In 36th GST Council Meeting the GST rates related to supply of few goods and services were proposed to change. Even extension of due dates were recommended.
Due date of filing income tax return is 31st July 2019 for those assessees whose accounts are not required to be audited such as assessees having salary income, rent income, capital gain, income from other sources or income from business/profession under presumptive taxation scheme (individuals, HUFs, Association of Persons, Body of Individuals etc.).
A very unique and substantial relief scheme named as SABKA VISHWAS LEGACY DISPUTE RESOLUTION SCHEME has been proposed. The focus of the government will be to reduce the pending litigations of 28 plus pre-GST laws, the government has proposed a Dispute Settlement Scheme for speedy settlement of pending litigations and to remove the funds blocked in the litigations. Approx 3.75 Lakhs Crore of revenue is blocked in this litigations. This is one of the most beneficial scheme ever made in the history of Indirect tax by Central Government.
Union Finance Minister Nirmala Sitaraman has presented Union Budget for the year 2019-20. This budget is the modest budget with more of sense than sensation. Let’s study the major proposals of GST and Amnesty Schemes under old indirect taxes.
Krishna,monsoon has arrived in India with all it’s glory. Similarly it’s raining in GST,with downpour of various notifications and circulars by CBIC, what are they about?
It was recommended to extend the due date of furnishing of FORM GSTR-9, FORM GSTR-9A, and FORM GSTR-9C due to difficulties being faced by taxpayers in furnishing the annual returns till 31.08.2019. Official notification would be released soon. This recommendation was much needed by the trade and industry.
GSTR-9C can be divided in two parts namely Part A and Part B. In Part A reconciliation of outward supplies and ITC as per audited Annual Financial Statement with details of Annual Return is to be given. Part B deals with certification of GST Audit Report.
GST Audit for FY 2017-18 is applicable to every registered person whose aggregate turnover during a financial year exceeds Rs. 2 Crores. The copy of audited annual accounts and a reconciliation statement is to be furnished while filing GSTR-9C.
In cricket many times players get run-out without their fault and same is happening in GST. How are taxpayers getting run-out while providing details of inward supplies in GSTR-9 and GSTR-2A?
In GSTR-9, every registered person has to provide details of outward supplies, inward supplies and inward supplies on which tax is payable on reverse charge basis (RCM) and determine the tax liabilities as appearing in financial statement of 2017-18 of the tax payers.
