Due Dates for filing of Form GSTR-9 and Form GSTR-9C extended to 30-06-2020 for FY 2018-19.
Ofcourse, registration is Free! 

 

Greetings!

CBIC - CGST Circular issued on 20/03/2020

To issue clarification in respect of appeal in regard to non-constitution of Appellate Tribunal -reg.

Click to view / download Circular

CBIC - CGST Notification issued on 16/03/2020

Seeks to exempt foreign airlines from furnishing reconciliation Statement in FORM GSTR-9C"

Click to view / download Notification

Date : 20/03/2020

 

GST Council Meeting on 14/03/2020

The GST Council has in the meeting held on March 14, 2020 recommended changes in GST Rates on certain goods and services besides changes in law / procedures.

One significant decision is that interest for delay in payment of GST to be charged on the net cash tax liability with effect from 01/07/2017. 

Here are the highlights:

(I) GST rate on Goods / Services

  GST on mobile phones and specified parts was increased from 12% to 18%.

  All types of matches (Handmade and other than Handmade) has been rationalised to 12% (from 5% on Handmade matches and 18% on other matches).

  GST on Maintenance, Repair and Overhaul (MRO) service in respect to aircraft was reduced from 18% to 5% with full ITC.

(II) Changes related to law / procedures / Returns

(a) Annual Return Extension of Due Dates

  The Due date for filing the Annual return in Form GSTR-9 and the Reconciliation Statement in Form GSTR-9C for financial year 2018-19 to be extended to 30.06.2020.

  Filing of Reconciliation Statement in Form GSTR-9C for financial year 2018-19 exempted for taxpayers having aggregate turnover below Rs. 5 crores;

  Late fees not to be levied for delayed filing of the Annual return and the Reconciliation Statement for financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores.

(b) New Returns and E-invoicing

  Proposed new format of returns and e-invoicing deferred till 30/09/2020. Certain class of taxable person like Insurance Company, Bank to be exempted from issuing e-invoices or capturing dynamic QR code.

(c) Extension of Due Dates

  Application for revocation of registration can be filed up to 30/06/2020 where registration have been cancelled till 14/03/2020

  Consequent to merger of the UTs - Dadra and Nagar Haveli & Daman and Diu with effect from 26/01/2020, transition of registration is to be completed by 31/05/2020.  

  Filing of GSTR-1 for 2019-20 to be waived for tax payers who could not opt for availing the option of special composition scheme under Notification No. 2/2019-Central Tax (Rate) dated 07.03.2019.

  The due date for filing of GSTR-3B for the period from July 2019 for registered persons having principal place of business in the Union territory of Ladakh extended till 24/03/2020. The due dates for fling of GSTR-1 and GSTR-7 is also to be extended.

(d) Exemption for Importers

 IGST and Cess Exemption on the imports made under the AA/EPCG/EOU schemes extended to 31/03/2021.

(e) Other Recommendations

  E-wallet scheme to be finalised by 31/03/2021

  Special procedure for corporate taxable person undergoing process under Insolvency and Bankruptcy Code, 2016, is to be prescribed.

  Basic information regarding taxable persons to be made available under a new facility called 'Know Your Supplier'.

  To prevent availment of ITC fraudulently, restriction of ITC availment on supplies by new registered person, before physical verification of premises and financial KYC of the registered person.

  Filing of refund claim overlapping financial years to be permitted for exporters.

Click to view / download press release on on recommendations of the GST Council meeting on 14/03/2020

Date : 16/03/2020

CBIC - CGST Notification issued on 02/03/2020

seeks to "Amend the CGST Rules, 2017 to prescribe the value of Lottery"

Click to view / download Notification

Date : 03/03/2020

CBIC - CGST (Rate) Notification issued on 21/02/2020

Seeks to amend notification No. 1/2017- Central Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery.

Click to view / download Notification

CBIC - IGST (Rate) Notification issued on 21/02/2020

Seeks to amend notification No. 1/2017- Integrated Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery.

