Category: Taxation

February 11, 2020 ADMS 0 Comments

No late fee for uploading GSTR-9 and GSTR-9C till February 12, 2020 for Rajasthan state(Tax Bar Association v. Union of India -Rajasthan HC dated 5th Feb)

Facts of the case-Tax Bar Association (“the Petitioner”) filed a petition raising the issue of non-functionality of the Department’s (“the Respondents”) portal i.e. www.gst.gov.in, as a consequence of which, various assessees are unable to upload their annual returns in GSTR-9 and GSTR-9C. Due to non-functionality of the portal, the Respondents issued a Notification No. 06/2020-Central […]

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CBIC issues SOP to be followed by exporters; now exporters can submit grievance related to delay in refund vide Circular No. 131/1/2020 – GST dated January 23rd, 2020

Background: Numerous cases of monetization of credit fraudulently obtained or ineligible credit through refund of Integrated Goods & Services Tax (“IGST”) on exports of goods have been detected in past few months. On verification, several such exporters were found to be non-existent in a number of cases and in all these cases it has been […]

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Important updates in GST

Blocking of GST Credit and Restriction of ITC to 10% of GSTR 2A (Notification No 75/2019-Central Tax dated 26th December, 2019). W.e.f. 1st Jan 2020, Input tax credit to the recipient in respect of invoices or debit notes that are not reflected in his FORM GSTR-2A shall be restricted to 10 % of the eligible […]

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1. New due date for GSTR 3B in February month-

Taxpayer having turnover of ₹5 crores or more in previous financial year (monthly return)- February 20, 2020 Taxpayer having turnover of less than ₹5 crores in previous financial year (monthly return) in the state of: February 22, 2020- • Chhattisgarh • Madhya Pradesh • Gujarat • Daman and Diu • Dadra and Nagar Haveli • […]

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Key Highlights of Union Budget 2020-21

DIRECT TAX 1. Corporate tax for new manufacturing Companies & power generation companies brought to 15% and existing companies to 22% . 2. Govt. has exempted individual with income upto Rs. 5 lakh 3. New Simplified new tax for FY 2021-22 are as: Taxable IncomeSlab (`) Existing Tax Rates New Tax Rates 0-2.5 Lakh Exempt […]

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Glimpse of proposed amendment in GST presented herewith in the union budget 2020

SECTION CURRENT PROVISIONS PROPOSED PROVISIONS EFFECT Section 2(114) – Definition of Union Territory “Union territory” means the territory of-……..(c) Dadra and Nagar Haveli and Daman and Diu; “Union territory” means the territory of-……..(c) Dadra and Nagar Haveli and Daman and Diu;(d) Ladakh Seeks to align the definition of “Union territory” in line with the Jammu and Kashmir Reorganization […]

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Section 269SU of The Income Tax Act

A new provision namely Section 269SU was inserted in the Income-tax Act 1961, vide the Finance (No. 2) Act 2019, which provides that every person having a business turnover of more than Rs. 50 Crore during the immediately preceding previous year shall mandatorily provide facilities for accepting payments through prescribed electronic modes. The following electronic […]

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