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June GST collections stand at Rs 90,917 crore

June GST collections stand at Rs 90,917 crore

Goods and service tax (GST) collections for June 2020 clocked Rs 90,917 crore at gross levels, 9% lower than the same month last year, the department of revenue said Wednesday.

The collections are higher than those recorded in April and May – the peak months of lockdown due to the Covid 19 pandemic – where GST collection for April was Rs 32,294 crore and Rs 62,009 crore for May.

However, for both months, the collections were lower than those in 2019. Collections in April were down 72% on-year and 38% down on-year in May.

For the month of June, of total collections of Rs 90,917 crore, CGST was Rs 18,980 crore, SGST was Rs 23,970 crore, IGST was Rs 40,302 crore, including Rs 15,709 crore collected on import of goods and Cess was Rs 7,665 crore, including Rs 607 crore collected on import of goods.

The government said GST collection for the first quarter of the year was 41% less than the revenue collected during the same quarter last year, but a large number of taxpayers still have time to file their return for the month of May, 2020 till early this month.

“Since government has allowed a relaxed time schedule for filing of GST returns, returns of the month of April, March as well as some returns of February got filed during June, 2020 and some returns of May, 2020, which would have otherwise got filed in June, will get filed during first few days of July,” the department said.

Source: Economic-Times.

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CBIC waives off late fee on late GST return filing

CBIC waives off late fee on late GST return filing

The Central Board of Indirect Taxes and Customs (CBIC) has notified waiver of late fee, capping of late fee at Rs 500 in some cases, interest payable on late payments and extension of due dates for businesses to file goods and service tax (GST) returns for the Covid-19 impacted period, till October.

The decisions were taken by the GST Council on June 12.

Taxpayers who do not have any tax liability but were yet to file returns for the period from July 2017 to January 2020 – prior to the Covid period – no late fee will be charged, the notification issued Wednesday said.

For taxpayers having liability but not having filed their returns, they can do so with a late fee of maximum Rs 500, if returns are submitted by July 1, 2020.

Small taxpayers whose aggregate turnover is up to Rs 5 crore will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June, and July 2020, by September 30, 2020, the notification added.

During Covid period of February, March and April 2020, interest rate on late return filings by small taxpayers with turnover up to Rs 5 crore, will be reduced to 9% from 18%, if returns of inward supplies are filed till September 30.

Taxpayers having aggregate turnover of up to Rs 5 crore in the previous financial year, whose principal place of business is in the states of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman, and the Nicobar Islands or Lakshadweep, the returns for August has to be filed by October 1, 2020.

For taxpayers with turnover more than Rs 5 crore, in Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi, the return for August has to be filed by October 3, 2020.

Source: Economic-Times.


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GSTN releases FAQs on filing Form GSTR-3B as NIL

GSTN releases FAQs on filing Form GSTR-3B as NIL

The Goods and Service Tax Network (GSTN) releases FAQs on filing Form GSTR-3B as NIL.

Firstly, “Form GSTR-3B can be filed as a nil return if there are no outward supplies as well as a liability (including reverse charge liability) in the month, for which the return is being filed. This form can be filed nil, in both online mode and in offline mode (by SMS),” the GSTN clarified.

Secondly, the GSTN further stated that Nil Form GSTR-3B for a tax period can be filed, if the person Has not made any Outward Supply and do not have any reverse charge liability; do not intend to take any Input tax credit and do not have any Liability for that particular or earlier Tax Periods.

Thirdly, it was clarified that the Filing of Form GSTR-3B is mandatory for all normal and casual taxpayers, even if there is no business activity in any particular tax period. So, for such tax period(s), the return can be filed as NIL (if all conditions for filing Nil return are satisfied).

Fourthly while answering the question as to when can Nil Form GSTR-3B be filed, the GSTN clarified that a taxpayer may file Nil Form GSTR-3B, anytime on or after the 1st of the subsequent month for which the return is being filed for.
Instead of filing Nil Form GSTR-3B through online mode on GST Portal, it can be filed through SMS also.

However, for filing Nil Form GSTR-3B through SMS certain conditions needs to be fulfilled which includes taxpayer must be registered as Normal taxpayer/ Casual taxpayer/ SEZ Unit / SEZ Developer and must have a valid GSTIN; authorized signatory and his/ her phone number must be registered on the GST Portal; there is no pending liability of previous period tax, interest or late fee while filing Nil Form GSTR-3B; all GSTR-3B return of previous tax periods must be filed; and there must not be any data in saved stage, in the online version of Form GSTR-3B, on the GST Portal.

https://www.taxscan.in/preview/?previews=1nOM2yzPDgkNEW9Yo-T5xOMbJbC0G573s/

Source: TaxScan.
Clear picture of GST mop up in April to come by June-end: Finance Secretary

Clear picture of GST mop up in April to come by June-end: Finance Secretary

Finance Secretary Ajay Bhushan Pandey on Wednesday said the clear picture regarding GST collections for April would emerge only by June 30 — the deadline by which businesses with up to Rs 5 crore turnover can file returns without any late fee and interest. The government had in March extended the deadline to file GST returns for taxpayers with turnover of over Rs 5 crore by 15 days till May 5 from the due date of April 20 without payment of any late fee and interest. However, a reduced rate of 9 per cent interest will be levied if the return is filed after May 5 till June 30.

