caankurmundhra-blog

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GST Recommendations 12.06.2020 hidden points which no body is discussing

GST Recommendations 12.06.2020 hidden points which no body is discussing

The GST Council has made the following recommendations on Law & Procedures changes.

Reduction in Late Fee for past Returns

NIL late fee if there is no tax liability;

Maximum late fee capped at 500/- per return if there is any tax liability.

The reduced rate of late fee would apply for all the GSTR-3B returns furnished between 01.07.2020 to 30.09.2020

As per Press Release it seems if the GSTR…

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Cost Inflation Index for Year 2020-21 Rs

Cost Inflation Index for Year 2020-21 Rs

For Income tax Pupose , A Cost Inflation Index table is used to calculate the long-term capital gains from a transfer or sale of any capital assets, including land, property, stocks, shares, trademarks, patents, etc.

This is used for Calculation of an estimated yearly increase in an asset’s price as a result of inflation. The Central Government fixes this index and publishes it in its official…

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LIVE Finance Minister briefing on the outcomes of the 40th GST Council meeting at 02:00 PM

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Clarification in respect of levy of GST on #Director #Remuneration/ #Salary.

Clarification in respect of levy of GST on #Director #Remuneration/ #Salary.

Circular No: 140/10/2020 – GST Dated 10.06.2020

  Clarification in respect of levy of GST on Director’s remuneration

  REPRESENTATION RECEIVED

Whether the GST is leviable on Director’s remuneration paid by companies to their directors.

    CLARIFICATION

Remuneration paid to independent directors, or those directors, by whatever name called, who are not employees of the said company, is…

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Circular issued on Clarification related to #GST #Refund Issues

Circular issued on Clarification related to #GST #Refund Issues

Circular No. 139/09/2020-GST Dated 10.06.2020

Refund of accumulated ITC in respect of invoices whose details are not reflected in the FORM GSTR-2A

  REPRESENTATION RECEIVED

Representations have been received that in some cases, refund sanctioning authorities have rejected the refund of accumulated ITC is respect of ITC availed on Imports, ISD invoices,

RCM etc. on the basis that the details of…

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#Customs , #Bamboo Import @ 25%, Concessional Rate @10% Wihdrawn from 09.06.2020

#Customs , #Bamboo Import @ 25%, Concessional Rate @10% Wihdrawn from 09.06.2020

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#GST , #Refunds Applications will open again if rejected!!!

#GST , #Refunds Applications will open again if rejected!!!

When a GST Tax payer claims refunds from the GST Authorities, the GST Official have to give its order within 60 Days from the receipt of application i.e. either Reject, Accept, or Partially give GST Refund order.

  If the same order is not given, the refunds claims were made cancelled and the GST Taxpayer had to again file Refund application.

  Now, the Notification has been issued for the same…

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  GSTN video on Filing of Nil GSTR-3B through SMS@FinMinIndia @nsitharaman @nsitharamanoffc @ianuragthakur @Anurag_Office @cbic_india @ficci_india @FollowCII @nasscom @ASSOCHAM4India @theicai @ICAICMA#smsNilGSTR3B pic.twitter.com/GGypeZZaFC

— GST Tech (@Infosys_GSTN) June 8, 2020

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A taxpayer may now file NIL Form GSTR-3B, through an SMS, apart from filing it through online mode, on GST Portal.

  2. To file NIL Form GSTR-3B through SMS, the taxpayer must fulfill following conditions:

They must be registered as Normal taxpayer/ Casual taxpayer/ SEZ Unit / SEZ Developer.

They have valid GSTIN.

Phone number of Authorized signatory is registered on the GST Portal.

There is no pending tax liability for previous tax periods, interest or late fee.

All GSTR-3B returns for previous tax periods are filed.

No data should be in saved stage for Form GSTR-3B on the GST Portal, related to that respective month.

NIL Form GSTR-3B can be filed anytime on or after the 1st of the subsequent month for which the return is to be filed.

  3. NIL Form GSTR-3B for a tax period must be filed if the taxpayer:

Has NOT made any Outward Supply

Do NOT have any reverse charge liability

Do NOT intend to take any Input tax credit; and

Do NOT have any liability for that particular or previous Tax Periods.

