Reading Time: 2 minutesGST Portal Update , The Goods and Service Tax Network has provided the new functionalities made available for TCS and Composition taxpayers under GST Regime, Below are the new functionalities :- 1.Provision to make amendment, multiple times, in Table 4 of Form GSTR-8 Earlier, if no action was taken on TCS details, auto-populated in TDS/TCS
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Reading Time: 2 minutesForm GSTR2B is an auto-generated Input Tax Credit statement, which will be generated for every recipient as per the data filled by the suppliers in their respective Forms GSTR-1, GSTR-5 and GSTR-6., It will clear that the input tax credit is available or not for every document filed by the supplier. Taxpayers can now reconcile data generated
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Reading Time: 2 minutesInterest under section 50, The grievance of the petitioner in this Writ Petition is that he is registered under Central Goods and Service Tax having GSTIN No.21AJIPB2****1ZO. He has filed the returns for the financial year 2017-18, 20018-19 and 2019-20 at a belated stage and availed Input Tax Credit at the time of filing GSTR-3B
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Reading Time: 2 minutesThe Central Board of Indirect Tax and Customs (CBIC) had issued a notification on 23rd March 2020, about Aadhar authentication for GST registration from 1st April 2020, amended vide notification 62/2020 dated 20th August 2020 to be made optional. The aadhar authentication for GST registration is not required for non-residents, persons other than citizens of
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Reading Time: 2 minutesLate Fee Relief, providing relief to the taxpayers in view of spread of Novel Corona Virus, Government has extended dates for GST filings as notified vide Not. No. 52 & 54/2020 dt 24.06.2020 and Not. No 57/2020-CT dated 30.06.2020. Late Fee Relief to Normal Taxpayers filing Form GSTR-3B: Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
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Reading Time: 2 minutesInterest payable on GST, The Central Board of Indirect Taxes and Customs (CBIC) provided a big Relief in Payment of Interest to Normal Taxpayers filing Form GSTR-3B in below mentioned manner : a. Interest payable on GST for Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY Tax period(in 2020) Due Date(in 2020)
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Reading Time: 2 minutesSecurity Services under GST, In general terms the Security Service means service rendered by any person towards the security of any movable or immovable property or security of any person in any manner. In Service Tax Regime, security services provided by individual, HUF or partnership firm to a body corporate were covered under Reverse Charge
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Reading Time: 2 minutesCompensation Cess Validity, Supreme Court rejects review Petition in the case of Mohit Minerals, The Case of Mohit Mineral Pvt Ltd Vs UOI reported in 2020-TIOL-23-SC-GST The Hon’ble Supreme Court in the above referred case held as under Application for oral hearing is rejected. The present review petition is devoid of merits & so merits
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Reading Time: < 1 minuteGSTR3B NEW Process, The Finance Ministry has now allowed to file GSTR-3B returns in a staggered manner, the Government has decided to ease the process for trade and industries after taking the hassle of return filing into account. Thus the introduced different measures vide Notification No. 072020 – Central Tax dated 3rd February, 2020 . Every
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Reading Time: 2 minutesGSTP Exam, The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of the sub-rule (3) of Rule 83 of the Central Goods and Services Tax Rules, 2017, vide Notification No. 24/2018-Central Tax dated 28.5.2018.
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