sections of ITC i.e. ITC available and ITC not available (which flows from the supplier's filed IFF & For..
The new Financial year 2021-22 has began and being the first month of the financial year, April 2021 is a significant month from the point of view of the tax compliance and other statutory due dates for ROC filing, GST return filings and Income tax filing falling in the month of April 2021. Tax Compliance and Statutory Compliance calendar is helpful for every registered business and professional to be ready for compliance well in advance starting. Here, we have prepared a Compliance Calendar ..
Quarterly taxpayers are able to see the GSTR 3B tile for Jan, Feb and Mar 21. They are requested to file GSTR 3B for the quarter Jan-Mar, 21 using tile for Mar, 21. The tile for Jan and Feb is being removed. ..
1. Government of India, Ministry of Finance (Department of Revenue), CBIC, vide Notification No 82/2020 – Central Tax, dated 10th Nov., 2020, has revised Rule 61 of the Central Goods and Services Tax Rules, 2017, to provide for staggered filing of Form GSTR-3B, for the tax periods from January, 2021, onwards, as under: Sl.No. Class of registered persons who have Opted for Having principal place of business in the State/ UT of Due date ..