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Article contains summary of GST Notification No. 74/2020-Central Tax to 79/2020-Central Tax and Notification No. 6/2020 – Integrated Tax all dated 15th October 2020. Notification 74 to 76 Notifies due date of GSTR 3B and GSTR 1 for the period deom October 2020 to March 2021. Notification 77 specifies that Filing of Annual Return in […]
The ministry of Finance on 15/10/2020 notified 6 notifications incorporating various changes to the CGST Act and CGST Rule. In this Article we will discuss the notifications with reference to the original act or rules. 1.Notification No 74/2020-Central Tax This notification revised the due date for filing of GSTR-1 for small tax payer who files […]
In the 42nd GST Council series of measures have been announced on the due date and increasing the existing threshold from Rs 1.5 Crores to Rs 5.00 Crores for GST Returns filing as part of increasing the ease of doing business. Notification No 74/2020 – Central Dated 15th Oct 2020 All the registered taxpayers who […]
Brief update on the notifications under GST issued by the Government on 15.10.2020 The government has come up with the various notifications for prescribing the due dates for filing GSTR 1 & GSTR 3B , providing exemptions to certain category of persons from filing GSTR 9,GSTR-9A & GSTR-9C, mandating a registered person for mentioning of […]
Notification No. 79/2020 – Central Tax Dated: 15th October, 2020. For the financial year 2018-2019 and 2019-2020, every registered person whose aggregate turnover exceeds five crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly […]
Generally a person is liable for his wrongful acts and one cannot be held liable for the acts done by others. In legal terms this is doctrine of Vicarious Liability and in the layman’s term it is the law of karma. Admittedly no person can be or shall be punished for the act done by […]
Condition made under sub-rule (4) of rule 36 of the CGST Rules shall apply cumulatively for the tax period February, March, April, May, June, July and August, 2020 and that the return in FORM GSTR-3B for the tax period September, 2020 shall be furnished with the cumulative adjustment of input tax credit for the said months.
The emphasis of the provision is to restrict the ITC claimed by registered person in GSTR 3B whose corresponding details of sales have not been uploaded on GST Portal by supplier in his GSTR – 1 (i.e. GSTR – 1 have not been filed by supplier) thereby not visible to the recipient in its GSTR – 2A (Auto-populated return).
Quick Reference code, having embedded Invoice Reference Number (IRN) in it, in case invoice has been issued in the manner prescribed under sub-rule (4) of rule 48.
Rule 86A has been put in place w.e.f 26.12.2019 which empowers Commissioner or Officer authorized in this behalf not below the rank of Assistant Commissioner to restrict the use of input tax credit from electronic credit ledger
