#GST Return new due dates

GSTR 3B is a simple return form introduced by the Government. A separate GSTR 3B form has to be filed for each GSTIN. GSTR 3B form does not require invoice level information. It only requires total values for each field, like a summary, for the month for which filing is done.
It is still not clear ,whether this new due dates will be applicable from December 2019 Return or Succeeding Months . Official Notification still to come.
This Due dates have been released yesterday Press Release in PIB.

Today 20th January 2020 is the last date to file #GSTR 3B for the month of December 19

Today 20th January 2020 is the last date to file GSTR 3B for the month of December 19.

GSTR 3B is a simple return form introduced by the Government. A separate GSTR 3B form has to be filed for each GSTIN. GSTR 3B form does not require invoice level information. It only requires total values for each field, like a summary, for the month for which filing is done.

#Weekly update- #Incometax- #GST- #Companies 25/12/2019

INCOME TAX

  1. File Your Income Tax Return for AY 2019-20 before 31-12-2019 with Late Fees of INR 5,000 for Persons Earning exceeding Rs 5,00,000/-
  2. Central Government notifies 31st Jan 2020 as the Last date for payment of pending amount under Income Declaration Scheme (IDS) 2016, Such persons can pay the amount with interest @ 1% pm or part thereof.
  3. CBDT has decided to extend the date for payment of 3rd installment of Advance Tax for FY (financial year) 2019-20 from 15th December, 2019 to 31st December, 2019 for the North Eastern Region.
  4. CBDT extends the due date for filing of ITRs/Tax Audit Reports to 31st January, 2020 for all categories of assesses in UTs of J&K and Ladakh, who were required to file ITRs/TARs within the due date specified u/s 139(1) of IT Act,1961.
  5. CBDT extends the time limit for filing of response to notices issued under section 142(1) (Inquiry before assessment)of the Income-tax Act,1961 under the E-assessment Scheme- 2019 till 10th January 2020.

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  1. Income Tax Department made it mandatory to link your PAN with Aadhaar  before 31st December, 2019.

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Link Aadhaar Now by clicking the below:

https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/LinkAadhaarHome.html

COMPANIES

  1. Companies MGT-7 Form for filing annual return by a company for the year March 31,2019 due date is 31st December 2019.

GST

1.CBIC has notified E-INVOICING w.e.f. 01.04.2020 for registered persons with aggregate turnover exceeding INR 100 crores for all B2B supplies. Govt. has also notified 10 Portals for generation of such E-Invoice.

Know truth about the E-Invoice through ‘Myth vs Reality’

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  1. Annual Audit GSTR 9C Audit New Utility Available , Previously Version 1.4 Now Version 1.5 is available.

NEW FEATURES/CHANGES INCORPORATED

– Multiple fields now accept negative values.

– Column 14S made optionally

– Cash flow statement is now optional.

– Multiple changes in the certificate as required.

– Fixed some records stuck as In Progress when uploading JSON.

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3.RECOMMENDATION BY GST COUNCIL 38TH MEETING

(I) Due date for annual return in FORM GSTR-9 and reconciliation statement in FORM GSTR-9C for FY 2017-18 to be extended to 31.01.2020.

(II) Following measures would be taken to improve filing of FORM GSTR-1:

  1. Waiver of late fee to be given to all taxpayers in respect of all pending FORM GSTR-1from July 2017 to November 2019, if the same are filed by 10.01.2020.
  2. E-way Bill for taxpayers who have not filed their FORM GSTR-1 for two tax periods shall be blocked.

(III) Input tax credit to the recipient in respect of invoices or debit notes that are not reflected in his FORM GSTR-2A shall be restricted to 10 per cent of the eligible credit available in respect of invoices or debit notes reflected in his FORM GSTR-2A.

From April 1 ,2020 there is the concept of invoice matching — ITC cannot be claimed on invoices not reconciled..

(IV) Exemption to upfront amount payable for long term lease of industrial/financial infrastructure plots by an entity having 20% or more ownership of Central or State Government. Presently, the exemption is available to an entity having 50% or more ownership of Central or State Government. This change shall become effective from 1st January,2020.

(v)Single rate of GST @28% on both State run and State authorized lottery. This change shall become effective from 1st March,2020.

(vi) Rate of GST rate on Woven and Non Woven Bags and sacks of polyethylene or polypropylene strips or the like, whether or not laminated, of a kind used for packing of goods (HScode3923/6305), post the changes recommended on such goods in last meeting and

Recommended to raise the GST to a uniform rate of 18% (from12%) on all such bags falling under HS3923/6305 including Flexible Intermediate Bulk Containers(FIBC).

This change shall become effective from 1st January,2020.

(vii) Due date for filing GSTR 9 and GSTR 9C for 2017-18 has been extended from 31.12.2019 to 31.01.2020.

