Goyal Taxation Advisor

14/02/2024

24/12/2023

Colour Coated Roofing Sheets

06/05/2020

*GST Latest Updates – 5th May 2020*

1.) For the f/year 2018-19: GSTR-9 & GSTR-9C due date extended to 30th September 2020
Source: Notification No. 41/2020

2.) Validity of E-Way Bill issued on or before 24th Mar 20 expiring between 20th Mar 20 to 15th Apr 20,
extended to 31st May 2020
Source: Notification No. 40/2020

3.) Companies can now file GSTR-3B (from 21st Apr 20 to 30th June 20) through EVC mode.
Source: Notification No. 38/2020

Navdeep Kumar Goyal
Goyal Associates
Naraingarh

10/10/2019

*GST UPDATE:*

*Notification No. 49/2019 - Central Tax* issued today (09-10-2019) has made some important changes by making amendments in CGST Rules, as summarised below:

1. ITC in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers in GSTR-1, shall not exceed 20% of the eligible credit available in respect of invoices or debit notes the details of which have been uploaded by the suppliers in GSTR-1. As a result of this amendment, regular matching of ITC with the details available in GSTR-2A will become necessary. Follow-up with non-compliant suppliers to be done on a regular basis now.

2. Amendment in Rule 61(5) has been made with *retrospective effect from 01-07-2017* by making *GSTR-3B as the return specified under Section 39*, wherever the time limit for filing GSTR-1 or GSTR-2 has been extended. Thus, the judgement of the Gujarat High Court in the case of AAP and Company has been circumvented.

08/03/2019

*Automatic GSTR-3B and GSTR-2A ITC reconciliation Now available on GST portal.Pls reconcile ITC* .

07/03/2019

Ministry of Finance

Implementation of various decisions taken by the GST Council for the MSME Sector;

*Issue of Notifications there of Posted On: 07 MAR 2019 5:49PM by PIB Delhi*

_The GST Council in its 32nd Meeting held on 10th January, 2019, inter-alia, had taken the following decisions to be effective from 1st April, 2019 (01.04.2019)_

⏩ Higher Exemption Threshold Limit for Supplier of Goods: There would be two Threshold Limits for exemption from registration and payment of GST for the Suppliers of Goods i.e. Rs. 40 lakhs and Rs. 20 lakhs. States would have an option to decide about one of the limits. The Threshold for Registration for Service Providers would continue to be Rs. 20 lakhs and in case of Special Category States Rs. 10 lakhs.

⏩ Composition Scheme for Services and Mixed Suppliers: A Composition Scheme shall be made available for Suppliers of Services (or Mixed Suppliers) with a tax rate of 6% (3% CGST + 3% SGST) having an Annual Turnover in preceding Financial Year upto Rs 50 lakhs.

⏩ Increase in Turnover Limit for the Existing Composition Scheme: The Limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs. 1.5 crore. Special Category States would decide about the Composition Limit in their respective States.

*The following Notifications have been issued to implement the above decisions:*

👉🏼 Notification No. 10/2019 – Central Tax, dated the 7th of March, 2019 for higher exemption Threshold Limit for Supplier of Goods;

👉🏼 Notification No. 02/2019 – Central Tax (Rate), dated the 7th of March, 2019 for Composition Scheme for Services and Mixed Suppliers, which would be optional to the taxpayers;

👉🏼 Notification No. 14/2019 – Central Tax, dated the 7th of March, 2019 for Increase in Turnover Limit in case of existing Composition Scheme.

*These Notifications shall come into effect from the 1st of April, 2019.*

06/03/2019

GST TIP

GSTR 9 is available on portal with summary of filed returns.

04/03/2019

*New Messages from GSTIND*

*1.* Dear Taxpayer,The ITC for the domestic purchases for Oct-Dec 2018 claimed in GSTR-3B exceeds Rs.1.00 lakh when compared with the credit available in GSTR-2A

*2.* Dear Taxpayer, you have under reported tax liability in GSTR-3B as compared to GSTR-1 by more than Rs. 1.00 lakh for Oct-Dec 2018. Please take corrective action

🤔
Please *Keep Calm* and take *Corrective Actions* if require i.e. *Recheck ITC & Output Tax and do ITC reversal or deposit Tax in next returns*

Thanks & Regards
Navdeep Kumar Goyal
Goyal Taxation Advisor Naraingarh
Mob 9464512705
Email [email protected]

21/09/2018

GSTP Exam Date and Syllabus Notified

15/09/2018

*GSTR 1 Late Fee Waiver Scheme*
CBIC vide notifications no 43 and 44 of Central Tax dated 10th Sept,18 extended the due date for filing GSTR 1 (Details of outward supplies) for the period July, 2017 to September, 2018 to 31st October, 2018.

*Impact Analysis of the Relief:*
1. Relief from late fee for registered persons who could not file returns since inception of GST.
2. More time available in resolving Input tax credit mismatches in GSTR 2A.
3. Relief from GST returns during the Tax audit period
4. More time available for finding of mismatches between GSTR 1 vis a vis GSTR 3B and Books
5. More time for Rectification of GSTR 1 available.

*DUE DATE FOR TURNOVER ABOVE 1.5 cr*
July,17 to Sept,18: 31st Oct, 2018
Oct,18 onwards: 11th of Next month

*DUE DATE FOR TURNOVER BELOW 1.5 cr*
July,17 to Sept,18: 31st Oct,18
Oct,18 to Dec,18: 31st Jan,19
Jan19 to March,19: 30th april,19