GST: CBIC notifies due date of Form GSTR-3B for October 2020 to March 2021

GST: CBIC notifies due date of Form GSTR-3B for October 2020 to March 2021

The Central Board of Indirect Taxes and Customs (CBIC) notified that the return in Form GSTR-3B of the Central Goods and Services Tax Rules, 2017 for each of the months from October 2020 to March 2021, which shall be furnished electronically through the common portal, on or before the 20th day of the month succeeding such month. However, the Board notified 22nd day of the succeeding month to file the return in Form GSTR-3B if the taxpayers having an aggregate…

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GST compensation deadlock: Centre allows 20 states to mobilise Rs 68,825 crore

GST compensation deadlock: Centre allows 20 states to mobilise Rs 68,825 crore

The Centre on October 13 granted permission to 20 states to raise an additional Rs 68,825 crore through open market borrowings. “Additional borrowing permission has been granted at 0.5 percent of the Gross State Domestic Product (GSDP) to those states who have opted for option 1 out of the two options suggested by the Ministry of Finance to meet the shortfall arising out of the Goods & Services Tax (GST) implementation,” the government said in a press release. In the…

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GST: E-Way Bill generation facility to be blocked for Taxpayers who failed to file GSTR-3B for 2 or more Tax period from Oct 15

GST: E-Way Bill generation facility to be blocked for Taxpayers who failed to file GSTR-3B for 2 or more Tax period from Oct 15

The Central Board of Indirect Taxes and Customs ( CBIC ) has clarified that, E-Way Bill generation facility to be blocked for Taxpayers who failed to file GSTR-3B for 2 or more Tax period from Oct 15, 2020. In terms of Rule 138 E (b) of the CGST Rules, 2017, the E Way Bill generation facility of a person is liable to be restricted, in case the person fails to file their GSTR-3B returns, for a consecutive period of two…

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GST e-invoicing for all B2B transactions from April 1, 2021: Finance Secretary

GST e-invoicing for all B2B transactions from April 1, 2021: Finance Secretary

The government will roll out the electronic invoicing (e-invoicing) system for all business-to-business (B2B) transactions under the Goods and Services Tax (GST) regime from April 1 next year that will replace physical invoices, finance secretary Ajay Bhushan Pandey said. The government introduced the e-invoicing system on October 1, 2020 for businesses with an annual turnover over Rs 500 crore. “By January 1, 2021, it will be available to taxpayers with an annual turnover over Rs 100 crore,” he said. “It…

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GST Council may set up GoM on compensation shortfall

GST Council may set up GoM on compensation shortfall

The Goods and Services Tax (GST) Council could consider setting up a group of ministers (GoM) to resolve the row over states having to borrow from the market in order to meet the shortfall in compensation. Apart from the two options that the Centre has offered to the states, a third has emerged, which proposes that they make such borrowings jointly, rather than states taking on the entire burden. Punjab has written to the Centre, asking for a GoM to…

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GST Council approves increased borrowing limit of Rs 1.1 lakh crore under option 1

GST Council approves increased borrowing limit of Rs 1.1 lakh crore under option 1

The GST Council has approved an increased borrowing limit of Rs 1.1 lakh crore instead of Rs 97,000 crore in the first borrowing option provided to the states. The Centre had proposed an increased borrowing limit in the ongoing 42nd goods and services tax (GST) Council meeting headed by finance minister Nirmala Sitharaman, assuming a 7% growth rate instead of the earlier assumption of 10% over the previous financial year. States had said the increase should be based on the…

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GST compensation cess to stay beyond June 2022 to help states

GST compensation cess to stay beyond June 2022 to help states

After joining hands with the states at the GST Council to extend the applicability of compensation cess on cars, coal and soft drinks beyond June 2022, the Centre on Monday closed the room for further negotiation, arguing that the modalities of borrowing funds can’t be finalised by the panel comprising Union and state finance ministers. The latest move can further strain relations between the Centre and opposition-governed states. The change in stance came after finance minister Nirmala Sitharaman said at…

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GST Council allows Quarterly filing of GSTR-3B for less than 5cr Turnover

GST Council allows Quarterly filing of GSTR-3B for less than 5cr Turnover

The 42nd GST Council Meeting held today has decided to allow the quarterly filing GSTR-3B returns having less than five crores turnover. This facility will be available from January 1st, 2021. From Jan 2021, the number of returns for small taxpayers will be reduced from 24 to 8. However, since states require money every month, payments can be made through challan every month, even though returns can be filed every quarter. GSTR-2B has been provided to help Taxpayers calculate input…

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GST revenues cross ₹95,000 crores in September

GST revenues cross ₹95,000 crores in September

Revenue collections from the Goods and Services Tax (GST) in September hit ₹95,480 crore, the highest in this financial year so far, indicating that economic activity is picking up steam in tandem with the gradual easing of lockdown restrictions necessitated by the COVID-19 pandemic. September’s indirect tax collections were over 10% higher than August, 4% higher than the GST kitty in the same month a year ago and marked only the second time that the ₹90,000 crore mark was crossed…

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CBIC gives 30-day grace period for those not yet ready for GST e-invoice

CBIC gives 30-day grace period for those not yet ready for GST e-invoice

Businesses not yet prepared for generating Goods and Services Tax (GST) e-invoices despite having got about nine months to prepare for, have been given “one last chance” to avoid penalty and regularise their invoices, the government said late on Wednesday. The compulsory e-invoicing of business-to-business transactions of companies with more than ₹500 crore sales kicks in from Thursday. The Central Board of Indirect Taxes and Customs (CBIC) said in a statement that the announcement of this compliance requirement was first…

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