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No extension in due date: 31/2020
No extension in due date: Notification 31/2020 A reading of this notification is converted by many readers as an extension of the due date. But in reality, it is not an extension of the due date. The liability of interest is reduced/waived off in some
Two big relief via CGST Rules amendment: Not. 30/2020
Major relief via CGST rules amendment: Notification no. 30/2020 dated 03042020 provided relief for taxpayers. Let us have a look at what it has provided. The composition can be chosen upto 30th June 2020. Impact of rule 36(4) will be combined from Feb 2020 to
GST on Real Estate Sector Deserves immediate attention
GST on Real Estate Sector Deserves immediate attention 1.1 Why RE sector deserves immediate attention? RE sector and the Indian economy • The real-estate sector is 2nd highest employment generator in India after agriculture sector (refer employmentnews.gov.in) • RE sector is expected to contribute 13%
Issues arising from Refund related Circular No. 135/05/2020 dated 31-03-2020
Issues arising from Refund related Circular No. 135/05/2020 dated 31-03-2020 1. Bunching of Financial years has been allowed for the purpose of claiming refunds. Now, this may result in assessee having applied for lesser refund as compared to refund actually admissible as per Circular However,
Key highlights for refunds
Circular 135/05/2020 notified on 31st March 2020: Key highlights for refunds : 1) Now refund for excess tax paid, tax deposited in wrong head or tax to be refunded due to appeal or assessment or orders can be applied by RFD-01. 2) The refund can
Synergies between GST and Income Tax
Synergies between GST and Income Tax Constitution of India Article 265 – Taxes not to be imposed save by authority of law 246. Subject-matter of laws made by Parliament and by the Legislatures of States • Schedule VII – Entry 82 – Taxes on income
PRINCIPLE GOVERNING FILING OF APPEAL BEFORE FIRST APPELLATE AUTHORITY.
SECTION 107 CGST ACT: PRINCIPLE GOVERNING FILING OF APPEAL BEFORE FIRST APPELLATE AUTHORITY. Section 107 of Central Goods & Service Tax, 2017 (hereinafter called the GST Act) says that any person aggrieved with the decision or order passed by the Adjudicating Authority may file an
GST – Key Burning Issues
GST – Key Burning Issues Relief expected Key GST issues needing attention! Interest • Notices already issued – Declare void-ab-initio ITC • Blocked by Rule 86A • Nonpayment of GST by the supplier? Registration • Cancelled • E-way bills blocked What if • PH/ Summons
New tax rates for airlines
Notification No. 02/2020–Central Tax (Rate) G.S.R. 1209(E).—In exercise of the powers conferred by sub-section (3) and sub-section (4) of section 9, sub-section (1) of section 11, sub-section (5) of section 15 and section 148 of the Central Goods and Services Tax Act, 2017 (12 of
GST Rate Changes in Goods
MINISTRY OF FINANCE (Department of Revenue) Notification No. 03/2020-Central Tax (Rate) G.S.R. 216(E).—In exercise of the powers conferred by sub-section (1) of section 9 and subsection (5) of section 15 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government,
BRIEF ANALYSIS OF AMENDMENTS NOTIFIED ON 23.03.2020 AND 21.3.2020
AMENDMENTS NOTIFIED BY CENTRAL BOARD OF INDIRECT TAXES (CBIC) ON 23RD and 21ST DAY OF MARCH 2020 GSTR 3B- TIME LIMIT FOR PERIOD APRIL TO SEPTEMBER 2020 Vide Notification No- 29/2020- Central Tax dated 23.03.2020 Time Limit has been prescribed for the filing of GSTR
Proposed GST related relaxations announced by the Finance Minister due to COVID-19 outbreak
Following are the proposed GST related relaxations announced by the Finance Minister due to COVID-19 outbreak: Extension of time limit for filing GSTR-3B Extension of time limit for filing GSTR-1 There shall be an extension of the time limit for filing of GSTR-1 returns for