News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
« GST - Goods and Services Tax »
 GST collection in March indicates slowdown
 GSTN issues Advisory on Tracking GST Refund Application Status on GST Portal and PFMS
 Issuance of Tax Invoice/ Bill can be done with IGST to Customers for Interstate Transactions
 Deadline For Filing GST Return For March-May Extended Till June
 CBIC notifies Extension of Due Date for filing GST Annual Return for FY 2018-19
 GST Return filing date extended, relief from late fee, penalties
 GST Return filing date for March-May extended till June, relief from late fee, penalties
 Extend time to file IT and GST returns
 Government can’t slap GST on license fee: Companies drag taxman to court
 GST Council Recommends 5 Important changes in the CGST Rules
 GST Council extends Due Date for filing GSTR-9 and GSTR-9C for FY 2018-19
 Now you can’t make multiple trips on one GST e-way bill
 GST Council to fix tax anomalies on Saturday
 SC stays extension of deadline for filing annual GST returns
 18 per cent growth in the collection of State GST in Assam

GST Council Recommends 5 Important changes in the CGST Rules
March, 16th 2020

The GST Council, in its 39th meeting held on 14.03.2020, has made the five important following recommendations in the CGST Rules :

Procedure for reversal of input tax credit in respect of capital goods partly used for effecting taxable supplies and partly for exempt supplies under CGST rules 43 (1) (c);

ceiling to be fixed for the value of the export supply for the purpose of calculation of refund on zero-rated supplies;

to allow for the refund to be sanctioned in both cash and credit in case of excess payment of tax;

to provide for recovery of refund on the export of goods where export proceeds are not realized within the time prescribed under FEMA;and

Other Important Changes

Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively).

Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020 (extension of the period of application as a one-time measure to facilitate those who want to conduct business).

A new facility called ‘Know Your Supplier’ to be introduced so as to enable every registered person to have some basic information about the suppliers with whom they conduct or propose to conduct business.

The requirement of furnishing FORM GSTR-1 for 2019-20 to be waived for taxpayers who could not opt for availing the option of special composition scheme under notification No. 2/2019-Central Tax (Rate) dated 07.03.2019 by filing FORM CMP-02.

A special procedure is being prescribed for registered persons who are corporate debtors under the provisions of the Insolvency and Bankruptcy Code, 2016 and are undergoing the corporate insolvency resolution process, so as to enable them to comply with the provisions of GST Laws during the CIRP period.

Seeking information return from Banks

To curb fake invoicing and fraudulent passing of ITC, restrictions to be imposed on the passing of the ITC in case of new GST registrations, before physical verification of premises and Financial KYC of the registered person.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting