GST Professionals, 767, RAJDANGA MAIN Road, PLOT NO. GA-78, KOLKATA (2026)

28/02/2021

GSTR-9 nd GSTR-9C for FY 2019-20 extended upto 31-03-2021 - TaxEase

23/12/2020

*Important Changes in GST*
*Time limit for system-based GST Registration increased*

1. The time for system-based registration has been enhanced from 3 days to 7 days. That means, now department shall be required to review and grant registration within 7 days against 3 days as provided earlier from the date of filing of registration application. Where the applicant does not do adhaar authentication or where department feels fit to carry out physical verification the time limit for grant of registration shall be 30 days instead of 7 days.

*More Powers to GST department in cancellation of GSTIN*

2. Now the officer can proceed for cancellation of GSTIN where a taxpayer avails Input Tax Credit (ITC) exceeding than that permissible in Section 16. Clause (e) has been inserted in Rule 21 of CGST Rules 2017.

3. Now where the liability declared in GSTR 3B is less than that declared in GSTR 1 in a particular month, department may now proceed with cancellation of GSTIN. There might be some practical difficulties in implementing such a provision as there are number of corrections which are made in GSTR 3B which may result in lower tax liability as compared with GSTR 1. The clause (f) newly inserted talks about details of outward supply to which we understand that Taxable value and tax both should be in synchronization between GSTR 1 and GSTR 3B.

4. Now, no opportunity of being heard shall be given to a taxpayer for suspension of GSTIN, where the proper officer (PO) has reasons to believe that the registration of person is liable to be cancelled. The words “opportunity of being heard has been omitted from clause (2) of Rule 21A.

5. Where there are significant deviation/anomalies between details of outward supply between GSTR 3B and GSTR1 or inward supplies (ITC) between GSTR 3B and GSTR 2B which indicate contravention of Act, department shall now serve a notice in FORM GST REG 31 to call explanation as to why GSTIN should not be cancelled. Taxpayer shall be required to submit his reply within 30 days of such notice being served to him.

6. Where a GSTIN is suspended no refund u/s 54 of CGST Act 2017 can be availed by the taxpayer. This means that first GSTIN Suspension proceedings have to be closed before applying refund.

*Restriction on claim of ITC as per Rule 36(4)*

7. The claim of ITC in respect of invoices not furnished by the corresponding vendors has now been restricted to 5% of the credit available in GSTR 2B. This limit earlier was 10% of ITC available. This would be mean that a taxpayer’s ITC claim shall now be restricted to 105% of the Credit reflected in his GSTR 2B. Any claim exceeding the specified limit shall result in violation of CGST Act read with rules which may result into suspension of GSTIN as described above. The provision shall come into effect from 1st January 2021.

*GSTR 1 to be blocked in case of non-filing of GSTR 3B*

8. Where a taxpayer fails to file GSTR 3B for two subsequent months, his GSTR 1 shall now be blocked. Earlier non filing of GSTR 3B used to result in blocking of E-way Bill facility but from now on it shall also result in blocking of GSTR 1 of the taxpayer. Similarly, for quarterly return filers, the taxpayer failing to file GSTR 3B for the preceding quarter shall not be permitted to file GSTR 1 of subsequent quarter.

9. A taxpayer whose is restricted to avail ITC as per rule 86B shall also not be permitted to file GSTR 1 where he has not filed GSTR 3b for the preceding tax period.

*Restriction on Utilization of Input Tax Credit – Rule 86B*

10. New Rule 86B shall be affected from 1st January 2021 wherein restriction has been placed on setting off more than 99% of tax liability from Input tax credit where the value of taxable supplies other than exempt supply and zero rated supply exceeds Rs. 50 lakhs in a month. Though few exceptions have been provided to this rule which are as follows:

(i) Where the taxpayer has paid Income Tax exceeding Rs. 1 lakh in two preceding financial year.
(ii) Where taxpayer has received refund exceeding Rs. 1 lakhs u/s 54 of CGST Act 2017.
(iii) Where taxpayer has used electronic cash ledger to pay of liability on outward supplies which cumulatively makes 1% of the total liability up to the said month
(iv) Where a person is a Government Department, Public Sector Undertaking (PSU), local authority or a statutory body.

*Narrowing the validity of Eway bill*

11. Earlier one day was permitted for distance up to 100 kms under e way bill provision. Now the same has been increased to 200 kms. This means that only one day validity shall be granted to cover a distance up to 200 kms which was earlier 100 kms.
- TaxEase

24/10/2020

GSTR-9 & GSTR-9C for 2018-19 last dates has been extended to 31-12-2020 - TaxEase

22/10/2020

Wish You and Your Family a Very Happy Durga Puja...njoy nd Stay Safe

31/08/2020

GSTR-4 date extended to 31-10-2020 - TaxEase

28/08/2020

👉 Relief to Tax Payers: Option to file GST Refund application for multiple years has been enabled in the GST Portal. This is in accordance with Circular No. 135/2020 dated 31.03.2020

👉 GSTN has enabled the facility to check _Bill of Entry information in respect of GST paid at the time of "Import of goods" from Overseas and SEZ units/developers in GSTR-2A - it is duly reflected now in GST portal - TaxEase

01/08/2020

TAXEASE IS NOW ON CLOUD PLATFORM - We hope you are doing good along with your family members. In this PANDEMIC we have realised that physical availability of data and working at office is very difficult in this trying times. So, we have Upgraded ourselves and now we have shifted all of our Retainership Clients into Cloud Platform. Now they can Access all the GST Data like their Returns, Monthly Credit Ledger, etc ONLINE, 24 X 7, Exclusive to them. We hope this will help our clientele to know the real time status of their GST data on regular basis. STAY SAFE AND NOW WORK GLOCALLY - Team TaxEase

12/06/2020

FM Smt. Nirmala Sitharaman announces decision of 40th Council meeting held today.

1) For all those who have no tax liability but have not filed GST returns for tax period July 2017 - Jan 2020 (prior to period), there shall be no late fee at all

2) For people who have tax liabiity, maximum late fee for non-filing of GSTR-3B returns for period Jul 2017 - Jan 2020 has been capped to ₹ 500 per return

This will apply to all returns submitted during Jul 1, 2020 - Sep 30, 2020

3) For small tax payers whose aggregate turnover is up to ₹ 5 crore, the rate of interest for late furnishing of GST returns for Feb, Mar and April 2020, beyond July 6, 2020: the rate of interest is being reduced from 18% to 9%

4) Small tax payers whose aggregate turnover is up to ₹ 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 2020, no late fee or interest

5) Tax payers who could not get cancelled GST registrations restored in time are being given an opportunity to apply for revocation of cancellation of registration up to September 30, 2020 - In all cases where registration has been cancelled till June 12, 2020

6. Govt. plans to borrow for payment of GST compensation to states.

7. Difference in GST rates of input and output creating lot of issues and it will be addressed in next meeting.
-TaxEase

05/05/2020

Due Date for GST Annual Return for the Financial Year 2018-19 further extended to 30-09-2020 vide CGST Notification 41/2020 dtd 05-05-2020 - TaxEase

GST Professionals

28/02/2021

23/12/2020

24/10/2020

22/10/2020

31/08/2020

28/08/2020

01/08/2020

12/06/2020

05/05/2020

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