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Saga of Interest Provision under GST

Saga of Interest Provision under GST

Understanding legal background: Section 50 of the CGST Act talks about when you should pay interest and what rate it should be paid. So section 50 said, interest has to be paid at 18% in cases where you delay paying tax to the government. That means if you cause a delay in filing your return, you end up paying interest. But the moot question that came was whether this interest has to be paid on Gross liability or net liability…

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No GST payable on recoveries from employees towards transport facility

No GST payable on recoveries from employees towards transport facility

AAR Maharashtra vide its order GST-ARA-23/2019-20/B-46 dated AUGUST  25, 2020 in the case of Tata Motors Limited rules that no GST is payable by the applicant on the nominal amounts recovered from its employees for availing transportation service for commuting to office in view of the fact that this transaction is not a supply as being covered under Schedule III of the CGST Act. ITC also available on such GST paid for motor vehicles taken on hire by the employer…

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Consolidated debit/credit note enabled on GST Portal

Consolidated debit/credit note enabled on GST Portal

Consequent to amendment to section 34 of CGST Act,2017 through CGST (Amendment) Act, 2018  which was made effective from February 1, 2019 , one credit note can be issued against one or more relevant tax invoices. Before this amendment, credit note/debit note could be issued only against one tax invoice, and giving reference to such a tax invoice was mandatory while reporting the debit/credit note in the GSTR1 on the GST Portal. Though the above amendment was effective from 1st…

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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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