For taxpayers with turnover up to Rs 5 crore, there would be no interest and late fee would be waived if filed within the stipulated deadline set in June.

Conventionally, the government releases GST revenue mop up numbers on the basis of collections in a particular month. Hence, the collection in April was due to be released on May 1.

To a query on why the April GST number has not been released, Pandey said, “You know that the GST filing dates has been extended. If it will be extended, we have said that returns can be filed till June, people who have turnover of more than Rs 5 crore they also got more time.”

“So after giving these extensions, a clear picture about the revenue collection we will get only by June 30. That’s why we have not yet released the figure. People who are able to file returns have paid GST and rest have time till June 30. It is only after June 30 that we will have a clear idea of the revenue collected,” he said.

In the 2019-20 fiscal, the Goods and Services Tax (GST) collection remained above the key Rs 1 lakh crore-mark for seven months out of 12. The collection stood at Rs 97,597 crore in March.

The real impact of the coronavirus lockdown on GST revenue will be reflected in the revenue collections of May (for business activity in April) as the country was in complete lockdown last month with only essential services permitted.

Experts said the GST mop up in May would mainly come from sectors like telecom, FMCG, food processing and pharma.

Pandey, who is also the revenue secretary, further said about Rs 11,000 crore GST refunds have been issued during April.

The Central Board of Indirect Taxes and Customs (CBIC) had launched a Special Refund Drive in April to clear pending GST and drawback refunds to help businesses tide over the liquidity crunch amid the COVID-19 crisis.

Source: Economic-Times

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From 5.72 crore in Feb, e-way bills issued falls to 86 lakh in April

From 5.72 crore in Feb, e-way bills issued falls to 86 lakh in April

Even after the government repeated multiple times that all goods trucks are exempt from movement restrictions, their movement in April fell drastically to 15 per cent of what it was in February. The number in March fell by nearly 30 per cent compared to that in February.

Data of e-way bills issued — which is mandatory for transporting goods worth over Rs 50,000 — shows that even after the Centre allowed movement of all trucks and goods carriers on March 29, goods movement on the road has barely been able to bounce back since the nationwide lockdown was imposed on March 25.

GST Network data shows that against 5.72 crore e-way bills issued in February, only 86.09 lakh such bills were issued in April. These numbers include both inter as well as intra-state e-way bills. In March, when truck movement had nearly come to a halt, the total e-way bills issued were nearly 4.07 crore. In the first five days of May, 10.46 lakh bills have been issued. This means that from an average of 19.7 lakh e-way bills issued daily in February, the number slipped to 13.1 lakh daily e-way bills in March, then drastically to 2.87 lakh in April and 2.09 lakh for May so far.

However, it is important to note that the Centre had, in March, extended the validity of all e-way bills issued before March 24, due to the disruption caused by the lockdown. Usually, each e-way bill is valid for a day for a 100-km stretch of the truck’s journey.

The government, in a notification issued on May 5, extended all the e-way bills issued before March 24 till May 31. It had also extended the deadline to file Goods and Services Tax (GST) returns for entities with turnover of over Rs 5 crore by 15 days from the due date without payment of any late fee, interest and penalty. GST returns for transactions in March were to be filed by April 20, which was extended till May 5.

Even as almost all goods movement froze after the lockdown was announced, the government first clarified that movement of essential goods is allowed. Through another order on March 29, it allowed movement of all essential as well as non-essential goods.

In a letter to the chief secretaries of states, Union Home Secretary Ajay Kumar Bhalla clarified that “transportation of all goods, without distinction of essential and non-essential, have been allowed”, giving permission for trucks and goods carrier to move within the states and across states as well.

However, the GST Network data shows that not only has intra-state movement of trucks and goods carriers been severely hit, their movement between states has been affected even more.

While the inter-state e-way bills issued for February and March were about 40 per cent of the total e-way bills for these months, in April, the share of inter-state e-way bills in the total was just 28.3 per cent. Of the 86.09 lakh bills, inter-state e-way bills in April were only 24.43 lakh. For the first six days of May, inter-state e-way bills account for only 30.8 per cent of the total e-way bills.

