Centre extends deadline for completing GST anti-profiteering probe

Centre extends deadline for completing GST anti-profiteering probe

The government has extended the deadline till March 31, 2021 for completing GST anti-profiteering investigations, which were to be completed by November this year. Through a notification, the Central Board of Indirect Taxes and Customs (CBIC) extended the deadline for completion of such investigations by authorities, like DGAP, under section 171 of GST Act, till March 31, 2021. In September, CBIC had extended the deadline till November 30, 2020. Section 171 of GST Act deals with anti-profiteering measures. Under the…

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GSTN enables facility of Communication between supplier and recipient on GST portal

GSTN enables facility of Communication between supplier and recipient on GST portal

The Goods and Service Tax Network (GSTN) has enabled the new facility of “Communication between Taxpayers” on the GST portal After the introduction of this facility the supplier and recipient can directly communicate with each other on GST Portal itself. They can also give a reply to communication received on the portal. The GSTN has given this facility taking care of the requirement that the communication forms a significant part of GST as Input Tax Credit (ITC) in GST which…

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GST: CBIC enables GSTR-9 of FY 2019-20 on GST Portal

GST: CBIC enables GSTR-9 of FY 2019-20 on GST Portal

The Central Board of Indirect Taxes ( CBIC ) has enabled the GST Annual Return ( GSTR-9 ) of Financial Year 2019-20 on the GST Portal. A statement issued by CBIC said that, Facility to file an annual return in Form GSTR-9 for FY 2019-20 is now available. The Form is enabled for taxpayers whose table 8A computation has been completed. Computation of table 8A of the said return for auto-population from returns is in progress which is likely to…

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GST compensation shortfall: Centre disburses another Rs 6,000 crore to states

GST compensation shortfall: Centre disburses another Rs 6,000 crore to states

The central government has released the sixth weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall, the government said on Wednesday. This amount has been borrowed at the interest rate of 4.2%. The government has so far disbursed Rs 36,000 crore to states in back-to-back loan arrangement after borrowing the amount on behalf of states. The average interest rate for the borrowing under special window so far stood at 4.71%, the government said. “Out…

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E-invoicing under GST pick up speed, posts 17% growth in November

E-invoicing under GST pick up speed, posts 17% growth in November

E-invoicing under goods and services tax (GST), overcoming early hiccups, picked up pace right in the second month of its roll-out, with bill generation posting 17 per cent growth in November over the previous month. This paves the way for the second phase of e-invoicing, which is to make it mandatory for entities with a turnover of Rs 100 crore and more from January 1 and the rest from April 1 for business-to-business transactions. The e-invoicing system is now mandatory…

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Change In GST Filing Rules For Small, Medium Assessees From 2021: Check Details

Change In GST Filing Rules For Small, Medium Assessees From 2021: Check Details

In a move to ease the pressure on small taxpayers, the Centre has decided to introduce quarterly filing of return with monthly payment. Under this scheme, Goods and Services Tax (GST) assessees — having an annual aggregate turnover (AATO) up to Rs 5 crore — will be required to fill only four GSTR 3B forms as against 12 now. The new scheme will be applicable from January 1, 2021 onwards and will impact almost 94 lakh taxpayers. The scheme referred…

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GSTN enables option for opting quarterly filing of GST returns under QRMP Scheme

GSTN enables option for opting quarterly filing of GST returns under QRMP Scheme

The Goods and Service Tax Network (GSTN) has enabled the option for opting for quarterly filing of GST returns under the quarterly return with the monthly payment (QRMP) scheme. The GSTN announced that for the small taxpayers with annual aggregate turnover up to 5 Cr. will be made available on the common portal from 1st of January 2021. Once a taxpayer opts-in he may file his FORM GSTR-1 and FORM GSTR-3B returns on a quarterly basis while paying their tax…

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Govt collects Rs 1,04,963 crore GST in November, crosses Rs 1 lakh crore mark second time since April

Govt collects Rs 1,04,963 crore GST in November, crosses Rs 1 lakh crore mark second time since April

Goods and service tax (GST) collections for November stood at Rs 1.04 lakh crore, marginally lower than Rs 1.05 lakh crore collected in October this year, but higher than Rs 1.03 lakh crore collected in the same month last year. The numbers showed the second consecutive month of collections clocking up more than Rs 1 lakh crore, indicating continued economic recovery, said experts. “In line with the recent trend of recovery in the GST revenues, the revenues for the month…

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Monthly GST filing will not be necessary after e-invoice system is in place: Finance secretary

Monthly GST filing will not be necessary after e-invoice system is in place: Finance secretary

In a major relief to businesses, the government plans to do away with monthly filing of Goods and Services Tax (GST) returns after the electronic invoice (e-invoice) is fully operationalised, which will not only reduce compliance burden but also check tax evasion, finance secretary Ajay Bhushan Pandey said. “GSTR-1 and GSTR-3B will ultimately be phased out, once we fully operationalise the electronic invoice (e-invoice),” he said. In the normal course, the two GST returns (GSTRs) means 24 returns filed by…

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GST: CBIC notifies due date for filing GSTR-3B for the months of Oct. 2020 to March 2021

GST: CBIC notifies due date for filing GSTR-3B for the months of Oct. 2020 to March 2021

The Central Board of Indirect Taxes and Customs (CBIC) notified the Central Goods and Services Tax (Thirteenth Amendment) Rules, 2020 which seeks to amend the Central Goods and Services Tax Rules, 2017. The Board inserted Rule 61(6) to provide a due date for filing GSTR-3B for the months of October 2020 to March 2021 as 20th of next month if the turnover of the individual is more than 5 Crores. The notification says that every registered person or an Input…

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