GST: CBIC issues Advisory on Implementation of PMT-03 to Re-Credit the ITC sanctioned as Refund
XaTTaX Blog
by XaTTaX
3y ago
The Central Board of Indirect Taxes and Customs (CBIC) has issued the advisory on the implementation of PMT-03 to re-credit the Input Tax Credit (ITC) sanctioned as a refund. The Board has highlighted the notification No.16/2020-Central Tax dated March 23, 2020, vide which sub-Rule (4A) has been inserted in Rule 86 of the CGST Rules, 2017 and Para 4 of the Circular No 135/05/2020 dated March 31, 2020, wherein the procedure for refund of tax paid on supplies, other than zero-rated supplies were provided. As per sub-rule 4A of Rule 86 of the CGST Rules, 2017 read with Para 4 of the Circular date ..read more
Visit website
GST officers to soon have real-time data on vehicles moving without e-way
XaTTaX Blog
by XaTTaX
3y ago
The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills, to help intercept stuck trucks at toll plazas and check GST evasion. The tax officers would also be provided analysis reports on identifying e-way bill EWB with no movement of goods as it would help officials identifying cases of circular trading. It would also provide reports on recycling of e-way bills for tax evasion prone commodities to help officers in identifying tax evaders. Under the Goods and Services Tax (GST) regime, e-way bills h ..read more
Visit website
GST: Relaxation to assessee whose GSTIN has been cancelled during Mar 15, 2020, to Mar 14, 2021
XaTTaX Blog
by XaTTaX
3y ago
The Commercial Tax Department Chennai issued the instructions to all the territorial joint commissioners in respect of the exclusion of the period from March 15, 2020, to March 14, 2021, from the limitation period. The Department has highlighted the Supreme Court’s observation, in view of the Global Pandemic Situation across the Country, took Suo Motu cognizance of the situation arising out of the difficulties faced by the litigants in filing petitions/applications/suits/appeals/all other proceedings within the period of limitation prescribed under the general law of limitation or any under sp ..read more
Visit website
GST Audit is not an avoidable Compliance, Chartered Accountant ensures checks and balances: ICAI President
XaTTaX Blog
by XaTTaX
3y ago
GST Audit is not an avoidable compliance. GST Audit by a Chartered Accountant ensures maker checker concept thereby detecting inconsistencies, lapses, errors and ambiguities, if any, in complying with the provisions of GST law, said the ICAI President CA. Nihar N. Jambusaria. The ICAI President said that, he met key Government functionaries to discuss matters related to contribution of accounting profession and its increasing role in economy. Our meeting with Smt. Nirmala Sitharaman, Hon’ble Union Finance and Corporate Affairs Minister was held to discuss our representation regarding the remov ..read more
Visit website
GST: CBIC issues Clarification on reporting 4-digit/6-digit HSNs
XaTTaX Blog
by XaTTaX
3y ago
The Central Board of Indirect Taxes and Customs ( CBIC ) has issued Clarification on reporting 4-digit/6-digit HSNs. GST helpdesk is in receipt of some tickets at helpdesk wherein it was reported that certain 6-digit HSN codes are not available in HSN Master/ not accepted on e-invoice/e-Way bill portals. Background: Notification No. 12/2017-Central Tax dated June 28, 2017, as amended vide Notification No. 78/2020 – Central Tax, dated October 15, 2020, mandates taxpayers to declare specified digits, as follows, of Harmonised System of Nomenclature (HSN) / Service Accounting Code (SAC) Code on r ..read more
Visit website
Few more days to file your GST Annual Return Form GSTR-4: Know Complete details
XaTTaX Blog
by XaTTaX
3y ago
The last date of Annual Return Form GSTR-4 is April 30, 2021, so file your annual return without a late fee. The GSTR-4 is a GST Return that has to be filed by a composition dealer. Unlike a normal taxpayer who needs to furnish 3 monthly returns, a dealer opting for the composition scheme is required to furnish only 1 return which is GSTR 4 once in a year by the 30th of April, following a financial year. Salient Features of GSTR 4 Return Form Firstly, GSTR 4 Returns will file on an annual basis for compounding Taxable persons. The last date for filing the GSTR- 4 (CMP-08) payment form is the 1 ..read more
Visit website
Know 12 New Functionalities made available for Taxpayers on GST Portal
XaTTaX Blog
by XaTTaX
3y ago
The Goods and Service Tax Networks (GSTN) has made available new functionalities pertaining to registration, returns, audit, front office, and Webinars Conducted for Taxpayers on GST Portal. 1. Assignment of new applications of registration, in certain cases, with same PAN and in same State/ UT New registration applications of the applicants, whose previous application for registration were either rejected by Tax Officer or whose GSTIN was cancelled (either suo-moto or if surrendered by the taxpayer), will now be assigned to the respective authority of the State or Centre (who have earlier rej ..read more
Visit website
Government allows further operational flexibility to GST filers
XaTTaX Blog
by XaTTaX
3y ago
The government has allowed further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme of GST. These tax filers will now be permitted to declare invoices pertaining to movement of goods and services in their quarterly return form GSTR 1 to be filed in the last month of each quarter. As per an advisory issued by the Goods and Services Tax Network (GSTN), the taxpayer must ensure that any saved but not Filed/Submitted IFF (Invoice Furnishing Facility) records for the first two months of the quarter i.e. month of Jan-2021 or Feb-2021 mu ..read more
Visit website
India’s GST e-invoicing system registered nearly 40 cr invoices in first 6 month
XaTTaX Blog
by XaTTaX
3y ago
The Indian government’s GST e-invoice system has registered over 39.81 crore e-invoices over its first six months, the government announced today. Over 37.42 lakh of these e-invoices were generated on March 31 alone, which is the highest for a single day in the last six months. Over 47 lakh recipients were involved in these transactions. The Indian government’s e-invoice system was launched in October last year and required taxpayers whose annual aggregate turnover came in at over Rs. 500 crore to use the system. The government added businesses with turnovers over Rs. 100 crore to this on Janu ..read more
Visit website
GST collections hit record high of Rs 1.24 lakh crore in March
XaTTaX Blog
by XaTTaX
3y ago
GST collections rose 27% to hit a record high of nearly Rs 1.24 lakh crore in March, helping to narrow the deficit for the full financial year to around 7%. The mop-up — based on sales in February 2021, for which returns were filed in March — was boosted by imports with revenue from imported goods jumping 70%, while those from domestic transactions, including services imports, were 17% higher than the corresponding period in 2020. The impact of the coronavirus pandemic was first seen in February 2020 when the lockdown in Wuhan resulted in a disruption of shipments coming from China, where the ..read more
Visit website

Follow XaTTaX Blog on FeedSpot

Continue with Google
Continue with Apple
OR