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All GST &CUSTOM refunds also to be released

All GST &CUSTOM refunds also to be released ; to provide benefit to around 1 lakh business entities including MSMEs.   Rs 18,000 crore of total refund granted immediately.   In the context of the COVID-19 situation and with a view to provide immediate relief to the business entities and individuals, it has been decided

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REMUNERATION PAID TO DIRECTORS TO ATTRACT GST: AAR

IN RE: Ms. Clay Crafts India Pvt. Ltd. Companies will have to pay GST on the remuneration they dole out to directors, the Authority for Advance Ruling (AAR) has said.In an application filed before the Rajasthan bench of the AAR, Clay Craft India Pvt Ltd had sought clarification on whether salaries paid to directors would

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FILING DATES EXTENDED FOR PROVIDING RELIEF TO TAXPAYERS IN VIEW OF COVID-19 PANDEMIC- PART 3

. Interest liability for filing Form GSTR-3B a. Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY   Tax period (a) Interest not payable,if filed by (b) Date from which interest is payable@ 9% till date of filing,if filed by 24th June, 2020 (c) Date from which interest is payable@ 18% till date

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FILING DATES EXTENDED FOR PROVIDING RELIEF TO TAXPAYERS IN VIEW OF COVID-19 PANDEMIC- PART 2

3.Opt in for Composition in FY 2020-21 Normal Taxpayers wanting to opt for Composition should not file GSTR3B and GSTR 1 for any tax period of FY 2020-21 from any of the GSTIN on the associated PAN. Form Tax period (FY) Extended Date GST CMP-02 2020-21 30.06.2020 GST ITC-03 2019-20 (As on 31-3-2020) 31.07.2020   4.Compliances for

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FILING DATES EXTENDED FOR PROVIDING RELIEF TO TAXPAYERS IN VIEW OF COVID-19 PANDEMIC- PART 1

Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended dates for GST filings. These are notified in Notifications 30/2020 to 36/2020 dated 03.04.2020. Circular No. 136/06/2020-GST dated 3rd April, 2020 has been issued. 1. Normal Taxpayers filing Form GSTR-3B a.Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY   Tax period Late fees waived

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Advisory on Opting-in for Composition Scheme

A.Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended dates for opting for composition scheme by normal taxpayers, for the financial year 2020-21. These are notified in Notifications 30/2020 Central Tax, dated 03.04.2020. Circular No. 136/06/2020-GST dated 3rd April, 2020 has also been issued. B.Existing Normal taxpayers who want to opt for Composition Scheme in Financial

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