Festival season has arrived and Diwali is one of the biggest festivals in India. These are the times when people give gifts, sweets to their friends, relatives, employees, family, and clients. Our question is that Whether the input tax credit would be available for the purchase of Diwali gifts? Here we discuss the 2 scenarios […]
Month: October 2020
UPDATED DUE DATE CHART OF INCOME TAX COMPLIANCE
Nature of Compliance Due Date/ Extended Due Date Belated Return of Income for A/Y 2019-20 30th November 2020 Revised Return of Income for A/Y 2019-20 30th November 2020 Third instalments of advance tax for A/Y 2021-22 15th December 2020 Opting for Vivad se Vishwas Scheme 31st December 2020 Furnishing of Tax Audit Report and […]
Dussehra Bonanza to Professionals from Govt., Tax Audit due date extended
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia, extended various time limits. The Ordinance has since been replaced by […]
Withdrawal of EVC facility extended to companies for filing GSTR1 and GSTR3B
The facility to file GSTR 3B and GSTR-1 with the EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020. However, the facility to file NIL returns through OTP verification, shall be continued for all types of registered […]
Analysis of GST Notifications issued on 15.10.2020
CBIC has issued six notifications on 15th October 2020. These notifications include the due dates of filing of GSTR-1 on a quarterly and monthly basis, the due date of GSTR-3B, the threshold limit for GST Audit, and the applicability of HSN code on invoices. Notification No. 74/2020 dated 15.10.2020 The taxpayers who are filing returns […]
CBIC Clarification relating to application of rule 36(4) for the months of Feb to August, 2020
Key highlights of the clarification: Vide Circular No. 123/42/2019 – GST dated 11th November, 2019, various issues relating to implementation of sub-rule (4) of rule 36 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the CGST Rules) relating to availment of input tax credit (ITC) in respect of invoices or […]
Annual Return (GSTR-9)and Reconciliation Statement (GSTR 9C) for FY 2018-19
Vide notification No. 69/2020 – Central Tax, dated 30.09.2020, the due date for furnishing of the Annual Return for the FY 2018-19 has been extended till 31.10.2020. Certain representations have been received stating that the auto-populated GSTR 9 for the year 2018-19 (Tables 4, 5, 6 and 7) also includes the data for FY 2017-18. […]
Recommendations of the 42nd GST Council Meeting
Recommendations of the 42nd GST Council Meeting 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. The center is releasing compensation of Rs. 20,000 crore to […]