Interestingly, the Centre is yet to disclose the GST collection figures for April. GST numbers for each month are usually released on the first day of the next month, but the government has deferred the release of the April GST figures. GST mop-up in March 2020 had slid below Rs 1 lakh crore to Rs 97,597 crore, an 8 per cent fall from the March 2019 collection of Rs 1.06 lakh crore.

Source: Indian-Express

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CBIC extends due date for Filing GST Annual Return

CBIC extends due date for Filing GST Annual Return

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due date for filing GSTR-9 (Annual Return) for the Financial Year 2018 – 19 to be extended till the 30th of September, 2020.

The GST Council, in its 39th meeting, had extended the due date for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for the Financial Year 2018 – 19 to 30th June 2020.

GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST, and HSN codes. It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps in extensive reconciliation of data for 100% transparent disclosures.

The late fees for not filing the GSTR 9 within the due date is Rs 100 per day, per act. That means late fees of Rs 100 under CGST and Rs 100 under SGST will be applicable in case of delay. Thus, the total liability is Rs 200 per day of default. This is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory. However, there is no late fee on IGST yet.

Read Notification here: https://www.taxscan.in/preview/?previews=15ax53cDwCpa7kwoRqfcTGX6Lai_q4Go_

Source: TaxScan.

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Govt defers release of April GST collection data amid Covid-19 lockdown

Govt defers release of April GST collection data amid Covid-19 lockdown

The government on Friday deferred the release of April GST revenue collection data as the ongoing lockdown led to a lower mop-up during the month and extended the deadline for filing returns, sources said.

The government had in March extended the deadline to file GST returns for entities with a turnover of over Rs 5 crore by 15 days from the due date without payment of any late fee, interest and penalty. However, a reduced rate of 9 per cent interest will be levied if the return is filed after May 5 till June 30.

For the business transactions in March, GST return was to be filed by April 20, which was extended till May 5. According to convention, the government releases GST revenue collection number on the basis of cash collection in a particular month. However, with the situation arising out of Covid-19, the government has decided to wait till the extended deadline for filing return before release of collection figure, a source said.

Sources said due to the “unprecedented situation” arising out of the coronavirus (Covid-19) outbreak, it has been decided to defer the April GST collection data release. No date has yet been decided to release this data, they said.

“The government is expecting that more returns will be filed and will wait till May 5 before announcing the collection data,” a source said, adding a decision on extension of this date will also be taken. Businesses with turnover exceeding Rs 5 crore have to file GST return for a particular month by the 20th of the next month.

In 2019-20 fiscal, Goods and Services Tax (GST) collection had remained above the key Rs 1 trillion mark for 7 months out of 12. The collection was Rs 97,597 crore in March. According to another source, low collection figure till now for April could have been the reason for deferment of GST data release on Friday. The nationwide lockdown to contain spread of Covid-19 disease was imposed on March 25. Data released by the government on Thursday showed that output of 8 core sector contracted by 6.5 per cent in March. The real impact of the lockdown on GST revenue will be reflected in the revenue collections in May (for business activity in April) as the country was in complete lockdown last month with only essential services permitted. Experts said the GST mop-up in May would mainly come from sectors like telecom, FMCG, food processing and pharma.

Source: Business-Standard.

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With 9% interest on delayed payment, taxpayers avoid deferring GST filings

With 9% interest on delayed payment, taxpayers avoid deferring GST filings

Many large taxpayers, those with annual turnover of Rs 5 crore or more, are not availing the extension for paying GST and filing returns as many of them find the 9 per cent per annum interest from the due date too exorbitant.

The government has, in order to lessen the compliance burden on businesses given the outbreak of coronavirus, extended the dates of filing GSTR 3B returns due in March, April and May 2020 to last week of June 2020. Usually, the date for filing returns for a particular month is 20th of the next month. So, for March, the date of filing returns in 20 April, and that for April is 20 May.

Those having aggregate annual turnover less than Rs 5 crore, no interest but late fee and penalty will be charged. But for those with turnover of Rs 5 crore or more, an interest at the reduced rate of 9 per annum from due date (against the current rate of 18 per cent) will be charged.

For businesses with large tax liabilities, delaying the tax payment by three months would mean a large interest outgo, and hence those taxpayers, who have sufficient cash-in-hand are planning to pay the taxes and file returns on time.

“The industry has taken a mixed approach on the delayed return filing, depending upon the cash flow situation. The comparison which is done is the 9 per cent interest (on late payment of GST) and the interest on bank loan. However, filings have slowed down on an overall basis,” says Ritesh Kanodia, partner.

