GST newest Notifications: summary of CBIC GST Extension Notifications dated 24 June 2020

GST latest Notifications: Analysis of CBIC Notifications on GST extensions dated 24 June 2020

Today, CBIC issued various notifications to implement the recommendations of the 40th GST Council meeting as follows: CBIC Notifications signed on 24.06.2020 regarding interest waiver and late fees. On 24 June 2020 the CBIC released multiple notifications of GST. The synopsis of those updates is here.

Notice No. 49/2020 – Central Tax: Implementing some aspects of the Finance Act, 2020

Notification No. 50/2020 – Central Tax: Notification of GST rates for individuals taxable in composition under Rule 7 of the CGST Rules

GSTR-3B-Interest rate waiver: Notification No.51/2020-Central Tax 24.06.2020: To put certain provisions of the Finance Act into force, 2020.

Notification No. 52/2020 – Central Tax: GST waiver for taxpayers who’ve not filed GSTR-3B for tax dates between July 2017 and January 2020 shall be informed as stated earlier at the 40th meeting of the GST Council. In CGST Notification No. 52/2020 dated 24 June 2020, the CBIC notified that between 1 July 2020 and 30 September 2020, Zero GSTR-3B could be filed without a late fee for the above duration. Furthermore, it shall be limited to a maximum of Rs 250 per return per month per act for the remaining taxpayers.

A late fee exemption also moved the last GSTR-1 deadlines from March to June 2020 as of June 30th, 2020. The latest timelines for monthly filing without even a late fee charge will be from March to June 2020, 10th, 24th, 28th July 2020 and 5th August 2020 respectively. The last date for the GSTR-1 quarterly is 17th July and 3rd August 2020 for the quarters January-March 2020 and April-June 2020.

Big taxpayers have not been informed of further extensions for filing GSTR-3B from February to May 2020, with an annual turnover of more than Rs 5 Crore in the previous financial year. Furthermore, no interest should have been paid from the respective due dates of February to April 2020, i.e. 20th of the following month, for the first 15 days respectively. After that, interest at a 9 percent p.a. reduced rate. Any further delay in GST payments would have been imposed till 24 June 2020.

Initially, taxpayers with an aggregate annual turnover of up to Rs 5 crore in the last financial year have their due date staggered as 22nd # or 24th # of their next month, depending on the state / UT from which they run their main place of business. For the exception of May 2020, its due date staggered as July 12th # or 14th # # 2020. Furthermore, in the exception, August 2020 also comes with yesterday’s due date extended to 1st # or 3rd # # October 2020.

The CBIC has abolished the taxpayer bifurcation based on the annual sales up to Rs 1.5 crore, or between Rs 1.5 crore and Rs 5 crore. Correctly, as per yesterday’s 40th meeting of the GST Council, the late fee and the interest waiver will continue until September 2020

GSTR-1-Late Fees / Penalty Waiver: Notification No.53/2020-Central Tax 24.06.2020: Conditional waiver of late fees for all GSTR 1 registered persons for months/quarters ending March to June 2020, if submitted by the time set.

GSTR-3B-Extension of the deadline for Aug 2020: Notification No.54/2020-Central Tax 24.06.2020: extension of the deadline for submission of GSTR 3B to 1/3 October 2020

Summary of Important Due date of July and Aug 2020

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Rajput Jain & Associates

www.carajput.com

Gst waver Noitification; #GSTlatestNotifications #AnalysisofCBICNotifications #GSTREGISTRATION # GSTPortal #GSTN #Notifications #carajput #rja #gst #ca #tax #India #taxation #rja #gstn #cbic #taxes #taxplanning #taxpayers #ImpactGST #Taxation #GST #GSTCouncil #IndianEconomy #Taxes #EaseOfDoingBusiness #India #GSTReturns #India #GSTReturns #Abatement #NoticeNo.49/2020 #NotificationNo.50/2020 #GSTR-3B-Interestratewaiver GSTR-3B-Interest rate waiver: Notification No.51/2020-Central Tax 24.06.2020 ; Notification No. 52/2020; GSTR-1-Late Fees / Penalty Waiver: Notification No.53/2020; GSTR-3B-Extension of the deadline for Aug 2020; GST latest Notifications: Analysis of CBIC Notifications on GST extensions dated 24 June 2020

