Due date for filing FORM GSTR-3B for April to September 2020

Posted on April 9, 2020April 15, 2020 by admin

Notification No. 29/2020 – Central Tax New Delhi, the 23rd March, 2020

(Note-The above notification further amended vide notification no.36/2020 dt 03.04.2020.Pls see the link at the bottom.)

Seeks to prescribe return in FORM GSTR-3B of CGST Rules, 2017 along with due dates of furnishing the said form for April, 2020 to September, 2020, on or before the twentieth day of the month succeeding such month:

Provided that, for taxpayers having an aggregate turnover of up to rupees five crore rupees in the previous financial year, whose principal place of business is in the States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep, the return in FORM GSTR-3B of the said rules for the months of April, 2020 to September, 2020 shall be furnished electronically through the common portal, on or before the twenty-second day of the month succeeding such month:

Provided further that, for taxpayers having an aggregate turnover of up to rupees five crore rupees in the previous financial year, whose principal place of business is in the States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi, the return in FORM GSTR-3B of the said rules for the months of April, 2020 to September, 2020 shall be furnished electronically through the common portal, on or before the twenty-fourth day of the month succeeding such month.

https://cbic-gst.gov.in/pdf/central-tax/notfctn-29-central-tax-english-2020.pdf

Link of Notification no.36/2020 dt 03.04.2020shown below.

https://cbic-gst.gov.in/pdf/central-tax/notfctn-36-central-tax-english-2020.pdf

Due date for furnishing FORM GSTR-1 April,2020 to September, 2020-Aggregate annual turnover of more than 1.5 crore rupees

Posted on April 9, 2020April 9, 2020 by admin

Notification No.28/2020-Central Tax, dt. 23-03-2020

Seeks to prescribe the due date for furnishing FORM GSTR-1 by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year, for each of the months from April,2020 to September, 2020 till the eleventh day of the month succeeding such month.

http://gstcouncil.gov.in/sites/default/files/Notifications-dynamic/notfctn-28-central-tax-english-2020.pdf

Time period for furnishing details in FORM GSTR-1registered persons having aggregate turnover of up to 1.5 crore rupees

Posted on April 9, 2020April 9, 2020 by admin

Central Board of Indirect Taxes and Customs Notification No. 27/2020 –

Central Tax New Delhi, the 23rd March, 2020

G.S.R……(E).— In exercise of the powers conferred by section 148 of the Central Goods and
Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act),
the Central Government, on the recommendations of the Council, hereby notifies the
registered persons having aggregate turnover of up to 1.5 crore rupees in the
preceding financial year or the current financial year, as the class of registered persons who
shall follow the special procedure as mentioned below for furnishing the details of outward
supply of goods or services or both.
2. The said registered persons shall furnish the details of outward supply of goods or
services or both in FORM GSTR-1 during the time period as mentioned below.

1 April, 2020 to June, 2020 31stJuly, 2020
2 July, 2020 to September, 2020 31st October, 2020
3. The time limit for furnishing the details or return, as the case may be, under sub-section
(2) of section 38 of the said Act, for the months of April, 2020 to September, 2020 shall be
subsequently notified in the Official Gazette.

http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-27-central-tax-english-2020.pdf;jsessionid=A547E4F844855D19D884F490770D5242

Clarification on TDS for cash withdrawal above 1 crore

Posted on August 31, 2019August 31, 2019 by admin

Clarification on applicability of TDS for cash withdrawals above 1 cr

Commissioner of Income tax (media& Technical policy) through press release dated 30.08.2019, clarifies that section 194 N inserted in the Act,is to come into effect from 01.09.2019 and any prior period transaction will not be subject to TDS under said section.However the amendment is with respect to the previous year,calculation of amount of cash withdrawal for triggering deduction under section 194 N of the act shall be counted from first April 2019.

Hence if a person has already with drawn Rs 1 crore or more in cash up to 31.08.2019 from one or more accounts maintained in a banking company, post office or co-op bank or a post office,the 2%TDS will apply on all subsequent cash withdrawals.

press release dt 30.08.19 by Commisioner of Income tax,(media& Technical policy) official spokesperson,CBDT,Dept of Revenue,MOF,GOI

GST Annual Return Filing last date extended

Posted on August 29, 2019August 29, 2019 by admin

GST Annual Return Filing last date extended.

For the FY 2017-18 the last date to file GST Annual Return is extended to 30/11/2019.

Please note that the last date to file Annual Return for the FY 2018-19 is 31/12/2019.

Also note that the last date for claiming ITC for the FY 2018-19 is 30/9/2019.

DIRECT TAX CODE

Posted on August 22, 2019 by admin

DIRECT TAX CODE KEY RECOMMENDATIONS

In November 2019 the Government constituted a task force to draft new direct tax laws in consonance with economic needs of the country.

The task force has submitted following recommendations in respect of new Income Tax law:

1.Incentives for start-ups

The report has suggested that the tax treatment for start-ups should be separated with an emphasis on reducing litigation.

2.Change in reassessment rules

Various changes in the current provisions of section 147 and 148 has been suggested to empower the Assessing Officers to re-open the assessments. It is recommended to increase the threshold limit for re-opening of cases.

3.Abolish Dividend Distribution Tax [DDT]

Tax should be levied in the hands of shareholders instead of levying DDT on companies.

4.Reduced 25% tax rates or all corporates

The existing tax rates for a domestic company and a foreign company are 30% and 40% respectively. It is recommended to reduce the tax rates for all the corporates to 25%.

5. New slab rate for persons having income up to Rs.50 lakh

The task force has recommended to introduce a new slab for those earning up to Rs. 50 lakhs so as to grant relief to individual tax payers.

