DECISIONS TAKEN IN GST COUNCIL MEETING - MAR 2020

-

1. New E-Return System has been postponed to 1st Oct 2020. Existing Scheme of returns (3B & GSTR-1) will continue till 30th Sep 2020. As a professional judgement, we expect it to be further delayed until 1st April 2021 as there is backlog in system changes. Infosys Chariman represented in today's meeting with step-by-step implmentation plan and proposing time till Jan 2021. But the council have asked Infosys to prepare the system before 31st July and so they can gear up for implementation from 1st Oct 2020.

2. E-Invoicing & QR-Code has been deferred to 1st Oct 2020. This iss anticipated to go in-line with new return system. Hence, We expected both to be implemented from 1st Oct 2020 or deferred to 1st April 2021 - sighting the backlog in system development by Infosys and also business situation due to corona, market fall and currency crisis.

3. Interest on delayed payment will be calculated on Net Tax Liability with retrospective effect from 1st July 2017. CAs Recommendation was accepted. There were many notices issued by department with interest calculated on gross tax liability , without deducting available ITC.

4. Extension of Due date for GSTR-9 and 9C for FY 2018-19 to 30th June 2020 (Earlier due date was 31st March 2020). But, still there is no clarity on changes in the forms. The forms need various revisions. Due date extension alone don't serve the purpose.

GSTR 9C is not applicable for turnover less than Rs.5 Crore. But still they need to file the GSTR-9, if the turnover is 2 Crores or more. So there is not reduction in workload on Business or Auditors. The Job remains the same. The Only certification risk is not involved for CAs.

For turnover less than 2 crore, the late fee for delayed filing of GSTR-9 is waived off and also the filing of Annual Return is optional.

5. Know Your Supplier - New facility to be introduced to enable taxpayers to have the basic details of the suppliers with whom they transact or propose to do business. The Detailed circular is expected from the government.

6. One time window to revoke the cancellation request - taxpayers who have filed cancellation request untill 14th March 2020 can file an application for revocation of cancellation of registration. The window to file revocation is available till 30th June 2020

7. Infosys Chairman to be present during next threee GST council meeting to discuss and update the progress in the system changes. 

8. Time Limit for finalising E-Wallet scheme for consumers is extended till 31st March 2021.

Comments

Post a Comment

Popular posts from this blog

TAX COLLECTION AT SOURCE ON SALE OF GOODS FOR MORE THAN 50 LACS @ 0.1% OF SALE VALUE

-
Image
The Finance Bill, 2020 requiring every seller (whose previous year turnover exceeds Rs.10 crore) to collect tax at source (TCS) at the rate of 0.1% of the sale consideration exceeding Rs.50 lakhs in respect of sale of any goods. If there is no PAN or Aadaar, then the TCS Rate would be 1%. In simple sense, It means that if your are buying any goods from big seller (Turnover more than 10 Crore), then you will be charged TCS 0.1% on the Invoice and same would be credited to your PAN account and same would reflect in Form 26 AS. The same tax can be taken credit in your income tax return. The effect / intent of this amendments is that all your significant purchases of yours would be reported to income tax authorities. This would keep a check on tax evasion on small business in B2C business. But, already all these transactions were getting reported through GST returns. All business were already heckled with GSTR-2A Reconciliation. Now, what is the purpose of this provisions ??? 
Read more

BUSINESS SURVIVAL AFTER CORONA LOCKDOWN

-
Image
Business Life after Lock down is not going to be easy ride for anyone, except for few sectors such as Pharma, Software. The working capital management is going to be a big concern for every company , irrespective of scale of the company. Don't look as we lost two months in our business cycle; Instead, Do approach that you only have 10 months in this financial year - Change your approach. Following would be key points that need to be addressed for 1. SURVIVAL IS KEY Be any crisis, the Survival should be the objective of every business. As a Entrepreneur, Do chalk out a Business Continuity Plan to survive the crisis. Don't worry too much about the downfall in the growth & pressure clouds on cash flow. Even Majors are going to undergo this. Be Open & Do all the possibilities to survive.    2. CUSTOMER ENGAGEMENT - 80:20 ANALYSIS Do apply 80:20 analysis to last three year sales data and gather the customers through whom we received 80% of business in the last thre
Read more

GST DUE DATE EXTENSION - SIGHTING COVID-19 PANDEMIC

-
Image
In Summary following are the relief given for GST Compliances For Detailed Information, Please read the circular through below link http://www.cbic.gov.in/resources//htdocs-cbec/gst/Circular_Refund_136_6_2020.pdf GSTR-1 RETURN (Sales Return)  - March, April & May 2020 The Due dates for the month of March, April & May 2020 would remain unchanged. But the late fees payable will be Nil, if the returns are filed on or before 30th June 2020. If filed later, then the respective late fee would be payable. This extension is irrespective of the turnover of the company GSTR-3B RETURN (Summary & Payment Return) A. Feb, March and April 2020 If Turnover is less than 1.50 Crore The Due dates for Feb, March and April 2020 would remain unchanged. But, the Interest & Late Fee will be Nil, if the returns are filed within following Due Dates. If filed later than that, the respective interest, late fee and penalty would be applicable right from the actua
Read more