GST Composition Scheme

Merely exercising option under composite scheme cannot prevent Revenue from GST recovery

Goods and Services Tax - Merely exercising option under composite scheme cannot prevent Revenue Department from demanding recovery of GST The Hon’ble Andhra Pradesh High Court in Godway Furnicrafts vs. the State of AP [Writ Petition No. 10350 of 2020, dated November 11, 2020] confirmed the demand for recovery of Goods and Services Tax (GST) by Revenue Departmen...

Read More

GST Composition scheme: Small taxpayers guide to reduced GST compliances

Goods and Services Tax - It is often said that the small and medium businesses are at the heart of Indian economies’ demand and supply market. To cater to these small businesses and to provide a simplified and hassle-free scheme for compliance requirements under GST, the concept of a composition levy scheme was introduced. The composition scheme is almost simil...

Read More

GST Return Due Date Extension & Relief Measures 2.0

Goods and Services Tax - In response to outbreak of Covid-19 pandemic, the government has issued various notifications ranging from Notification No. 07/2021-Central Tax dated 27.04.2021 to Notification No. 27/2021-Central Tax dated 01.06.2021 extending certain due dates under GST and granting relief to taxpayers in terms of waiver of interest cost on delayed paym...

Read More

Composition levy under GST – A quick recap

Goods and Services Tax - Who can opt for such scheme? As per Section 10(1), subject to sub-sections (3) and (4) of section 9 of CGST Act 2017, a registered person whose aggregate turnover in the previous financial year is not more than Rs. 1.5 Crore in relation to supply of goods and restaurant services, can opt, in lieu of […]...

Read More

GST Update – Analysis of GST Notifications issued on 1st May 2021

Goods and Services Tax - 1. Waiver of Interest for the delay in deposit of tax for the month of March and April 2021 (Notification 08/2021-Central Tax dated 01st May 2021) 1. Taxpayer having turnover of more than Rs 5 crores 15 days from the due date: – 9% of the tax payable After 15 days from the due date:- […]...

Read More

Relief measures for taxpayers under GST in view of COVID-19

Goods and Services Tax - In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under Goods & Services Tax (GST) law due to the outbreak of the second wave of COVID-19 pandemic, the Government has issued notifications, all dated 1st May, 2021, providing various relief measures for taxpayers. These measures are explained b...

Read More

Opt GST Composition Scheme for FY 2021-22 by 31.03.2021

Goods and Services Tax - Attention: Functionality to opt in for composition has been made available for FY 2021-22 in the Dashboard of taxpayers at Common Portal. The eligible taxpayers, who wish to avail the composition scheme may opt in for composition up to 31st March 2021. Source- gst.gov.in Also Read- How to Opt for GST Composition Levy with FAQs […]...

Read More

Composition Taxpayers can now file NIL statement through SMS

Goods and Services Tax - Goods and Services Tax Network (GSTN), the IT backbone of GST system, has launched the facility of filing of NIL statement for Composition Taxpayers. With this, Composition taxpayers can now file NIL statement in Form GST CMP-08 through SMS and without logging in to the GST portal. CMP-08 is a quarterly statement of self-assessed tax to b...

Read More

Extend all due dates under GST- Solve Issues in GST

Goods and Services Tax - Association of Tax Practitioners, Ernakulam has made a representation to Principal Commissioner (GST) and highlighted Difficulty faced by GST Tax Practitioners, in implementing directions contained in Circular No.142/12/2020-GST dated 09.10.2020, Failure of GST Portal Services and may other issues. They also requested to extend all due da...

Read More

New GST functionalities for TCS & Composition taxpayers

Goods and Services Tax - New functionalities made available for TCS and Composition taxpayers 1.Provision to make amendment, multiple times, in Table 4 of Form GSTR-8 ♣ Earlier, if no action was taken on TCS details, auto-populated in TDS/TCS credit form, by the supplier or if the same were rejected by them in the said form, the TCS (e-commerce operators) [&hel...