Click to view / download Notification

CBIC - UTGST (Rate) Notification issued on 21/02/2020

Seeks to amend notification No. 1/2017- Union Territory Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery.

Click to view / download Notification

Date : 24/02/2020

CBIC - Removal of Difficulty Order issued on 07/02/2020

Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117(1A) of the Central Goods and Service Tax Rules, 2017 in certain cases.

Click to view / download Removal of Difficulty Order

Date : 08/02/2020

CBIC - CGST Notification issued on 03/02/2020

Seeks to extend the last date for furnishing of annual return/reconciliation statement in FORM GSTR-9/FORM GSTR-9C for the period from 01.07.2017 to 31.03.2018.

Click to view / download Notification

Date : 04/02/2020

Union Budget 2020 - February 1, 2020

The Union Finance Minister Smt. Nirmala Sitharaman presented on 01/02/2020 the Union Budget 2020.

Here is brief highlights on GST in the Budget Speech

  GST rate structure is being deliberated so as to address issues like inverted duty structure.

 The simplified return to be implemented from the 1st April, 2020 will make return filing simple with features like SMS based filing for nil return, return pre-filling, improved input tax credit flow and overall simplification.

  Electronic invoice is another innovation wherein critical information shall be captured electronically in a centralized system. It will be implemented in a phased manner starting from this month itself on optional basis. It will facilitate compliance and return filing.

  Several measures have been taken for improving compliance. Aadhaar based verification of taxpayers is being introduced. This will help in weeding out dummy or non-existent units. Dynamic QR-code is proposed for consumer invoices. GST parameters will be captured when payment for purchases is made through the QR-code.

  A system of cash reward is envisaged to incentivise customers to seek invoice.

  Deep data analytics and AI tools are being used for crackdown on GST input tax credit, refund, and other frauds and to identify all those who are trying to game the system.

  It is proposed to provide for penalty for malpractices like manipulation of books of accounts by recording false entries including fake invoices to claim wrong input credit in GST.

 

Click to view / download - Budget Speech 2020

Click to view / download - The Finance Bill 2020

Click to view / download - Extract of GST Proposals in Budget 2020

Date : 01/02/2020

CBIC - Central Tax Notification issued on 01/01/2020

S.No.

Notification No.

Date

Subject

1.

01/2020 Central Tax

01/01/2020

Seeks to bring into force certain provisions of the Finance (No. 2) Act, 2019 to amend the CGST Act, 2017.

2.

02/2020 Central Tax

01/01/2020

Seeks to make amendment (2020) to CGST Rules.

3.

03/2020 Central Tax

01/01/2020

Seeks to amend the notification No. 62/2019-CT dt. 26.11.2019 to amend the transition plan for the UTs of J&K and Ladakh

Click to view / download Notification

CBIC- IGST Notification issued on 01/01/2020

Seeks to bring into force certain provisions of the Finance (No. 2) Act, 2019 to amend the IGST Act, 2017

Click to view / download Notification

Date : 02/01/2020

CBIC - CGST (Rate) Notification issued on 30/12/2019

Seeks to further amend notification No. 01/2017-Central Tax (Rate), to change the rate of GST on goods as per recommendations of the GST Council in its 38th Meeting.

Click to view / download Notification

CBIC - IGST (Rate) Notification issued on 30/12/2019

Seeks to further amend notification No. 01/2017-Integrated Tax (Rate), to change the rate of GST on goods as per recommendations of the GST Council in its 38th Meeting.

Click to view / download Notification

CBIC - UTGST (Rate) Notification issued on 30/12/2019

Seeks to further amend notification No. 01/2017-Union Territory Tax (Rate), to change the rate of GST on goods as per recommendations of the GST Council in its 38th Meeting.

Click to view / download Notification

CBIC - Central Tax Notification issued on 26/12/2019

S.No.

Notification No..

Date

Subject

1.

74/2019 Central Tax

26/12/2019

Seeks to waive late fees for non- filing of FORM GSTR-1 from July, 2017 to November, 2019.

2.

