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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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Accounting and Billing Software Providers can enrol with GSTN to receive regular updates on e-invoice

Accounting and Billing Software Providers can enrol with GSTN to receive regular updates on e-invoice

The GST Council has approved introduction of ‘e-invoice’ or ‘electronic invoicing’ in a phased manner for reporting of Business to Business (B2B) invoices to GST System. An e-invoice standard has been finalized after consultation with trade/industry bodies as well as ICAI. Adoption of this new standard ensures complete interoperability of e-invoices across the entire GST ecosystem. The new system eliminates the need for fresh data entry, reduction of reconciliation errors and population of invoice details directly into Return through Invoice…

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Clause by clause analysis of changes in GST vide Finance Bill 2020

Clause by clause analysis of changes in GST vide Finance Bill 2020

  Clauses of the finance bill, 2020 Changes in the section Corresponding Act 116 Amendment of section 2 CGST Act 117 Amendment of section 10 CGST Act 118 Amendment of section 16 CGST Act 119 Amendment of section 29 CGST Act 120 Amendment of section 30 CGST Act 121 Amendment of section 31 CGST Act 122 Amendment of section 51 CGST Act 123 Amendment of section 109 CGST Act 124 Amendment of section 122 CGST Act 125 Amendment of section…

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Chargeability of GST On Interest Income

Chargeability of GST On Interest Income

Is Interest Income really exempt from GST? Interest is generally part of everyone’s life. It can be in anything or for anyone. Well! here we are only focusing on interest as financial term. So, in layman language, Interest is the amount paid by borrower for usage of anyone’s money generally termed as Lender. Till the time, lender allows the borrower to use his money, later is under an obligation to pay compensation to former in terms of time value/ opportunity…

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September GST Collection records lowest in last 19 months

September GST Collection records lowest in last 19 months

Once again the GST Collection dropped below Rs 1 lakh crore limit. In the month of September, full of ups and down in the market, the GST collection stood at Rs. 91,916 crore. It was the lowest since last 19 months. The total gross GST revenue collected in the month of September, 2019 is Rs. 91,916 crore of which CGST is Rs. 16,630 crore, SGST is Rs. 22,598 crore, IGST is  Rs. 45,069 crore (including Rs. 22,097 crore collected on imports) and Cess is Rs. 7,620 crore (including Rs. 728 crore collected on imports). The total number of GSTR 3B Returns filed…

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Everything about Section 194N- TDS on Cash Withdrawal

Everything about Section 194N- TDS on Cash Withdrawal

A new section 194N introduced which increased the stress level for many. The Section came in effect on 1st September, 2019.  It brings good for Government but on the other hand problem for the common people. Let’s understand the new section. Section 194N is applicable in case of cash withdrawals of more than Rs 1 crore during a financial year. This section will apply to all the sum of money or an aggregate of sums withdrawn from a particular payer…

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No GST Annual Return for businesses upto Rs 2 crore Turnover?

No GST Annual Return for businesses upto Rs 2 crore Turnover?

The all-powerful GST Council is set to discuss a proposal to exempt small businesses with annual turnover of less than Rs 2 crore from filing gst annual return. Senior officials said that despite three extensions for filing the returns, the number has been unsatisfactory. “It is ranging from 25-27 per cent despite extension of deadlines. The GST Council will discuss the issue in its meeting on September 20,” said an official. Sept 20 Goa meet, GST Council to look into inverted duty…

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Goa meeting Sept 20, GST Council to look into inverted duty structure issue

Goa meeting Sept 20, GST Council to look into inverted duty structure issue

The Goods & Services (GST) Council is expected to resolve issues related with inverted duty structure for various sectors in its 37th meeting scheduled to take place in Goa on September 20. The inverted duty structure, where there is higher duty on inputs and lower duty on output, has caused two problems. First is the refund in the GST regime, and second such a structure encourages imports hurting the domestic industry. There are at least seven industries including textiles and…

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GST Fitment Committee Opposes Tax Rate Cut On Automobiles

GST Fitment Committee Opposes Tax Rate Cut On Automobiles

The Indian Automobiles industry is going through a turbulent period and one of the ways in which a temporary reprieve can be obtained is by reducing the GST rate on automobiles from the current 28 per cent to 18 per cent, even if temporary. But the GST Fitment Committee (a panel of officials from the GST Council, which discusses requests from various industries for GST reduction), says that reduction on GST rates for automobiles will lead to a major loss…

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GST deadline extended: Check new date for filing FY 2017-18 annual tax return

GST deadline extended: Check new date for filing FY 2017-18 annual tax return

GST Return Deadline Extended: The government has extended the deadline to file the annual GST return filing deadline for the last financial year 2017-18. GST assessees now have until 30 November 2019 to file their FY 2017-18 annual tax returns, extended from the earlier 31 August 2019. The due date for filing annual return forms and annual audit forms for the financial year 2017-18 i.e. GSTR-9, GSTR-9A and GSTR-9C respectively was primarily December 31, 2018, which was already extended to August 31, 2019. …

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