Read More

Merely exercising option under composite scheme cannot prevent Revenue from GST recovery

Godway Furnicrafts Vs the State of AP (Andhra Pradesh High Court) - Merely exercising option under composite scheme cannot prevent Revenue Department from demanding recovery of GST The Hon’ble Andhra Pradesh High Court in Godway Furnicrafts vs. the State of AP [Writ Petition No. 10350 of 2020, dated November 11, 2020] confirmed the demand for recovery of Goods and...

Read More

Ice Cream manufacturer not eligible for GST Composition Scheme

In re Pioneer Bakers (GST AAR Odisha) - In re Pioneer Bakers (GST AAR Odisha) Q. (a)Whether supply of Cakes, bakery items, ice creams, chocolates, drinks and other eatable products prepared at the premises of the applicant and supplied to the customers from the counter with the facility to consume the same in the air-conditioned premises ...

Read More

Reconsider decision of exclusion of Ice Cream from Composition Scheme: HC directs GST Council

Del Small Ice Cream Manufacturers Welfare’s Association (Reg.) Vs Union Of India & Anr (High Court Of Delhi) - Del Small Ice Cream Manufacturers Welfare’s Association (Reg.) Vs Union Of India & Anr (High Court Of Delhi) Hon’ble High Court direct the GST Council to reconsider the exclusion of small scale manufactures of ice cream from the benefit of Section 10(1) of the Act, including on the afore...

Read More

AAR Ruling on Applicability of GST Composition Scheme & Applicable Tax Rate

In re Empathic Trading Centre (GST AAR Karnataka) - In re Empathic Trading Centre (GST AAR Karnataka) 1. The applicant is eligible to be in the composition scheme under section 10 of the CGST Act, 2017 if the turnover of services of the applicant does not exceed ten per cent of turnover in a State or Union territory in the preceding financial year or...

Read More

Supply of goods or services for ‘setting up of network’ is Composite supply

In re Sterlite Technologies Limited. (GST AAR Maharashtra) - The supply of goods or services for 'setting up of network' would qualify as a Composite supply of works contract as defined in clause (119) of section 2 of the Central Goods and Services Tax Act, 2017....

Read More

Annual return Filing by composition taxpayers & Negative Liability in GSTR-4

Advisory No. 491 - (22/07/2021) - Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4 Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4 Instances have come to notice where taxpayers are reporting negative liability appearing in their GSTR-4. Background: Since ...

Read More

Extended due date chart for various GST Compliances

Advisory No. 469 - (04/05/2021) - Extension in dates of various GST Compliances for GST Taxpayers Government has extended the dates of various compliances by Taxpayers under GST, through Central Tax Notification Nos. 10/2021, 11/2021, 12/20211, 13/2021, 14/2021, all dated 1st May, 2021. The details are summarized below: Filing of Fo...

Read More

CBIC extends due date for filing GSTR 4 (Composition Scheme)

Notification No. 10/2021- Central Tax [G.S.R. 306(E)] - (01/05/2021) - CBIC extends due date for filing GSTR 4 (Annual Return for person opted for Composition Scheme) vide Notification No. 10/2021- Central Tax Dated: 1st May, 2021 to 31st day of May, 2021. Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) New Delhi Notification N...

Read More

Late fees capped at Rs. 500 for delay in filing Form GSTR-4

Notification No. 67/2020-Central Tax [G.S.R. 572(E)] - (21/09/2020) - Late filling fees in case of delayed filing of GSTR-4 for the period July 2017 to March 2019 has been waived off fully in case of NIL tax liability and restricted to Rs. Rs 500 (Rs. 250 CGST + Rs. 250 SGST) per return in other case if Assessee furnishes the said return between the […]...

Read More

CBIC amends GST Rates under GST Composition Scheme

Notification No. 50/2020-Central Tax/G.S.R. 403(E) - (24/06/2020) - CBIOC notifies  Central Goods and Services Tax (Seventh Amendment) Rules, 2020 and amended Rules 7 of the CGST Rules 2017  with a new entry for Composition tax payers who are providing services will be taxed at rate of 6% (CGST – 3% & SGST/UTGST – 3%) vide Notification No. 50/2020-Cent...

Read More

Recent Posts in "GST Composition Scheme"

Annual return Filing by composition taxpayers & Negative Liability in GSTR-4

Advisory No. 491 22/07/2021

Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4 Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4 Instances have come to notice where taxpayers are reporting negative liability appearing in their GSTR-4. Background: Since FY 2019-20, composition taxpayers has to...