Quick Review on E-way Bill

Image result for e way bill

E -way bill

E-way bill is an electronic way bill for movement of goods which can be generated on GSTN portal. E-way bill contains the details of transported goods besides the name of consignor and consignee of such goods. It is the evidence of genuineness of supply of goods from one place to another.

E-way bill is required to be generated for consignment of goods of value exceeding Rs 50000. (Generating an e-way bill for consignments valuing less than Rs 50000 is optional)

When should an E-Way Bill be generated?

E-way bill is required to be generated for any movement of goods, due to any of following reasons:

  • In relation to supply
  • For reasons other than supply
  • For inward supply from an unregistered persons

Who can Generate GST E-Way Bill?

  • If a taxable person is registered under GST wants to transport goods using own vehicle or hired vehicle as a supplier or to be received in the course of business as a recipient, the taxable person can generate a E-Way Bill in Form GST INS-1 electronically on the GST Common Portal by providing information requested in Part B of FORM GST INS-01.
  • If a transporter is involved in the transfer of Goods, then the taxable person registered under GST must furnish information about the consignment in Part B of FORM GST INS-01 on the GST Common Portal. Using this information, the transporter would then generate a E-Way Bill on the basis of the information provided by the taxable person in Part A of FORM GST INS-01. Transporters are allowed to generate and carry E-Way bill even if the value of the consignment is less than Rs.50, 000.
  • Finally, any unregistered person transferring goods to a taxable person under GST can also generate e-way bill in FORM GST INS-01 on the GST Common Portal

Cancelling a GST E-Way Bill

E-way bill will also be allowed to be generated or canceled through SMS.

When an e-way bill is generated a unique e-way bill number (EBN) is allocated and is available to the supplier, recipient, and the transporter.

 

Once a GST E-Way Bill is generated but goods were not transported or are not being transported, then the GST e-way bill can be cancelled through the GST portal or through a GST Facilitation Centre within 24 hours of generation of the e-way bill.

Validity of E-Way Bill

Distance Valid for
Upto 100 km 1 day
100 km or more but less than 300 km 3 day
300 km or more but less than 500 km 5 day
500 km or more but less than 1000 km 10 day
More than 1000 km 15 day 

Exceptions to E-way bill requirement 

No e-way bill is required to be generated in the following cases

  • Transport of goods as specified in Annexure to Rule 138 of the CGST Rules, 2017
  • goods being transported by a non-motorized conveyance;
  • goods being transported from the port, airport, air cargo complex and land customs station to an inland container depot or a container freight station for clearance by Customs
  • in respect of movement of goods within such areas as are notified under rule 138(14) (d) of the SGST Rules, 2017 of the concerned State;
  • Consignment value less than Rs. 50,000/

Goods worth more than Rs.50, 000 are transported from one place to another an e-way bill is required. In case goods are transported without an e-way bill, the goods can be seized by a GST officer and penalty could be levied.

Latest updates on e- way bill

The GST council in earlier meeting in October had decided that E-way bill would be introduced in staggered manner from January 1 and subsequently nationwide from April1.

In the recent 24th GST council meeting was finally decided that the e-way bill is now introduced and will be applicable from 1st February 2018 across the nation. The nationwide e-way bill system will be ready to be rolled out on trial basis latest by 16 January 2018. Trade and transporters can start using this system on voluntary basis from 16 January 2018

The states can opt to follow the e-way bill system any time before 1st June 2018

From 1st June 2018 e-way bill rules will uniformly apply to all states.

 

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