  4.All the authorized representatives, for a particular GSTIN can file NIL Form GSTR-3B through SMS.

If more than one authorized representative/ signatory have the same mobile number registered on the GST Portal, such SMS requests will not be accepted for filing NIL Form GSTR-3B.

An SMS and e-mail will be sent on the e-mail and mobile number of the primary authorized signatory.

In case, filer of NIL Form GSTR-3B is an authorized signatory, SMS will be sent to his/her mobile number also.

  5.Taxpayer can file NIL Form GSTR-3B, through SMS for all GSTINs, for whom they are an Authorized Signatory, using same mobile number.

#GSTN video on Filing of Nil GSTR-3B through #SMS   GSTN video on Filing of Nil GSTR-3B through SMS@FinMinIndia @nsitharaman @nsitharamanoffc @ianuragthakur @Anurag_Office @cbic_india @ficci_india…

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#EPFO Now Employees can also update their Date of exit.

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#EPFO Incorrect Bank Account details seeded to #UAN? Know how to update Bank Account Details

#EPFO Incorrect Bank Account details seeded to #UAN? Know how to update Bank Account Details

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#ITR2 , Income Tax Return Form Changes for year 2019-20

#ITR2 , Income Tax Return Form Changes for year 2019-20

WHO CAN FILE ITR-2

For Individuals and HUFs not having income from profits and gains of business or profession.

I.e.

Salary Income OR

House Property Income OR

Income from Capital Gains OR

Income from Other Sources

But Not Profit from Business or profession

ITR 2 CHANGES FOR INCOME TAX RETURN FOR YEAR 2019-20:–

  SEPARATE DECLARATION FROM TAX PAYERS IF: –

Deposited an amountor aggregate of the…

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#Incometax #PAN Link #Aadhaar Video

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#Incometax, #ITR4, for AY 2020-21 is available for e-Filing

#Incometax, #ITR4, for AY 2020-21 is available for e-Filing

WHO CAN FILE ITR-4

For Individuals, HUFs and Firms (other than LLP) being a resident

– having total income upto Rs.50 lakh AND

– having income from business and profession which is computed under sections 44AD, 44ADA or 44AE.

It is not for an individual who is either Director in a company or has invested in unlisted equity shares

ITR 4 CHANGES FOR INCOME TAX RETURN FOR YEAR 2019-20:–

  1.NATURE…

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#ITR1 for AY 2020-21 is available for e-Filing. Other ITRs will be available shortly ITR 1 for AY 2020-21 is available for e-Filing. Other ITRs will be available shortly

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#MSME New Criteria from 01.07.2020 ,no more distinction between Manufacturing and Service MSMEs.

#MSME New Criteria from 01.07.2020 ,no more distinction between Manufacturing and Service MSMEs.

OLD MSME CRITERIA RULES BEFORE 01.07.2020.

Enterprises engaged in the manufacture or production, processing or preservation of goods.

Particulars Investment In Plant & Machinery MICRO  Upto  Rs 25 Lakhs SMALL More Than Rs. 25 Lakh and upto  Rs. 5 Crore. MEDIUM More Than Rs.5 Crore and upto Rs.10 Crore.

  2. Enterprises engaged in providing or rendering of services.

Particulars Inves…

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#GST Late Fees August 2017 to January 2020 Might be Waived off !!!!

#GST Late Fees August 2017 to January 2020 Might be Waived off !!!!

Press Release by Ministry of Finance Dated 01.06.2020 gave information that Issue of GST late fee for the past period (August 2017 to January 2020) to be discussed in the next GST Council meeting.

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#ITR1 Income tax Return Changes for #Salaried Employee , #Houseproperty Income and #OtherSources

#ITR1 Income tax Return Changes for #Salaried Employee , #Houseproperty Income and #OtherSources

  WHO CAN FILE ITR-1

For Individuals being a Resident (other than Not Ordinarily Resident) Having

Total Income up to Rs.50 lakhs,

Income from Salaries,

One House Property (Including Jointly Owned),

Other Sources (Interest etc.), and

Agricultural Income up to Rs.5 thousand

This Return Form i.e ITR 1 is not for an Individual who is either Director in a company or has invested in Unlisted Equity…