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Category: GST

Various Due Dates of GST Returns due to Covid-19

Various Due Dates of GST Returns due to Covid-19

Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended due dates for GST Returns filings and provided relief to taxpayers which includes Relief in late fee and interest to taxpayers filing Form GSTR-3B, GSTR-1 and other returns. The same is summarised below for your ready reference. DUE DATE OF GSTR-3B Taxpayers having turnover more than 5 crores in previous FY Month Original Due Date No late fees if filed by No Interest if filed by Interest @9%…

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Decoding impact of GST on CSR activities in relation to COVID-19

Decoding impact of GST on CSR activities in relation to COVID-19

MEANING OF CORPORATE SOCIAL RESPONSIBILITY: ‘Corporate Social Responsibility’ means and includes but is not limited to projects or program relating to activities specified in Schedule VII to The Act and projects or program relating to those activities which are undertaken by Board of directors of a company in ensuring the recommendation of the CSR Committee of the Board as per declared CSR policy of the Company along with the conditions that such policy will cover subjects specified in Schedule VII…

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GSTR-9 and Due Date to file GSTR-9

GSTR-9 and Due Date to file GSTR-9

GSTR-9 is an annual return, to be filled by registered dealers, which contains a consolidated summary of all monthly returns, i.e. GSTR-1, 2A, and 3B under CGST, SGST and IGST during the entire year, along with turnover and audit details for the same. Thus, GSTR-9 can be called a compilation return for all the supplies made and received during the year under different tax heads. The return can be filed at https://www.gst.gov.in/ either online or through an offline tool. However,…

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Errors in GSTR 9 for Financial Year 2018-19

Errors in GSTR 9 for Financial Year 2018-19

As the due date to file GSTR-9 (Annual Return) & GSTR-9C (Reconciliation Statement) for the financial year 18-19 is 31/03/2020 via Order No. 08/2019-Central Tax dated 14.11.2019. Attention The forms GSTR-9 & GSTR-9C for the F.Y.18-19 were enabled in the month end of February in the GST portal. But there is no official notification with respect to the same. Errors in GSTR-9 form – Rectification Required There are two errors that are being faced by people while trying to file…

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GST problems require immediate solution

GST problems require immediate solution

The GST is at vital stage at present. The Department is concerned about revenue and the Taxpayers are anxious about actions to be initiated against them for technical and innocent Mistakes done by them while trying to follow the back to back stringent GST procedures without any intension of evasion of tax. Number of Notices is increasing day by day and there is no solution of real problems. This situation will certainly damage the GST and in turn the Indian…

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Demand for interest payable on delayed payment of GST dues being raised on the Gross amount of tax payable

Demand for interest payable on delayed payment of GST dues being raised on the Gross amount of tax payable

One of the present acute problems being faced by many taxpayers is the flurry of demands being initiated by the GST departments of several states where demand for interest payable on delayed payment of GST dues is being raised by the Department on the Gross amount of tax payable before the availment of Input Tax Credit (ITC) The Notice being sent by the Department looks like the one reproduced below after modifying figures for secrecy Quote In terms of Section…

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Who can avail Letter of Undertaking?

Who can avail Letter of Undertaking?

Who can avail Letter of Undertaking(LUT)? Any registered person availing the option to supply goods or services for export without payment of integrated tax shall furnish, prior to export, a bond or a Letter of Undertaking in FORM GST RFD-11 to the jurisdictional Commissioner (vide circular no 2/2/2017-GST the power has been delegated to Deputy/Assistant Commissioner). Conditions of Letter of Undertaking • The registered person shall bind himself to pay the tax due along with the interest specified under sub-section…

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GST on Supply of Lottery Tickets

GST on Supply of Lottery Tickets

Explanation of Notification No. 01/2020 Dt. 21.02.2020 of Central Tax (Rate). Such Notification is Deal with GST Rate on Supply of Lottery. A) What is Lottery Tickets:- ‘Lottery tickets’, is actionable claim and is classified as ‘Goods’, under GST. However as per Schedule III Actionable Claim is neither supply of Goods nor Supply of Service, but Lottery Tickets is exception. Hence, the sale of lottery tickets would be considered to be the supply of taxable goods and will attract GST…

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Understanding composition scheme under GST

Understanding composition scheme under GST

GST registration enables small taxpayers to either pay the Goods & Service Tax under composition scheme or a regular scheme. Most of our CAs at LegalWiz.in are receiving some questions on how different it is to pay tax under the regular scheme via a composition scheme. Let’s understand it in detail. GST Composition Scheme Any registered person under the GST has an option to choose this tax-paying scheme. It allows the taxpayer to pay the tax on supplies at a…

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GST Interest on Net Tax Liability

GST Interest on Net Tax Liability

Synopsis: The Hon’ble Madras HC in its recent decision in the case of Refex Industries Limited v. The Assistant Commissioner of CGST & Central Excise [Writ Petition No. 23360 & 23361 of 2019 dated January 6th, 2020] has held that interest u/s 50 of CGST Act can be levied only on belated ‘cash’ component of tax and not on ‘ITC’ component. The Hon’ble HC, inter alia, relied on the newly inserted proviso to Section 50(1) of the CGST Act to…

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