6. Assessment units should conduct assessment instead of Assessing Office

The task force has proposed to replace the word ‘Assessing officer’ with ‘Assessment Units’ in the new Income-tax laws.

7.Functional units would be established based on IRS officer sectorial specialisation

The task force has recommended to establish the functional units based on sector-wise specialisation of IRS officers. The functional units will carry out transfer ricing assessment and handle industry specific tax matters.

8. Litigation management unit to manage tax litigation process

The Task force has recommended to establish a separate litigation management unit to manage the entire tax litigation process.

9. Taxpayer would be able to approach CBDT for clarification

The task force has recommended to introduce the concept of ‘public ruling’ whereby taxpayers can approach CBDT for clarification on controversial tax matters.

10.Branch profit tax on repatriation of funds by foreign companies to foreign headquarters

Foreign companies will have to pay branch profit tax in addition to normal tax on repatriating funds to foreign headquarters.

11. Penal of mediators for settlement of the tax disputes

The task force has recommended to form a penal of ‘mediators’ who would assist in negotiation between tax department and the taxpayers for the settlement of tax disputes.

12. Transfer pricing assessment would be carried out by separate functional unit

Transfer pricing assessment will be carried out by functional unit.

13. No inheritance tax

The task force has also not recommended to levy inheritance tax.

14. Video recording of statements

This will help dept. to have evidence that no pressure or coercion was applied on person while recording the statement.

15. Restructuring of MAT provisions

Those companies whose tax on total income is less than 18.5% of book profit should pay Minimum Alternate Tax [MAT].

16. Artificial intelligence for tax compliance

It has been proposed to introduce collaborative compliance in direct tax administration which will integrate data from banks, financial institutions and GST network.

17. Abolish tax on long-term capital gain arising from transfer of listed securities

The Finance Act, 2018 has withdrawn the exemption under section 10(38) of the Income-tax Act, 1961 and has introduced a new section 112A which provides that long-term capital gains (LTCG) arising from transfer of a long-term capital asset, being an equity shares or specified units, shall be taxable at the rate of 10% if such capital gains exceed Rs. 1 lakh. The task force has recommended to remove such tax in the new Income-tax law.

REGISTRATION PROCEDURE IN KERALA FLOOD CESS PAYMENT

Posted on August 22, 2019August 22, 2019 by admin

REGISTRATION PROCEDURE IN KERALA FLOOD CESS PAYMENT

Kerala Flood Cess has been implemented with effect from 01/08/2019. The tax payer’s who are liable to collect need to pay the Cess amount along with the return for the month of August 2019 and to be filed in September 2019.

No option is found provided as on date in GSTR-3B Return for the payment of Kerala Flood Cess. Hence, a separate module/ link has been developed for the above purpose. The Kerala Flood Cess payment link is provided in the website of Kerala State GST Department ” www.keralataxes.gov.in “. In order to file Kerala Flood Cess return {Form KFC- A}, the tax payers have to create user credentials to login to the Kerala Flood Cess Portal provided in the website. For this purpose the tax payer shall visit the above website { ” www.keralataxes.gov.in ” } and click on ” Kerala Flood Cess” link provide there.

Link

https://keralataxes.gov.in/wp-content/uploads/2019/04/GO-P-80-19_Kerala-Flood-Cess-Rules.pdf

GSTR-3B – July 2019 due date extended

Posted on August 22, 2019 by admin

GSTR-3B – July 2019 due date extended

As per CBIC Notification number 37/2019 dated 21/08/2019 the due date is extended to 22/08/2019 leaving relief for two days.

For flood affected districts in Kerala namely Malappuram, Idukki, Kozhikode, Wayanad the due date is extended to 20/09/2019.

Due date of CMP-02 extended to the 30-09-2019

Posted on August 2, 2019 by admin

CMP-02 is used for opting composition scheme.Extended last date 30.09.2019

After one month of filing CMP-02 the scheme is applicable.

Turnover limit

For(a) supplier of goods- up to Rs 50 Crore.(effective from 1.04.2019)

(b) Exclusive supplier and mixed supplier of goods and service -up to Rs 50Lakh

Quarterly tax payment,and annual return file.

Last date of CMP-08 April to June 2019 extended to 31.08.2019 extended

CMP-08 is used as challan for payment and summary of self assessed composition tax for the quarter.

6% Composition Scheme – CMP-02 filing Due date extended to 30/09/ 2019

Posted on July 30, 2019August 2, 2019 by admin

6% Composition Scheme – CMP-02 filing Due date extended to 30/09/ 2019

Corrigendum to Circular No. 97/16/2019-GST Dated the 1st July, 2019
CBEC/20/16/4/2018-GST (Pt. I)

In para 2(i) of the Circular No. 97/16/2019-GST dated 5th April, 2019,

“(i) a registered person who wants to opt for payment of central tax @ 3% by availing
the benefit of the said notification, may do so by filing intimation in the manner specified in subrule 3 of rule 3 of the said rules in FORM GST CMP-02 by selecting the category of
registered person as “Any other supplier eligible for composition levy” as listed at Sl. No. 5(iii)
of the said form, latest by 30th April, 2019. Such person shall also furnish a statement in FORM
GST ITC-03 in accordance with the provisions of sub-rule (3) of rule 3 of the said rules.”
read,
“(i) a registered person who wants to opt for payment of central tax @ 3% by availing
the benefit of the said notification, may do so by filing intimation in the manner specified in sub-
Corrigendum to Circular No. 97/16/2019-GST

Link

Corrigendum to Circular No. 97/16/2019-GST Dated the 1st July, 2019