04May 2021 by Asmeet No Comments

Relief in GST Compliance for Mar21 and Apr21

GST
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…
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02Jan 2021 by Asmeet No Comments

Important Changes in GST w.e.f. January 01, 2021

GST
Important Changes in GST w.e.f. January 01, 2021 1. E Invoicing for Turnover above Rs 100 crores 88/2020–CT dated November 10, 2020 Amended Notification No. 13/2020 – CT dated March 21, 2020 E-invoicing made applicable to Registered Person (other than SEZ unit, Insurance Company, banking company, financial institution including non-banking financial institution, GTA, supplier of passenger transportation service, supplier of services by way of admission to exhibition of cinematograph films in multiplex screens) whose aggregate turnover in any preceding financial year from 2017-18 onwards exceeds Rs. 100 crore in respect of supply of goods or services or both or for exports. 2. ITC on debit notes Finance Act 2020, Section 16(4) [Eligibility and conditions for taking Input Tax Credit (“ITC”)] Delinks availment of ITC on debit notes with the date of…
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