But not all businesses are weighing options between paying interest on late payment of GST and interest on bank loan. For many SMEs with turnover of Rs 5 crore or more, the question is whether to pay the salaries or file GST returns.

Nidhi Goyal, managing partner, says: “Those SMEs which have enough cash flow to pay salaries would like to pay GST liabilities on time and save on the 9 per cent interest cost that they otherwise would incur.

Some businesses are also taking advantage of the fact that the load on GST Network, the IT backbone of the GST regime, will be somewhat less, and are finishing some of the compliances despite the extension of dates.

Rajat Mohan, partner in chartered accountancy, says unlike in normal times around the due dates, one invariably face problems in filing returns, right now the GST Network is working smoothly.

Rajesh Gupta, Co-Founder & Director, says: “Due to lockdown, business transactions have been reduced and left with only 10-20 per cent in total, so accordingly, the load on the network is less as compared to normal. So the network is working smoothly and helping taxpayers to work at home. It has enabled almost more than 20,000 registrations with 10-13 days of the first phase of lockdown.”

Source: Business-Today

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GST filing deferment no relief for mobile phone makers after recent rate hike

GST filing deferment no relief for mobile phone makers after recent rate hike

The deferred filing of Goods and Services Tax returns won’t provide much of a breather for mobile phone manufacturers, which face a 6 percentage point rate increase on handsets from April 1 and a further drag on demand, already plunging amid the Covid-19 outbreak.

“Though returns can be filed till June 30, any phone sold after April 1 (including inventory) will be billed at 18% GST (from 12% currently),” said Abhishek Rastogi, a partner at law firm Khaitan & Co.

What the sector needed was an allowance to pay this tax in a deferred way over the next six months, otherwise it is hardly any relief, Rastogi said.

According to market research firm International Data Corporation, even after the 21-day nationwide lockdown ends in mid-April, it will take at least two quarters for demand to revive. Realme and Samsung have already said the increase in GST will be passed on to consumers.

An intelligence firm that tracks the smartphone market has cut this year’s growth estimate to 5.5% from 8% earlier. Realme has estimated that phone prices could go up by 12-15% for reasons including fluctuation in rupee-dollar exchange rates, impact of Covid-19 on the supply chain for components, an increase in memory prices of smartphones, and higher GST.

“At Realme, we are trying to absorb the first three impacts. However, it will not be feasible for us to absorb GST increase impact,” it had said.

The GST Council increased the rate on mobile phones to 18% from 12% on March 14 to correct an inverted duty structure that taxed components at a higher rate than the device.

“While Samsung and Realme have written to us about their decision to pass on the new rates, others have communicated verbally,” Arvinder Khurrana, president of the All India Mobile Retailers Association, told ET. Xiaomi and Vivo said they are yet to take a call on this.

ET had reported that the decision could lead to job losses and nullify efforts to make India a smartphone manufacturing hub.

In the wake of the Covid-19 crisis, finance minister Nirmala Sitharaman said on Tuesday that traders with an annual turnover of less than Rs 5 crore can file GST returns for March, April and May by June 30 without late fees or penalties.

Source: The-Economic-Times

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GST Return filing date extended, relief from late fee, penalties

GST Return filing date extended, relief from late fee, penalties

To provide relief to businesses grappling with the economic impact of Covid 19, the government on Tuesday said it is extending the filing of Return for the month of March, April and May 2020 and composition returns under GST June 30.

Addressing the press, Finance Minister Nirmala Sitharaman added that staggered filing will apply. “While I announce 30th June as the date, specific regions will have dates like 27, 29 or 30th.

Significantly, the FM also said companies which have less than Rs 5 crore turnover will not have to pay interest, late fee or penalty. For bigger companies late fee and penalty will not apply and only interest at a reduced rate of 9% will be charged. “This is only for bigger companies. Majority of companies will have no interest, late fee or penalty,” said Sitharaman.

The date for opting for composition scheme has also been extended to June 30, 2020.

“The extension of GST return filing timelines together with the deferment of e-invoicing and new returns announced earlier would allow businesses to focus on resumption of business processes once normalcy resumes in future, “says MS Mani, Partner, India.

He adds that the waiver of interest, late fees and penalties for SME’s would enable them to focus on reviving their businesses once things are back to normal.

There has been a clamour from taxpayers to provide relief from compliances and especially GST. Today’s announcement is likely to provide some relief. “Some key filing and payment relaxations that should bring rejoice to the industry. One hopes this is the first tranche and there are other tranches to follow, wherein benefits like GST rate reductions, exemption from import duties, reduced compliances etc. are announced.” said Harpreet Singh, Partner,  India.

The Government has also decided that the due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020 to 29th June 2020 will be extended to 30th June 2020.

Source: Economic-Times

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