Direct/GSTTax Updations

01/04/2023

Amnesty Announced for Non Filer of GSTR-9, GSTR-4 & GSTR-10.
To be filed between 01/042023 to 30/06/2023.

30/09/2022

12/10/2021

Service by cloud kitchens/central kitchens are covered under "restaurant service" as per NN 11/2017- CTR and attract 5% GST without ITC.

Renting of vehicles to State Transport Undertakings and Local Authorities are exempt.

13/09/2021

Income Tax Due dates extended again

Following due dates have been extended which I believe in wake of the challenges put forward by the new Income Tax portal.

a. Non-Audit tax returns - Extended to December 31, 2021
b. Tax Audit reports - Extended to January 15, 2022
c. TP Report - Extended to January 31, 2022
d. Audit tax returns - Extended to February 15, 2022
e. TP tax returns - Extended to February 28, 2022
f. Belated tax returns - Extended to March 31, 2022 from December 31, 2021.

However, no extension has been announced under Companies Act, 2021 for holding AGM. Hence, Companies will still be required to compile their financial statements and present to their shareholders by Sept 30th, 2021.

10/06/2021

* Updates*

GST Council in the *43rd meeting held on 28th of May,2021* held through video conferencing took following decisions.

GST Amnesty Scheme for all Small Taxpayers (MSME)
The GST Council is likely to announce an amnesty scheme on late fee in GST return filing to provide a huge relief to small taxpayers.

*Pending GSTR-3B returns from July-2017 to till April 2021.*
*Amnesty scheme could be from 1st June 2021 till 31st August 2021*

*Annual Return* filing to continue to be optional for Small Taxpayers having turnover upto 2 cr. .

A Special Session on GST Compensation Cess before 22nd July 2021.

Extension of due date of filing GSTR-1/ IFF for the month of May 2021 by 15 days.

Extension of due date of filing GSTR-4 for FY 2020-21 to 31.07.2021.

Extension of due date of filing ITC-04 for QE March 2021 to 30.06.2021.

Cumulative application of rule 36(4) for availing ITC for tax periods April, May and June, 2021 in the return for the period June, 2021.

Allowing filing of returns by companies using Electronic Verification Code (EVC), instead of Digital Signature Certificate (DSC) till 31.08.2021.

04/05/2021

GST Update - Relaxations

Finally CBIC Announced

1. No late fees for filing 3b of Mar/April 3b upto 15 days and 30 days from original due date for taxpayer with turnover more than 5 cr and upto 5 crore respectively. For quarter ending 31st mar, no late fees if 3b filed by 30 days from original due date

2. GSTR-4 due date extended to 31st May

3. ITC-04 due date extended to 31st May for Jan-Mar quarter

4. GSTR-1 due date for April'21 extended to 26th May and IFF due date extended to 28th May.

5. Timeline for all other proceedings, asset order etc. Whose last date of completion falls between 15th April to 30th May is extended to 31st May

6. Relaxation in Interest rate for Mar and April returns

06/04/2021

As per Notification No. 78/2020 – Central Tax dated 15.10.2020 HSN Code is mandatory for Goods & Services on Tax Invoices w.e.f. 1st April 2021

Taxpayer having turnover of more than Rs 5 crore in the preceding financial year, to furnish 6 digits HSN Code on the invoices issued for supplies of taxable goods and services.
A taxpayer having turnover of upto Rs 5 crore in the preceding financial year is required to mandatorily furnish 4 digits HSN code on B2B invoices.

28/02/2021

due date extended to 31.3.2021 for the year ending as on 31.3.2020.

23/02/2021

No GST exemption on drilling of bore wells and letting out of compressors for pumping of water from bore wells to agricultural fields.

31/01/2021

ICAI extends UDIN eminesty scheme to 28 FEB 2021 (due from 01.02.2019 to 31.01.2021).

UDIN required for documents signed wef 01.02.21, will be generated within 15 days.

MCA relaxes Additional Fees on Submission of AOC-4 for the Financial Year ended 31.03.2020 till 15 FEB 2021

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