25th August 2020
CBIC has notified 1st September 2020 as the date from when interest will be calculated on net tax liability basis, on the amount left after adjusting the eligible ITC.
20th August 2020
41st GST Council meeting will be held on 27th August 2020 via VC with the key item on agenda being the ways to compensate for the GST revenue shortfall to the states.
20th August 2020
For obtaining GST registration, an option is given for an aadhaar authentication. The rules are amended with effect from 21st August 2020 as follows:
- In case aadhaar authentication is opted for, it must be completed while submitting application. The date of application is earlier of the date of aadhaar authentication, or fifteen days from the submission of the application in Part B of Form GST REG-01.
- For the rest of the applicants, physical verification of place of business will be carried out, including documnet verification, as the case may be, with permission.
- Cases of deemed approval have also been listed.
6th August 2020
1. There’s a new facility on the GST portal for tax filers to get the invoice-wise details of input tax credit that has been auto-populated in Table 8A of the GSTR-9 annual return. The same can be obtained by clicking on the ‘Download Table 8A Document Details’ button appearing under the instructions, at the top of the GSTR-9 return form.
2. The offline tool (Excel utility) for filing Form GSTR-4 by Composition Scheme taxpayers is available for download on the GST portal.
3. Taxpayers are now allowed to file another application for Revocation of Cancellation of Registration, if their previous application has been rejected.
30th July 2020
1. A new refined format of e-invoice has been notified by CBIC adding 20 new fields and removing 13 fields. Certain fields have undergone changes in character length as well.
2. e-Invoicing system shall apply to those taxpayers with annual turnover exceeding Rs 500 crore instead of Rs 100 crore.
3. Special Economic Zones (SEZ) units shall also be exempted from issuing e-invoices.
21st July 2020
The facility to file GSTR-4 (Annual Return) is now available on GST portal.
13th July 2020
The due date to file GSTR-4 (Annual Return) has been extended to 31st August 2020 from 15th July 2020.
1st July 2020
Taxpayers can now file a Nil GSTR-1 via SMS.
30th June 2020
The conditional late fee waiver and interest reduction for GSTR-3B between February-July 2020 has been extended upto 30th September 2020. GSTR-1 deadlines also have been further extended by late fee waiver. For details of the latest deadlines, read our article on GST calendar 2020-21
12th June 2020
40th GST Council meeting concluded with major announcements made for MSMEs:
- GSTR-3B late fee waiver for prior period July 2017-January 2020 for taxpayers with a Nil liability. A maximum cap in late fee of Rs 500 has been fixed per pending returns for the rest of them, provided it is filed between 1st July 2020 and 30th September 2020.
- Interest Relief and Late fee waiver for taxpayers with aggregate turnover of upto Rs 5 crore. Tax payments for Feb, Mar and Apr 2020: Interest will apply at a reduced rate of 9% p.a. instead of 18% p.a. if return is filed after 6th July 2020 but before 30th September 2020. Tax payments for May, June and July 2020: Late fee and interest charge will be waived off if filed by the staggered dates of September 2020 (due dates yet to be announced).
- Period for seeking revocation of cancelled GST registrations allowed till 30th September 2020 for all those registrations which were cancelled till 12th June 2020.
- The GST Compensation and its funding will be discussed in a special one-agenda council meeting, which is going to be scheduled in July 2020.
- Rate rationalisation matter shall be taken up in the next GST council meeting.
10th June 2020
- GST on Director’s remuneration clarified by CBIC. Read our article here.
- CBIC also clarifies that the refund of accumulated ITC is available on the inward supplies subject to reverse charge mechanism, imports and ISD invoices that do not form part of GSTR-2A of such recipient.
9th June 2020
- The validity of all the e-way bills generated on or before 24th March 2020 and where validity is expiring one or after 20th March 2020, stands extended up to 30th June 2020.
- A full or part of the amount applied for refund may have been rejected via a notice issued by the authority. After completing the due proceedings, a final order must be issued within 60 days from the date of receipt of the refund application.In case this time limit is expiring between 20th March to 29th June 2020, the last date to issue order shall be extended to the later of following dates:
- 15 days from the date of receiving a reply from the applicant towards the notice, or
- 30th June 2020
- Merged UT of Daman and Diu and Dadra and Nagar Haveli can follow special procedure till 31st July 2020 against the earlier date of 31st May 2020.
8th June 2020
Taxpayers can now file a nil GSTR-3B through SMS from registered mobile number of authorised signatory for a particular GSTIN. Read more here.
4th June 2020
40th GST Council meeting will most likely happen on 12th June 2020, Friday via Video Conferencing. Issues such as waiver of late fee for filing pending GSTR-3B from August 2017 to January 2020, GST revenue augmentation measures other than rate revisions will be tabled for discussion. For latest updates, read our article on 40th GST Council meeting.
