The due date for filing the GSTR-9C is fast approaching for FY 2018-19. As on the day of writing this article, the due date is 30th September 2020 which is expected to get extended further due to the present pandemic situation. Many of the audit and auditee staff are yet to return to their offices […]
The Indirect Tax Committee of ICAI have made following 4 representations to GST council on 10 September 2020 which relates to request for Extension of due date of Annual Returns in GSTR-9/GSTR-9A and GSTR-9C for the year 2018-19 by 3 months to December 31, 2020, request to Permit availment of input tax credit under GST […]
Request for extension of due date of filing Return of Income (ITR), Tax Audit Report and Transfer Pricing Report for the Assessment Year 2020-21 by Chamber of Commerce and Industry. Dated- 08/09/2020 Mr. P.C. Mody, IRS Chairman Central Board of Direct Taxes Department of Revenue Ministry of Finance Government of India North Block New Delhi-110 […]
In continuation to the reliefs provided earlier under the GST law, we would like to make further suggestions for the changes to be made in GST law.
1. GST DEADLINES 1.1. Deadlines | September 2020 ♠ E Invoice mandatory for taxpayers whose Aggregate Turnover in previous financial year is more than Rs 500 crore. (Notification No. 60 & 61/2020 CT; Dated 30th July 2020) from 1 Oct 2020. ♠ Waiver of GSTR3B late Fees- Last date for availing conditional waiver of late […]
Federation shall, therefore, be most grateful if the date of filing of the tax audit reports for the A.Y 2020-21 is extended by three months i.e from 31st October 2020 to 31st January 2021, and for filing the income tax returns by four months i.e from 30th November 2020 to 31st March 2021.
In view of the pandemic of Covid-19, the RBI had, vide a Circular dated 27th March 2020, permitted the lenders to allow a moratorium for three months of EMI (Equated Monthly Instalments), falling due between 1st March 2020 and 31st May 2020, for various categories of loans. Since the pandemic accompanied with lockdown was bound […]
DISCLOSURES -The notes for GST Audit are for guidance only. -The GST auditor will have to make suitable observations, remarks, qualifications, etc. depending on the facts of the audit. -AS THE GST LAW IS VOLATILE Where to put reasons, comments, observations, qualifications, etc. in GSTR-9C ? 1) The Auditor is required to put reasons for […]
One of the main objectives for introduction of GST Act is to avoid the cascading effect of taxes and to ensure seamless flow of credits. The GST law contain provisions which restricts admissibility of input tax credit of goods and/or services. The admissibility including conditions for claim of ITC contained in Section 16 of the […]
Roll out of GST has given rise to innumerable questions as to the applicability of its provisions on various business transactions. The economic environment of India is both vast as well as complex giving rise to novel and unique situations or business arrangements calling for urgent clarity with a tug of war between astute legislature […]
