Government extends due date for GSTR-9 and GSTR 9C till October 31

Government extends due date for GSTR-9 and GSTR 9C till October 31

The Government on Wednesday extended the due date to file GSTR9 and 9C for 2018-19 by a month. “After obtaining due clearances from the Election Commission in view of the Model Code of Conduct, Government has extended due date for furnishing Annual Return in GSTR-9 and GSTR 9C for 2018-19 from 30.09.2020 to 31.10.2020,” said a tweet from Central Board of Indirect Taxes and Customs (CBIC). “With the GST annual compliance date coinciding with implementation of e-invoicing, the industry had…

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GST e-invoicing to start from Oct 1, as planned: GSTN CEO

GST e-invoicing to start from Oct 1, as planned: GSTN CEO

The plan to introduce the e-invoicing regime from October 1 will not be postponed. This was revealed by GST Network (GSTN) CEO Prakash Kumar at Friday’s BusinessLine Knowledge Series webinar on ‘GST: Is it Really Good and Simple?’ While large companies are ready for this change, small and medium enterprises are not. This had raised hope that the new regime would be postponed. Get access to premium Portfolio content for 14 days Kumar also said the GSTN, the IT backbone…

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CBIC waives off Late Fee on failure to furnish the return in FORM GSTR-10

CBIC waives off Late Fee on failure to furnish the return in FORM GSTR-10

The Central Board of Indirect Taxes and Customs (CBIC) waived off the late fee payable for failure to furnish the return in FORM GSTR-10. As per section 47(1) of the CGST Act, any registered person who fails to furnish the requisite returns by the prescribed due date shall pay a late fee of Rs 100 for every day during which such failure continues. Such a fee is subject to a maximum amount of Rs 5,000. A taxable person whose GST…

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CBIC waive off Late Fee payable for failure to furnish the return in FORM GSTR-4

CBIC waive off Late Fee payable for failure to furnish the return in FORM GSTR-4

The Central Board of Indirect Taxes and Customs (CBIC) waived off the late fee payable for failure to furnish the return in FORM GSTR-4. The board seeks to amend notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 73/2017– Central Tax, dated the 29th December, 2017, which says that failure to furnish GSTR 4 (Composition dealer’s return) on due date late fee revised to Rs. 25 per day and for nil return it is…

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CBIC extends due date of GST compliance of E-Way Bill in respect of goods sent/taken on approval for Sale/Return are removed before the Supply takes place

CBIC extends due date of GST compliance of E-Way Bill in respect of goods sent/taken on approval for Sale/Return are removed before the Supply takes place

The Central Board of Indirect Taxes and Customs (CBIC) extended the due date of GST compliance and validity of the e-way bill till October 31, 2020 in respect of goods sent/taken on approval for sale/return are removed before the supply takes place. The Board seeks to amend notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 35/2020-Central Tax, dated the 3rd April, 2020. The board seeks to amend clause (i) of the said notification…

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Pre-filled GST return form soon: GSTN CEO Prakash Kumar

Pre-filled GST return form soon: GSTN CEO Prakash Kumar

GST-registered businesses will soon get pre-filled Return form, GSTR-3B, GST Network Chief Executive Officer Prakash Kumar said on Monday. “We are moving towards providing taxpayers with a pre-filled GSTR-3B form so that they can pay their taxes at ease. To start with, an option to edit the form would be provided to allow businesses to make past adjustments etc,” Kumar told PTI. GSTN, which handles the IT backbone for Goods and Services Tax (GST) has already started providing tax liability…

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GSTN enables Reconciliation Tool for matching GSTR-2B with Purchase Register

GSTN enables Reconciliation Tool for matching GSTR-2B with Purchase Register

The Goods and Services Tax Network ( GSTN ) has enabled the Reconciliation Tool for matching GSTR-2B (Auto-Drafted ITC Statement) with Purchase Register. The GSTN has issued detailed advisory on using Matching Offline Tool Matching Offline Tool v1.0 The Matching Offline Tool can be used to: • View GSTR-2B (Auto-drafted Input tax credit (ITC) statement) • Match GSTR-2B with Purchase register To install the tool, please download, extract the zip file and run the Download Your downloaded (Matching_Offline_Tool) zip file…

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Good news for Taxpayers: Delinking of Credit Note/Debit Note with Original Invoice has been implemented on the GSTN portal

Good news for Taxpayers: Delinking of Credit Note/Debit Note with Original Invoice has been implemented on the GSTN portal

The De-linking of original invoices and credit and debit notes are incorporated on the GSTN portal. The same was amended vide CGST amendment Act, 2018 with the effect of February 1, 2019. However, the same is incorporated on September 14, 2020, on the portal. After more than one and a half years of the amendment in Section 34 of the Central Goods and Services Act, 2017, Goods and Service Tax Network (GSTN) has finally enabled the facility to report consolidated…

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GST Network issues FAQs on einvoicing scheme ahead of Oct 1 launch

GST Network issues FAQs on einvoicing scheme ahead of Oct 1 launch

E-invoicing will not be applicable for business-to-consumer supplies or import bills of entries, while special economic zone units, banking companies, insurers, goods transport agencies and passenger transport companies will be exempt from issuing them. The GST Network issued clarifications through frequently asked questions on Monday, ahead of the October 1 launch of the scheme for businesses with more than Rs 500 crore turnover. The scheme will introduce a standard invoicing standard for all companies. “Businesses will continue to issue invoices…

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GST Council meeting postponed to October 5

GST Council meeting postponed to October 5

The GST Council meeting slated for September 19 has been postponed to October 5, sources said on Friday. The 42nd meeting of the Council has been postponed since Parliament would be in session, they added. The Centre had last month decided that the 41st and  42nd meeting of the Council would be held on August 27 and September 19. However, then the dates for the monsoon session of Parliament was not decided. The October 5 meeting assumes significance as…

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