Who can opt for the scheme: Following registered person (hereinafter RP) can file quarterly returns and pay tax on monthly basis w.e.f. 01.01.2021 : An RP who is required to file Form GSTR 3B with AATO of up to Rs 5 Cr. in the previous financial year is eligible. If AATO crosses Rs 5 Cr. […]
GST
E – Invoicing mandatory for taxpayers with aggregate turnover exceeding Rs. 100 Cr. from 1st January 2021
From 1-1-2021, Government has mandated e-invoicing for the taxpayers with aggregate turnover exceeding Rs. 100 Cr. (in any preceding financial year from 2017-18 onwards). Updates on e-invoice – enablement, testing, help options & resources Updates on e-invoicing Certain set of taxpayers had started e-invoicing from 1st October, 2020. In the month of October, 2020, about […]
COMPLIANCE CALENDAR NOVEMBER 2020
Nature of Compliance Act Due Date/Extended Due Date Depositing of TDS/ TCS for October 2020 Income Tax 07.11.2020 Depositing of equalization levy for the month of October 2020 Income Tax 07.11.2020 Filing of GSTR-7 (TDS Deductor) for the month of October 2020 GST 10.11.2020 Filing of GSTR-8 (TCS Collector) for the month of October 2020 […]
Discussion on ITC of Diwali Gifts
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 […]
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EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020.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 […]