Nature of Compliance Due Date INCOME TAX Depositing of TDS/TCS for July 2021 07.08.2021 Issue of TDS certificate for tax deducted under section 194-IA, 194-IB and194M in the month of July 2021 14.08.2021 Challan cum statement in respect of tax deducted under section 194-IA, 194-IB, and 194M for the month of July 2021 30.08.2021 […]
Tag: GST
Relaxations in GST Compliance during Covid Period
1. GSTR 1/ IFF FACILITY: DUE DATE Particulars Month Due Date Extended Due Date GSTR 1 (Monthly Scheme) April 2021 11 May 2021 26 May 2021 IFF Facility (QRMP Scheme) April 2021 13 May 2021 28 May 2021 2. GSTR 3B (Monthly Scheme): DUE DATE, TAX PAYMENT, LATE FEES, AND INTEREST Turnover in Previous Financial […]
YEAR ENDING TASKS IN GST FOR FY 2020-21
Deadlines Ended to 31st March 2021 Annual Return The due date to furnish GSTR-9 and GSTR-9C (whose turnover during a financial year exceeds INR 5 crores) for FY 2019- 20 has been extended till 31-03-2021 vide notification number 04/2021-central tax dated 28-02-2021. Option for composition scheme The functionality to opt for composition has been made […]
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 […]
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 […]
CA/CMA Coaching Institutes are not exempted from GST: AAR, AP
Applicant: M/s Master Minds AAR NO. 08/AP/GST/2020 dated 05.03.2020 Fact of the case The applicant is providing coaching to students for chartered Accountancy certificate (‘CA’); Cost and Works Accountancy Certificate (‘ICWA) and Intermediate Certificate. The coaching provided by the applicant enables the students to appear for the examinations conducted by the respective statutory bodies. The […]
Reverse Charge Mechanism in Goods and Services Tax
BACKGROUND OF REVERSE CHARGE MECHANISM Reverse Charge Mechanism was first introduced in Service Tax Now, the Government has incorporated RCM in GST. Government has notified not only supply of certain services but also supply of certain goods under RCM. OBJECTIVE OF REVERSE CHARGE MECHANISM Safeguard the interest of Revenue Administrative convenience of Government Statutory Provision […]
Removal of pendency of registration application filed during COVID period w.e.f. 01 Aug, 2020
CBIC vide Instruction No. 20/06/11/2020 – GST/1137 dated July 17, 2020, which states that the removal of the pendency application filed during the COVID-19. Sub-section (10) of section 25 of the CGST Act, 2017 read with rule 9 of CGST Rules, 2017. provides for deemed approval of the application of registration after a period of […]
Charitable trust’s legal, medical and financial support for rape, child abuse victim not “supply of service”: West Bengal, AAR
Applicant: M/s Swayam Fact of the case The applicant is a charitable trust registered under section 12A of the Income Tax Act, 1961. It extends legal, medical, psychological and financial support to the women and their children surviving violence and abuse.The applicant also facilities training programmes and workshops for the survivors. The applicant does not […]