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Goods and Services Tax - A. FAQs on Comparison of Liability Declared and ITC Claimed General GST Tax Liabilities and ITC Comparison Report Q.1 What is GST Tax Liabilities and ITC Comparison Report? Ans: The GST Tax liabilities and ITC Comparison report is the comparison of liability declared and ITC claimed by the Taxpayer. The Tax Liabilities and ITC Comparison ...
Read MoreGoods and Services Tax - The Ministry of Finance on 15th October, 2020 notified various notifications incorporating various changes to the CGST Act and CGST Rule. In this Article we will discuss the various amendments made in GST Forms. Notification No. 74/2020- Central Tax Dated 15th October, 2020 This notification revised the due date for filing of GSTR-1 for s...
Read MoreGoods and Services Tax - et’s study 9 major updates in GST, which are important for the taxpayers to take note of. Due to future changes & implementation of e-invoicing, it seems that's the GST department is willing to play Virtual Dandiya with a great enthusiasm with the taxpayers....
Read MoreGoods and Services Tax - The Scheme of New returns was designed to be implemented by 1st Oct 2020 and accordingly the present scheme of GST return filing was mandated till 30th September 2020. However, due to delay in system changes and situations arising on account of COVID-19 the present scheme of filing of returns is continued which is explained below....
Read MoreGoods and Services Tax - Consequent to the recommendations made by GST Council in its 42nd meeting held on 5th October,2020 the Govt. has issued a number of notifications giving effect to the recommendations. The notifications are summarised below- 1. Due dates for filing GSTR1 Notification No. 74/2020 – Central Tax dated 15.10.2020 Those registered persons w...
Read MoreGoods and Services Tax - 53 GST and Trade Associations, under the banner of the ‘All India Joint Representation Committee for GST’, have come together, to submit a joint representation to the Union Finance Minister, Smt.Nirmala Sitharaman, on various relaxations which are required in GST to ease the suffering of businesses as well as meet the emergent...
Read MoreGoods 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 MoreGoods and Services Tax - Request for permitting availment of input tax credit under GST pertaining to Financial Year 2019-20 and correction in GSTR- 1 till March, 2021. Institute of Charted Accountant of India ICAI/IDTC/2020-21/Rep/16 10th September, 2020 Shri S.K Rahman Joint Secretary, Goods and Services Tax Council, 56′ Floor, Tower II, Jeevan Bharti Bui...
Read MoreGoods and Services Tax - A pdf statement has been made available to taxpayers, filing monthly GSTR-1 statement, with system computed values of Table 3 of Form GSTR-3B. This PDF will be prepared on the basis of the values reported by them, in their GSTR-1 statement, for the said tax period....
Read MoreGoods and Services Tax - System computed GSTR-3B (Table-3 for liabilities) on the basis of GSTR-1 filed by taxpayers now available on the GST portal for monthly GSTR-1 filers – – – – – – –...
Read MoreVadehra Builders Pvt. Ltd. Vs Union of India & Anr. (Delhi High Court) - Subject to final outcome of the writ petition, we permit the petitioner to rectify the return in GSTR 1 Form for the period November, 2017 in respect of the six recipients noted in the tabulation hereinabove, by correcting their GSTIN Nos....
Read MoreNotification No. 79/2020-Central Tax/G.S.R. 639(E) - (15/10/2020) - 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 certi...
Read MoreNotification No. 75/2020-Central Tax/G.S.R. 635(E) - (15/10/2020) - Due dates of filing of GSTR-1 for the registered persons having aggregate turnover Exceeding Rs. 1.5 crore rupees in the preceding financial year or the current financial year for the period October, 2020 to March,2021 have been notified vide Notification No. 75/2020 – Central Tax Dated: 15th Octo...
Read MoreNotification No. 74/2020-Central Tax/G.S.R. 634(E) - (15/10/2020) - Due dates of filing of GSTR-1 for the registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year for the period October, 2020 to March,2021 have been notified vide Notification No. 74/2020 – Central Tax Dated: 15th October, ...
Read MoreCircular No. 142/12/2020- GST - (09/10/2020) - 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 cr...
Read MoreRelease ID: 1634831 - (27/06/2020) - NIL statement in Form GSTR-1 can now be filled via SMS from the 1st week of July 2020 NIL statement in Form GSTR-1 can now be filled via SMS from the 1st week of July 2020. Previously on 8th June, a similar facility for the Form GSTR-3B had been announced. This will benefit approx 12 […]...
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