(viii) Late fees Waived for all tax-payers who have filed GSTR-1, if all returns are filed by 10th Jan 2020.

(ix)  No GST rate hike was discussed in the GST Council meeting. Council decides to levy 28 percent on all lotteries. Land lease GST rates to be effective from January 1, 2020. Levy of penalty relaxed for non-filing of GSTR-1 from July 2017.

(x) GST Council has agreed to rationalise GST rates on woven and non-woven bags to 18 percent with effect from March 1, 2020.

(xi) The Council decided that input tax credit will now be restricted to 10 percent as against 20 percent earlier if invoices not uploaded.0

#Weekly update- #Incometax- #GST- #Companies 15/12/2019

INCOME TAX

  1. ADVANCE TAX 3RD INSTALMENT :-

Today i.e 15th December 2019 is last date for depositing 3rd Installment of Advance Tax for FY 2019-20 Please pay on time to avoid penal interest.

GST

  1. GST E-INVOICE FROM 01ST APRIL 2020:-

E Invoice from 01st April 2020 to be made by GST Taxpayers from the GST Website whose aggregate turnover in a financial year exceeds One Hundred Crore rupees.

  1. GST INVOICE TO HAVE QR CODE SOON:-

Registered person required to issue invoice having QR Code whose aggregate turnover in a financial year exceeds Five Hundred crore rupees to a unregistered person (B2C Invoice) Shall have Quick Response (QR) Code.

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A QR code (short for “quick response” code) is a type of barcode that contains a matrix of dots. It     can be scanned using a QR scanner or a smartphone with built-in camera. Once scanned, software on the device converts the dots within the code into numbers or a string of characters.

  1. GST AUDIT LAST DATE 31st DECEMBER 2019 BUT STILL NEW FORMAT NOT NOTIFIED:-

Previously, the GST Department have announced that revised Format of GSTR 9C Audit Report will be available latest by 14th December 2019, but unfortunately the new format of GSTR 9C Audit Report format is still not provided.

The GST Audit Report to filed for the year 2017-18 last date is 31st December 2019.

Once it is notified the GST Taxpayers have to plan again with Revised format/Details needed to be given in the form GSTR 9C Form. Again the Accountants, GST Consultants, Tax payers have to  face the Technical Problems with the new Offline Utility of GSTR 9C and this all things to be done within 31st December 2019.

  1. LIST OF CGST NODAL OFFICERS FOR IT GRIEVANCE REDRESSAL NOTIFIED:-

http://cbic.gov.in/resources//htdocs-cbec/gst/IT-Grievance-Nodal-Officers.xlsx;jsessionid=6080E58239042C9E57120079B874C19C

#Weekly update- #Incometax- #GST- #Companies 09/12/2019

  1. GST Clarification on JOB Work: 
  • Treatment or processing undertaken by a person on Goods belonging to another registered person under GST Rate-12%
  • Treatment or processing undertaken by a person on Goods belonging to Unregistered Person under GST Rate 18%
  1. GST ‘E-invoicing’ or ‘electronic invoicing’ for business to business (B2B) transactions from January 1, 2020:

          Some Important Points to consider:

  • No requirement to generate the e-invoice on a government’s tax portal.
  • The taxpayer can continue to use his accounting system such as ERP, Tally and excel based tools for creating the invoice.

         The only requirement is that the supplier’s software should be able to generate the invoice in a specified template in JSON format.

  • It require updating the businesses’ existing accounting software.
  • E-invoicing, will initially be made applicable for certain taxpayers having turnover or invoice value above the specified limits or on voluntary basis. This will subsequently be enabled for all tax payers in a phased manner.

The e-invoice schema and template, as approved by the GST Council are available in the GSTN     website at https://www.gstn.org/e-invoice/

  1. E-way bill Blocking Started from 02nd December 2019:
  • From 02nd December 2019 if supplier, buyer or transporter GSTR-3B of 2 consecutive months not filed by any one of them then EWAY Bill cannot be generated.
  • Eway Bill generation would be automatically unblocked on the EWB Portal when your file your GSTR 3B Return and the default in return filing reduces to less than two tax periods.
  • You may also file an offline /manual request for unblocking of Eway Bill generation facility with your jurisdictional tax officer.
  1. GSTR 9 /9C still showing LATE Fees: 

         SOLUTION:Delete your Browser Cache if GSTR 9 /9C Still Showing LATE Fees.

5.  GSTR – 3B monthly Return can now be RE-SET, option enabled on the GST Portal

6. NEFT 24X7

 From 16.12.2019, National Electronic Funds Transfer [NEFT] facility shall be available for all 24 Hours for all days including Holidays. There shall be 48 Settlement Cycles after every 30 Minutes. Presently, the NEFT facility is available from 8.00 AM to 7.00 PM