29May 2021 by Asmeet No Comments

Key Takeaways of 43rd GST Council Meeting held on 28th May, 2021

GST
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…
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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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25Jan 2021 by Asmeet No Comments
All about GST Quarterly Return Monthly Payment (QRMP) Scheme

All about GST Quarterly Return Monthly Payment (QRMP) Scheme

GST
All about GST Quarterly Return Monthly Payment (QRMP) Scheme Q1. Who can take benefit of the QRMP Scheme? Taxpayers whose aggregate turnover (incl Branc Transfers) is up to Rs. 5 Crore in the preceding financial year are eligible for QRMP Scheme. In case if the aggregate turnover exceeds Rs.5 crore during any quarter in the current financial year, they shall not be eligible for the scheme from the next quarter. E.g, If a Taxpayers aggregate Turnover for all GSTIN's in FY 19-20 is Rs. 5 crore of less and Turnover in FY 20-21 upto Dec20 does not exceed Rs. 5 crore, such a tax payer can take benefit of the QRMP Scheme for filing GST Returns from Jan-21 onwards. Some examples to better understand the eligibilty: Q2. How does the…
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11Oct 2020 by Asmeet No Comments

GST Clarification regarding application if 10% ITC Rule

GST
GST Clarification regarding application if 10% ITC Rule Circular 142/12/2020-GST - Clarifications on applicability of restrictions under Rule 36(4) Cumulative amount of ITC availed during February - August should not exceed 110% of cumulative eligible credit available as per GSTR-1 filed by vendors till due date of September, 2020.
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11Oct 2020 by Asmeet No Comments

EWay Bill Generation to be blocked if GST Returns not filed for 2 or more months

GST
Blocking of E-Way Bill (EWB) generation facility for taxpayers with Average Annual Turnover over Rs 5 Cr., after 15th October, 2020 In terms of Rule 138 E (b) of the CGST Rules, 2017, the E Way Bill generation facility of a person is liable to be restricted, in case the person fails to file their GSTR-3B returns, for a consecutive period of two months or more. As you might be aware that the GST Council in its last meeting has decided that this provision will be made applicable for the taxpayers whose Aggregate Annual Turn Over (AATO, PAN based) is more than Rs 5 Crores.   Thus, if the GSTIN associated with the respective PAN (with AATO over Rs 5 Cr.) has failed to file their GSTR-3B Return for 02…
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05Oct 2020 by Asmeet No Comments

Highlights of the 42nd meeting of the GST Council

GST
Highlights of the 42nd meeting of the GST Council held today on 5th Oct 2020 GST Council Meeting: 42nd GST Council Meeting Updates The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. The GST Council has made the following recommendations: 1. Levy of Compensation Cess to be extended beyond the transition period of five years i.e. beyond June 2022, for such period as may be required to meet the revenue gap. Further details to be worked out. 2. Centre is releasing…
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