The Central Board of Indirect Taxes and Customs (CBIC) has issued notifications under GST Laws to implement the recommendation of the 39th GST Council held on 14th March, 2020. The summary of notifications have been given below for easy understanding: Sl. No Notification No Date Summary of Notification 1. 09/2020-Central Tax 16-03-2020 Exempt foreign airlines […]
Update on Relief measures announced on 24th March, 20 by Finance Minister relating to various Statutory and Compliance Matters across Sectors – Covid-19 outbreak The Corona Virus (Covid-19) outbreak has not only impacted lives of general citizens, it has also severely impacted the trade and business community. The lockouts and curfew across various cities has […]
The GST Council in its 39th meeting held on 14th March 2020 at New Delhi discussed and approved: (i) certain amendments in the GST Law and procedures; (ii) Changes related to GST Rates; and (iii) Recommended IT Roadmap I. Recommendations on IT Roadmap – A presentation was made by Mr. Nandan Nilekani on behalf […]
1. Letter Undertaking (LUT) for FY 2020-21 – The GSTN portal has enabled application of Letter Undertaking (LUT) for ZERO rated Supplies (Supplies to SEZ or Exports) without payment of IGST. You may apply for LUT on GST Portal for the FY 2020-21 so as to enable the taxpayers to supply Zero Rated (without payment […]
Clarification on GST on Rent a Cab and Extension of due date for Annual Return for 2017-18 Considering the technical difficulty being faced by the taxpayers, the GST Council had decided to extend the due date for furnishing Annual Report for the year 2017-18 to 31st January 2020. CBIC has issued Order No 10/2019 – […]
The GST Council in its 38th Meeting held on 18th December, 2019 at New Delhi decided to take certain measures to curb the issue of ITC being availed on fake invoices as well as fall in monthly GST revenue collection. Input tax credit to the recipient in respect of invoices or debit notes that are […]
Central Board of Indirect Taxes (CBIC) has recently released a Circular No 129/48/2019 – GST dated 24th December, 2019 detailing Standard Operating Procedures (SOP) to be followed by Tax Authorities in case of non-filing of returns. The key highlights of the Circular is as under – A. In case of failure to furnish return, GST […]
The GST Council in its 38th meeting held on 18th December 2019 at New Delhi discussed and approved: (i) certain amendments in the GST Law and procedures; and (ii) Changes related to GST Rates Below mentioned is the gist of announcements made by the GST Council categorised into below sections: 1. GST Revenue Trends – […]
Simplification and extension of date for filing Annual Return – GSTR-9 and Audit Report – GSTR-9C/ Extension of due date for filing Form GSTR-9 and Audit Report in Form GSTR-9C and simplification of the Forms Based on the press release hosted on the website of Press Information Bureau – Govt of India (PIB), it has […]
CBIC has issued Circular No. 123/42/2019–GST dated 11th November 2019 clarifying Restriction in availment of input tax credit in terms of sub-rule (4) of rule 36 of CGST Rules, 2017. The key summary of the circular has been given below for easy understanding: This is a clarification to the Notification No 49/2019-Central Tax dated 9th […]