Read More

Merely exercising option under composite scheme cannot prevent Revenue from GST recovery

Godway Furnicrafts Vs the State of AP (Andhra Pradesh High Court)

Merely exercising option under composite scheme cannot prevent Revenue Department from demanding recovery of GST The Hon’ble Andhra Pradesh High Court in Godway Furnicrafts vs. the State of AP [Writ Petition No. 10350 of 2020, dated November 11, 2020] confirmed the demand for recovery of Goods and Services Tax (GST) by Revenue Departmen...

Read More

GST Composition scheme: Small taxpayers guide to reduced GST compliances

It is often said that the small and medium businesses are at the heart of Indian economies’ demand and supply market. To cater to these small businesses and to provide a simplified and hassle-free scheme for compliance requirements under GST, the concept of a composition levy scheme was introduced. The composition scheme is almost simil...

Read More

GST Return Due Date Extension & Relief Measures 2.0

In response to outbreak of Covid-19 pandemic, the government has issued various notifications ranging from Notification No. 07/2021-Central Tax dated 27.04.2021 to Notification No. 27/2021-Central Tax dated 01.06.2021 extending certain due dates under GST and granting relief to taxpayers in terms of waiver of interest cost on delayed paym...

Read More

Composition levy under GST – A quick recap

Who can opt for such scheme? As per Section 10(1), subject to sub-sections (3) and (4) of section 9 of CGST Act 2017, a registered person whose aggregate turnover in the previous financial year is not more than Rs. 1.5 Crore in relation to supply of goods and restaurant services, can opt, in lieu of […]...

Read More

GST Update – Analysis of GST Notifications issued on 1st May 2021

08/2021 09/2021 10/2021 11/2021 12/2021 13/2021 01/05/2021

1. Waiver of Interest for the delay in deposit of tax for the month of March and April 2021 (Notification 08/2021-Central Tax dated 01st May 2021) 1. Taxpayer having turnover of more than Rs 5 crores 15 days from the due date: – 9% of the tax payable After 15 days from the due date:- […]...

Read More

Extension of GST Compliance due to 2nd Wave of COVID-19

Introduction: 1. COVID–19 situation has been absolutely alarming and the Central & State Governments alongwith local authorities are trying their level best to combat the current situation. To ease the burden, there are certain relaxations announced by the CBIC like the relaxations announced in 2020. The present note explains the re...

Read More

Relaxations In Certain GST Compliances

A. GSTR 3B Reduction in rate of interest and waiver of late fees – March 21 & April 21 Vide Notification No. 08/2021 – CT dt. 01.05.2021 as well as Notification No. 01/2021 – IT read with Notification No. 09/2021 – CT dt. 01.05.2021, the relaxations are as under for the given tax period: Taxpayer […]...

Read More

Relaxation in GST under Covid-19

08/2021 to 14/2021 01/05/2021

RELAXATION IN GST COMPLIANCE’S UNDER-COVID-19 (NOTIFICATION NO. 08/2021 and 09/2021- CENTRAL TAX DATED 01.05.2021) INTEREST RATE RELIEF Turnover Tax period Due Date Interest Rate Relief Late Fee Relief More than 5cr March,21 April,21 20.04.2021 20.05.2021 First 15 Days-9% After 15 Days-18% 15 days from due date of return- No Late Fee Up...

Read More

Analysis of GST notification issued on 1st MAY 2021

After a long time, Hope all readers are doing well… As we all know Government come up with relaxations in GST on May 1, 2021 so I am just discussing today four important notifications – Notification No 8/2021-Cenral Tax dated -01.05.2021 Waiver of Interest for delay in filling in of GSTR-3B for Month of MARCH […]...

Read More

Browse All Categories

CA, CS, CMA (5,616)
Company Law (7,528)
Custom Duty (8,571)
DGFT (4,574)
Excise Duty (4,505)
Fema / RBI (4,761)
Finance (5,080)
Income Tax (37,857)
SEBI (4,044)
Service Tax (3,740)

Search Posts by Date

July 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031