75/2019 Central Tax

26/12/2019

Seeks to carry out changes in the CGST Rules, 2017.

3.

76/2019 Central Tax

26/12/2019

Seeks to extend the due date for furnishing of return in FORM GSTR-1 for registered persons in Assam, Manipur or Tripura having aggregate turnover more than 1.5 crore rupees for the month of November, 2019.

4.

77/2019 Central Tax

26/12/2019

Seeks to extend the due date for furnishing of return in FORM GSTR-3B for registered persons in Assam, Manipur, Meghalaya or Tripura for the month of November, 2019.

5.

78/2019 Central Tax

26/12/2019

Seeks to extend the due date for furnishing of return in FORM GSTR-7 for registered persons in Assam, Manipur or Tripura for the month of November, 2019.

Click to view / download Notification

CBIC - Removal of Difficulty Order issued on 26/12/2019

Seeks to extend the last date for furnishing of annual return/reconciliation statement in FORM GSTR-9/FORM GSTR-9C for FY 2017-18 till 31.03.2020.

Click to view / download Circular

Date : 27/12/2019

CBIC - CGST Circular issued on 24/12/2019

Standard Operating Procedure to be followed in case of non-filers of returns reg.

Click to view / download Circular

CBIC - CGST Notification issued on 23/12/2019

Seeks to extend the last date for filing of FORM GSTR-3B for the month of November, 2019 by three days from 20.12.2019 till 23.12.2019.

Click to view / download Notification

Date : 25/12/2019

CBIC - CGST Circular issued on 23/12/2019

Generation and quoting of Document Identification Number (DIN) on any communication issued by the officers of the Central Board of Indirect Taxes and Customs (CBIC) to tax payers and other concerned persons.

Click to view / download Circular

Date : 24/12/2019

GST Council Meeting on 18/12/2019

The GST Council has in the meeting held on December 18, 2019 recommended changes in GST Rates on certain goods and services besides changes in law / procedures.

Here are the highlights:

(I) GST rate on Goods / Services

(1) The GST Council approved single of rate GST on sale of State run and State Authorised lottery 28% with effect from 01/03/2020.

(2) GST Rate of tax of 18% on Woven and Non-Woven Bags and sacks of polyethylene or polypropylene strips or the like, whether or not laminated, of a kind used for packing of goods including Flexible Intermediate Bulk Containers (FIBC) ( HS code 3923/6305 with effect from 01/01/2020

(3) The percentage of ownership of Central or State Government of the specified entities is reduced to 20% from 50% for exemption on upfront amount payable for long term lease of industrial/ financial infrastructure plots - with effect from 01/01/2020.

(II) Changes related to law / procedures

(a) Due Date Extension of Returns

S.No. Form Period Extended to

1.

GSTR-9 / 9C

2017-18

31/01/2020

(b) Measures to improve filing of GSTR 1 return

i. Waiver of late fee for all tax payers if all the returns for the period July 2017 to November 2019 is filed by 10/01/2020

ii. Generation of E way bills for the tax payers who have not filed the return for two tax periods shall be blocked

(c) Regarding ITC availment

i. ITC in respect of invoices / debit notes not reflected in GSTR 2A shall be restricted to 10% (current limit is 20%) of the eligible ITC in respect of invoices or debit notes reflected in GSTR2A.

ii. To check issuance of fake invoices action contemplated to block such fraudulently availed ITC in certain situations.

iii. A SOP will be issued to Officers in respect of action to be taken in the case of non-filing of GSTR3B returns.

(d) Other decisions

i. Due date of filing GST return for November 2019 to be extended in respect of a few north eastern States.

ii. Grievance Redressal Committee/s (GRC) will be constituted at Zonal / State Level with representatives of CGST, SGST Officers, representatives of Trade & Industry and other GST stakeholders like GST Practitioners, GSTN etc to address tax payers specific / general nature of grievances.

Click to view / download press release regarding Law and Procedure related changes

Click to view / download press release on Rate Changes

Date : 20/12/2019