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Archive: 01 July 2020

Posts in 01 July 2020

Eligibility & Conditions for taking ITC under GST Regime

July 1, 2020 63825 Views 3 comments Print

‘Input Tax’ in relation to a taxable person, means the Goods and Services Tax charged on any inward supplies of goods/services which are used or intended to be used, during or in furtherance of business. Fulfilment of Input Tax Credit under GST and conditions to claim is one of the most critical activities for every […]

Rule 67A Manner of furnishing GSTR 3B by SMS facility

July 1, 2020 9921 Views 0 comment Print

CBIC notifies GST Rule 67A which specifies Manner of furnishing of return or details of outward supplies (Form GSTR 3B) by short messaging service (SMS) facility. Central Goods and Services Tax (Eighth Amendment) Rules, 2020. Notification No. 58/2020 – Central Tax Dated: 1st July, 2020.  Filing of Nil GSTR-1 by SMS Manner of furnishing of […]

Merchant Trade Transaction versus High Sea Sales under GST

July 1, 2020 22218 Views 2 comments Print

The Gujarat Advance Ruling Authority Ruling in the case of M/s Sterlite Technologies opens the floor to a whole new debate on an issue which seemed to have been well settled. The Issue of taxability of supply of goods from a place outside India to another place outside India without such goods entering into India.” […]

Waiver or reduction of Late fees – GSTR 3B

July 1, 2020 42480 Views 11 comments Print

GST Compliance relaxations – Waiver or reduction of  Late fees – GSTR 3B  CBIC has issued Notification No. 57/2020-Central Tax dated 30-06-2020 waiving/reducing late fees on filing of GSTR 3B for the months of May 20 to July 20 by 30th September 20. This relief is for all class of normal  taxpayers (Turnover below 5 […]

33 Mistakes which you should not do in your GST Returns

July 1, 2020 48426 Views 13 comments Print

What is necessary in GST -Today 3 years have passed since the enactment of GST laws, many mistakes are still being committed by GST tax payers while filing GST returns particularly GSTR-3B and GSTR-1 due to negligence, oversight or due to lack of conceptual clarity on various provisions of the GST Acts and Rules. – […]

IGST Act 2017 Updated Till June 2020

July 1, 2020 6426 Views 0 comment Print

In this Article Author compiled  Integrated Goods & Services Tax  Act 2017 (IGST Act 2017) with all notification / Acts issued and changes which occurred till Till 28th June 2020. Books contains all Section of IGST Act 2017. Book is Updated by By Ghanshyam Upadhyay and Praveen Upadhyay Disclaimer: The contents of this article are […]

Striking Off Name of Companies under Companies Act, 2013

July 1, 2020 4206 Views 0 comment Print

SECTION 248 OF COMPANIES ACT, 2013 DEALS WITH POWER OF REGISTRAR TO REMOVE NAME OF COMPANY FROM REGISTER OF COMPANIES Removal of name from register of companies may be : (1) By Registrar (2) By the Company on its own Removal of Name from Register of Companies by Registrar Procedure of Removal of Name of […]

FM: Strive to make GST Tax Administration simple

July 1, 2020 435 Views 0 comment Print

On GST Day, 2020 FM highlighted that GST has come a long way in simplifying the GST Tax Administration based on feedback from stakeholders. GST has been instrumental in Breaking Barriers to build an AatmaNirbhar Bharat and taking forward the motto of One Nation One Tax One Market.

Direct tax compliance calendar

July 1, 2020 8115 Views 0 comment Print

Due to persisting COVID-19 pandemic and challenges faced by taxpayers, Government has further extended dates for various direct tax compliances. These are notified at regular intervals from time to time. Article compilesExtended due dates of filing TDS / TCS Returns : Quarterly, Extended due date of furnishing Form 16 / Form 16A: Quarterly & Annually, […]

Importance of CA/Finance Professional In Covid -19 Times

July 1, 2020 1671 Views 1 comment Print

The role of a CA/Finance Professional in an organization is a very challenging, particularly in adverse circumstances, such as what we are presently going through. Effective and robust CA coaching often prepares professionals to handle such grim situations.

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July 2020