Jan23 GST Collections at Rs. 1.55 Lac crores
Jan23 GST Collections at Rs. 1.55 Lac crore
Only ITC Reflecting in GSTR2B can be taken from 1st Jan 2022
Only ITC Reflecting in GSTR2B can be taken from 1st Jan 2022; 5% Provisional ITC Provisions Removed The CBIC released an important Notification No. No. 39/2021–Central Tax dated on 21st December 2021 notifies the date from which provisions of Section 108, 109, and 113 to 122 of the said Act shall come into force. CBIC notifies Provisions of Section 108, 109, and 113 to 122 shall come into force from 1st Jan 2022. This means that Section 108, 109, and 113 to 122 shall be applicable from 1st Jan 2022.As per Section 109 of the Finance Act, 2021, clause (aa) is inserted below section 16(2) (a) of the Act, further stipulating that input tax credit on invoice or debit note is available to a recipient only if the details of…
GST: Filing of Form GSTR 3B of last month is mandatory for filing Form GSTR 1
GST: Filing of Form GSTR 3B of last month is mandatory for filing Form GSTR 1 Effective Date: January 01, 2022 Form GSTR – 1 would not be allowed to be filed/furnished where the registered person has not furnished Form GSTR – 3B for immediately preceding month
GST: Aadhaar Authentication for already registered persons in specified cases
GST: Aadhaar Authentication for already registered persons in specified cases In continuation to decisions taken by the GST Council in its 45th meeting, the Government on September 24, 2021 has notified Central Goods and Services Tax (Eighth Amendment) Rules 2021 Amendments relating to Aadhaar Authentication for already registered persons in specified cases is as below: Effective Date: to be notified) When will Aadhaar Authentication would be mandatory? The existing registered persons in the following cases are required to do Aadhaar Authentication of their registration:(a) Revocation of cancellation of registration;(b) IGST refund on export of goods under Rule 96 of CGST Rules; or(c) Refund under rule 89 of CGST Rules Whose Aadhaar would be required to be authenticated? Following persons are notified whose Aadhaar would be required to beauthenticated:(a) Authorized Signatory…
CBIC extends 31 Aug 21 due dates for Late fees amnesty, revocation of registration, EVC for companies
CBIC has extended few deadlines, summarised as below: Due date for availing GST returns late fees amnesty scheme extended from 31 Aug 21 to 30 Nov 21 Due date for application of revocation of GST Registration cancellation extended to 30 Sep 21 Due date for filing of GST Returns and IFF by EVC by companies extended from 31 Aug 21 to 31 Oct 21
Key Takeaways of 43rd GST Council Meeting held on 28th May, 2021
Key Takeaways of 43rd GST Council Meeting held on 28th May, 2021 The 43rd GST Council meeting took place on 28th May, 2021 via video conferencing. The key takeaways of the meeting are: a) In order to provide relief to the small taxpayers, an amnesty scheme has been recommended for reducing late fees payable. b) Annual Return in FORM GSTR-9 will remain optional for small taxpayers for FY 2020-21 c) Import of COVID-related relief items including AmphotericinB (required for treating Mucormycosis), even if purchased or meant for donating to Govt. or to any relief agency upon recommendation of State authority, to be exempted from IGST till 31st August 2021 d) Group of Ministers to be formed quickly (by tomorrow), who will submit report by 8 June 2021; to examine need…
CBIC has amended GST Rule 23 Revocation of cancellation of registration
CBIC has amended GST Rule 23 Revocation of cancellation of registration Vide Notification No. 15/2021 Central Tax, dated 18th May, 2021 the amendment to Rule 23 is as under: Amendment in sub-rule (1) The amendment in section 30 made vide the Finance Act, 2021 has been made effective from 01.01.2021. The amended provision provides for extension of time limit for applying for revocation of cancellation of registration on sufficient cause being shown and for reasons to be recorded in writing, by: (a) the Additional or Joint Commissioner, as the case may be, for a period not exceeding thirty days; (b) the Commissioner, for a further period not exceeding thirty days, beyond the period specified in clause (a) above. Consequential amendment has been made in rule 23(1) to provide that the…
Relief in GST Compliance for Mar21 and Apr21
Relief in GST Compliance for Mar21 and Apr21 Lowering of interest rates for delayed payment of tax Notification No. 13/2017- Central Tax dated 28th June, 2017 has been amended vide Notification No. 08/2021-Central Tax dated 01st May,2021 to reduce the rate of interest for delayed payment of CGST (u/s 50 of the CGST Act, 2017) as under: Class of registered persons Rate of Interest Applicable tax periodTaxpayers whose aggregate turnover in the preceding FY > Rs. 5 crores9% for the first 15 days from the due date and 18% thereafterMarch, 2021, April, 2021Taxpayers whose aggregate turnover in the preceding FY ≤ Rs. 5 crores[Both taxpayers filing monthly returns and taxpayers filing quarterly returns under QRMP scheme]Nil for the first 15 days from the due date, 9% for…
CBIC allows companies to file GSTR-1 & GSTR-3B through electronic verification code till 31st May, 2021
CBIC allowed companies to file GSTR-1 & GSTR-3B through electronic verification code till 31st May, 2021
Provisional Indirect Tax Collections for FY 20-21 show growth of more than 12% from FY 19-20: Press Release
Provisional Indirect Tax Collections for FY 20-21 show growth of more than 12% from FY 19-20 Press Release dated April 13th, 2021 The provisional figures for indirect tax collections (GST & non-GST) for the Financial Year 2020-21 show that net revenue collections are at Rs 10.71 lakh crore as compared to 9.54 lakh Crore for the Financial Year 2019-20, thereby registering a growth of 12.3%. As regards customs, net tax collections stood at Rs. 1.32 lakh crore during Financial Year 2020-21 as compared to Rs.1.09 lakh crore during the previous Financial Year, thereby registering a growth of around 21%.