GST ki shiksha by CA Rohit aggarwal

🦚 Namaskar!

*GST Updates 02.03.2021*

The GST collection in February this year stood at Rs 1.13 lakh crore. There is 7% increase in collection showing economic recovery: Finance Ministry.

Centre releases ₹1.04 lakh crore GST compensation shortfall to states since October 2020.

Awadh Bar Association Moves Allahabad High Court For GST Appellate Tribunal At Lucknow.

Petition in Kerala High Court challenges Conditions imposed for lifting of Provisional Attachment of Bank Account.

Hospitals may have to pay GST on food to inpatients.

*UPCOMING DUE DATES*

1️⃣ *Income Tax:*

▶️ *15.09.2020* is the due date to pay *2nd Intstallment of Advance Tax* for FY 2020-21 (AY 2021-22).

▶️ *30.09.2020* is the due date to *file Belated/Revised* Income tax return for FY 2018-19.

▶️ *31.10.2020* is the due date *to file Tax Audit Report* in case of Tax Audit assessees for FY 2019-20 (AY 2020-21).

▶️ *31.03.2021* is the due date for *SFT (Significant Financial Transactions)* response (Form 61A/ Preliminary) for FY 2019-20.

▶️ *31.03.2021* is the due date of filing of *TDS/TCS Return of Q1 & Q2* (FY 20-21).

2️⃣ *Goods and Services Tax:*

▶️ GSTR-3B Due Dates:

❇️ *12.09.2020/ 23.09.2020/ 27.09.2020* for *May, June and July month* for the taxpayers having *turnover upto Rs. 5 Crores* and the principal place of business situated in *West and South India*.

❇️ *15.09.2020 /25.09.2020/ 29.09.2020* for *May, June and July month* for the taxpayers having *turnover upto Rs. 5 Crores* and the principal place of business situated in *East and North India*.

*Notes:*

a. *Interest @ 9%* shall be applied after passing above-mentioned *due date till 30.09.2020*.

b. For taxpayers with *turnover more than INR 5 crores*, normal due dates *(20th of next month)* will be applicable.

3️⃣ *Corporate & Allied Laws:*

▶️ *30.09.2020 is the due date*

a. To file *DPT-03* (Return of Deposits);

b. To file *DIR-3 KYC* (KYC of directors);

c. To file *MSME Form-1* for half year ended March 31,2020;

d. To file *PAS-6 (Reco of Share Capital)* duly certified by PCS or CA in practice for half year ended March 31,2020.

▶️ *30.09.2020* is the due date to file *Form 11* (Annual Return) in case *of LLP.*

▶️ MCA has announced a *“Moratorium Period”* from *01.04.2020 to 30.09.2020* for filing of ROC Forms and *no additional fees* will be charged for such period *due to late filing* of any form due within this period *subject to certain exceptions*.

Delinking of credit note/ debit note with original invoice has been implemented on the GSTN portal today. This was much awaited. Now linking of Debit Note / Credit Note with original invoice is not mandatory on GST Portal.

Birthday gift by CA Rohit aggarwal
For CA -IPCC, CS-EXE, CMA -INTER TAXATION YOUTUBE LECTURE WILL BE SHORTLY AVAILABLE

*Change in GST Registration process, applicable w.e.f 21/08/2020- Aadhar Authentication introduced*

*Notifcation No 62/2020 dated 20/08/2020*

*Brief*

(a) *If person opts for Aadhar Authentication*

If a person applying for GST registration and opted for Aadhar Authentication then officer has to act upon the application within 3 working days. In simple terms, on successful authentication of Aadhaar, registration will be deemed approved within 03 working days if no SCN/query issued by officer .

(b) *If person does not opts for Aadhar Authentication*

If person doesn’t opts for Aadhar Authentication then *physical verification of his place of business will be done* & only after that registration number will be issued.

*Imp Note*

(a) Once registration application is submitted, an authentication link will be shared on GST registered mobile numbers and email ids mentioned in the GST application

(b) Taxpayer need to complete Aadhaar authentication of all Promoters/ Partners/ Authorized Signatories/ Karta etc. as mentioned in the application

(c) Persons already registered on GST portal are not required to undergo Aadhar authentication

OIDAR Services in GST ONLINE INFORMATION DATABASE ACCESS AND RETRIEVAL (.... Click here to view the full Article

https://taxguru.in/goods-and-service-tax/renting-motor-vehicle-service-gst.html/comment-page-1 -2113419

Renting of motor vehicle service under GST The introduction of the Goods and Services Tax (GS.... Click here to view the full Article

Important News !!!

Highlights of Today's Webcast conducted by ICAI for all CA Students !!!!!

For all the students who are going to have exams in July 2020, some very good clarifications directly from ICAI President, Vice-President and BoS.

- They are understanding the whole scenario of Covid-19, everything of social distancing and students heath. Exams will be surely there from July 29th, 2020. (ICAI President’s Word)

- 100% Digital Checking of Papers will be there from this attempt, that will minimum save 1 month time. Thats a super news for everyone.

- They are working as their head project on reverification of paper within 7 days of applying for same.

- Opening of Correction window will be there for change in Centre (3rd-4th Week of June 2020). For no other thing, correction window will open.

- Nov 2020 exams will be most probably in December 2020 and not later than that. Paper checking will be taking much lesser time from this attempt than usual due to digitalization.

- Difficulty level of paper wont be like that everyone spreading. It will be as if you are giving in May 2020. Focus on studies only and avoid all such rumours.

- 2 Mock Test Series for surewill be conducted by ICAI for this attempt.

Lets unite together and achieve all goals.

Thanks
CA Rohit aggarwal