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Goods and Services Tax - Article contains GSTR-3B and GSTR-1 waiver of Interest and Late fee Waiver Dates- GSTR-3B Return Interest and penalty Waiver Dates –Based upon Aggregate Turnover in the Preceding FY More than or upto Rs. 5.00 Crore, and GSTR-1 Late fee Waiver Dates-as notified by CBIC on 24th June 2020 incorporating Notification No. 57/2020-Central ...
Read MoreGoods and Services Tax - A. BRIEF BACKGROUND OF AMENDMENTS 1. Section 2(114) of the Central Goods and Services Tax Act, 2017 before amendment made under Article 240 of the Constitution read as under; “Union territory” means the territory of— (a) the Andaman and Nicobar Islands; (b) Lakshadweep; (c) Dadra and Nagar Haveli; (d) Daman and Diu; (e) Chandigarh; ...
Read MoreGoods and Services Tax - SUMMARY OF NOTIFICATIONS BY CBIC ON 24th June 2020 i. Waiver / Reduced rate of interest for delayed in filing of GSTR-3B for various months – (Notification No. 51/2020 – Central Tax dated 24th June 2020) ii. Wavier of Late Fees for delay in filing of GSTR-3B for the returns from Feb 2020 till June 2020 […]...
Read MoreGoods and Services Tax - Important Dates for filing GSTR-3B and GSTR-1 for availing benefit of Interest & Late Fees considering recent GST Notifications, Circulars, Orders, Instruction issued by CBIC on 24th June 2020. 1. Full Waiver of Late Fees for filing FORM GSTR-1 vide Notification No. 53/2020 – CT dt 24.06.2020 Sr. No Class of Registered Person Fo...
Read MoreGoods and Services Tax - Introduction: 1. Since the lockdown has begun in India due to the Covid – 2019, there have been many relaxations given by the Government in all fronts for compliance. This is the third time that the Government has announced relaxation for making compliance under GST. The present note explains in detail various notifications issued on [&...
Read MoreGoods and Services Tax - CBIC has issued one GST Instruction, Two IGST Notifications, 6 CGST Notifications and one UTGST Notification on 24th June 2020. Notifications are for notifying relaxation in GST Interest Rate & Late Fees with respect to Form GSTR 3B, For notifying Waiver of Late Fees for GSTR 1, Notification of Due dates of GSTR 3B, Amendment [&hellip...
Read MoreGoods and Services Tax - CBIC issues 43 notifications on 30th September 2019 to give effect to Recommendations made by GST Council in its 37th Meeting. Most of the changes are effective from 1st October 2019 and includes changes in Custom Law, CGST, IGST and UTGST Law. Changes includes changes in Rates on certain Products and Services, Applicability of Reverse [&...
Read MoreGoods and Services Tax - CBIC issues 23 notifications / Orders on 29th March 2019 which related to new rate of CGST in the real estate (residential unit). Notifications relates to Rate of Tax payable on Real Estate Sector Services and Goods, Applicability of Reverse Charge Mechanism on Real Estate Goods and Services and also Applicability of Reverse Charge Mech...
Read MoreGoods and Services Tax - CBIC issues 9 notification/ Circulars on 07th March 2019 to give effect to Latest GST Council meeting decisions with effect from 01.04.2019 which includes increase in GST Composition Limit, Increase in GST Registration Limit, Due of GSTe 1 and GSTR 3B etc. S. No. Title Notification No. Date 1 GST Composition Scheme limit enhanced to [&hel...
Read MoreGoods and Services Tax - CBIC issues 13 Notifications on 29th January 2018 which includes the following- 1. notifications to specify that Reverse Charge Mechanism on Procurement from Unregistered Dealers which was deferred till 30.09.2019 to be completely withdrawn with effect from 1st February 2019 2. It further notified applicability of CGST (Amendment) Act,201...
Read MoreAbicor and Binzel Technoweld Pvt. Ltd. V/s Union of India and Anr. (Bombay High Court) - A tax like Goods and Services Tax was highly publicised and termed as popular. We had yet not seen a celebration of New Tax regime, but that has followed with great hue and cry. These celebrations mean nothing. The special sessions of Parliament or special or extraordinary meetings of Council would ...
Read MoreJ K Mittal & Company Vs. Union Of India & Ors. (Delhi High Court) - In this case Delhi High Court held that as of date there is no clarity on whether all legal services (not restricted to representational services) provided by legal practitioners and firms would be governed by the reverse charge mechanism. ...
Read MoreNotification No. 02/2020–Union Territory Tax/G.S.R. 408(E) - (24/06/2020) - CBIC lowered interest rate for tax periods from February, 2020 to July, 2020 for delayed filing of GSTR 3B vide Notification No. 02/2020 –Union Territory Tax Dated 24th June, 2020. Ministry of Finance (Department Of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 02/2020–...
Read MoreCircular No.141/11/2020-GST - (24/06/2020) - CBIC clarified on Manner of calculation of interest for taxpayers having aggregate turnover above Rs. 5 Cr., Manner of calculation of interest for taxpayers having aggregate turnover below Rs. 5 Cr. and Manner of calculation of late fee vide Circular No. 141/11/2020-GST Dated 24th June, 2020. Circul...
Read MoreNotification No. 1/2020–Union Territory Tax - (08/04/2020) - CBIC notifies vide Notification No. 1/2020 – Union Territory Tax Dated 8th April, 2020 provisions to provide relief by conditional lowering of interest rate for tax periods of February, 2020 to April, 2020. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect ...
Read MoreNotification No. 03/2020-Union territory Tax (Rate) [G.S.R. 218(E)] - (25/03/2020) - Seeks to amend notification No. 1/2017-Union Territory Tax (Rate) to prescribe uniform UTGST rate of 12% on all matchsticks & 18 % on all telephone sets vide Notification No. 03/2020–Union Territory Tax (Rate) dated 25th March, 2020. Ministry of Finance (Department of Revenue) Notification No....
Read MoreNotification No. 03/2020-Union Territory Tax (Rate) [G.S.R. 1211(E).] - (25/03/2020) - CBIC amends Notification No. 11/2017-Union Territory Tax (Rate) dt. 28.06.2017 reducing UTGST rate on Maintenance, Repair and Overhaul (MRO) services in respect of aircraft from 18% to 5% with full ITC vide Notification No. 02/2020–Union Territory Tax (Rate) dated 25th March, 2020 Ministry of Fina...
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