{"id":6236,"date":"2020-05-11T15:24:50","date_gmt":"2020-05-11T09:54:50","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=6236"},"modified":"2022-01-10T17:03:14","modified_gmt":"2022-01-10T11:33:14","slug":"latest-indirect-tax-update-by-the-council-on-goods-and-services-tax-india","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/latest-indirect-tax-update-by-the-council-on-goods-and-services-tax-india\/","title":{"rendered":"Indirect Tax Update by Indian Goods and Services Tax Council"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69eaa86f4a014\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69eaa86f4a014\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/latest-indirect-tax-update-by-the-council-on-goods-and-services-tax-india\/#Indirect_Tax_Update_by_the_Indian_Goods_and_Services_Tax_Council\" title=\"Indirect Tax Update by the Indian Goods and Services Tax Council\">Indirect Tax Update by the Indian Goods and Services Tax Council<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/latest-indirect-tax-update-by-the-council-on-goods-and-services-tax-india\/#THE_DUE_DATE_TO_FILE_GSTR-3B\" title=\"THE DUE DATE TO FILE GSTR-3B: \">THE DUE DATE TO FILE GSTR-3B: <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/latest-indirect-tax-update-by-the-council-on-goods-and-services-tax-india\/#Applicable_Annual_Report_and_GST_Audit\" title=\"Applicable Annual Report and GST Audit \">Applicable Annual Report and GST Audit <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/latest-indirect-tax-update-by-the-council-on-goods-and-services-tax-india\/#Technical_Words_of_caution_for_GSTR-99C\" title=\"Technical Words of caution for GSTR-9\/9C:\">Technical Words of caution for GSTR-9\/9C:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/latest-indirect-tax-update-by-the-council-on-goods-and-services-tax-india\/#_Key_Updates_on_GST_Complainces\" title=\"\u00a0Key Updates on GST Complainces\">\u00a0Key Updates on GST Complainces<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/latest-indirect-tax-update-by-the-council-on-goods-and-services-tax-india\/#_HIghlights_of_GST_council_meeting\" title=\"\u00a0HIghlights of GST council meeting\">\u00a0HIghlights of GST council meeting<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/latest-indirect-tax-update-by-the-council-on-goods-and-services-tax-india\/#Post_by_Rajput_Jain_Associates\" title=\"Post by Rajput Jain &amp; Associates \">Post by Rajput Jain &amp; Associates <\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/09\/GST.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-8545\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/09\/GST-1024x620.jpg\" alt=\"www.carajput.com; GST\" width=\"870\" height=\"527\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/09\/GST-1024x620.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/09\/GST-300x182.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/09\/GST-768x465.jpg 768w\" sizes=\"(max-width: 870px) 100vw, 870px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Indirect_Tax_Update_by_the_Indian_Goods_and_Services_Tax_Council\"><\/span><span style=\"color: #008080;\"><span style=\"font-size: 16px;\"><a style=\"color: #008080;\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-may-2021\/\">Indirect Tax Update<\/a> by the Indian <\/span><a style=\"font-size: 16px; color: #008080;\" href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Goods and Services Tax<\/a><span style=\"font-size: 16px;\"> Council<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>CBIC has explained that an application for a refund may be submitted before 30.06.2020 as the duration of 2 years is between 20.03.2020 and 29.06.2020.<\/li>\n<li>CBIC has clarified that an application for a letter of undertaking (LUT) for export without payment of tax may be filed for F.Y. until 30.06.2020. 2020\u201321.<\/li>\n<li>CBIC has explained that where taxes have been paid in respect of any supply which has been returned\/canceled subsequently, the taxpayer may demand the refund in Form <a href=\"https:\/\/carajput.com\/gst\/gst-refund.php\">GST RFD-01<\/a> if there is no corresponding production liability for the adjustment of the Credit Note.<\/li>\n<li>Form <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST PMT-09<\/a> is now available on the GST Site and can be used to transfer cash balances from one tax head to another tax head.<\/li>\n<li>CBIC instructed FORM GST PMT-09 of the move of balances in Cash Ledger from one head (Tax \/ Interest \/ Fee, CGST \/ SGST \/ IGST) to another head (Tax \/ Interest \/ Fee, CGST \/ SGST \/ IGST).<\/li>\n<li>The form has been enabled on the GST Portal and can be filed as required.<\/li>\n<li>30.06.2020 is the latest due date of <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-1<\/a> for the months of March, April and May, 20, and Q4 (2019-20) for all taxpayers irrespective of turnover.<\/li>\n<li>CBIC has instructed that a registered person will be able to file NIL returns in the form GSTR-3B via an SMS service using a registered mobile number and must be checked by an OTP obtained on a registered mobile number.<\/li>\n<li>Established composition Taxable person to file CMP-08 for Q4 (2019-20) by 07.07.2020 instead of 18.04.2020 and file <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-4<\/a> for FY 2019-20 by 15.07.2020 instead of 30.04.2020.<\/li>\n<li>05.05.2020 is the due date for filing GSTR-3B for taxpayers with a cumulative turnover of more than INR 5 crores for the month of March, 20. Note-filing GSTR-3B by the latter date will not grant you an extra expense burden on interest and late fees.<\/li>\n<li>However, you will file 9 percent interest and zero late fees over GSTR-3B before 24.06.2020.<\/li>\n<li>CBIC has notified that <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR 3B<\/a> has been verified by the Electronic Verification Code (EVC) during the period from 21.04.2020 to 30.06.2020.<\/li>\n<li>Budget 2020 revised Section 51 of the GST Act to eliminate the requirement that the tax deductor grants the &#8220;<a href=\"https:\/\/carajput.com\/tds.php\">GST TDS Certificate<\/a>.&#8221;<\/li>\n<li>Note-To collect the deducted TDS, you need to sign in to the &#8220;GST Server&#8221; and go to the &#8220;Returns-TDS and TCS Credit Earned&#8221; page.<\/li>\n<li>The moment you submit such a return, the amount of TDS deducted will come in &#8220;Electronic Cash Ledger&#8221; and, interestingly, the same amount may also be deducted from RCM&#8217;s liability.<\/li>\n<li>Condition of ITC @ 110 percent of eligible ITC in 2A (if available) to be checked &#8220;cumulatively&#8221; for the months of Feb to Sep, 20 as per CBIC Notification.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"THE_DUE_DATE_TO_FILE_GSTR-3B\"><\/span><span style=\"color: #003366;\"><strong>THE DUE DATE TO FILE GSTR-3B: <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Cautiously respond to the due dates of <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-3B<\/a> relevant in your case for the coming months. When you are considering selecting a due date with a decreased interest above, choose the same option in these situations:<\/p>\n<ul>\n<li>If your net tax obligation is &#8220;Nil,&#8221; no interest can be paid in that situation.<\/li>\n<li>If you have to pay tax by some Interest Rate loan, more than 9 percent p.a.<\/li>\n<li style=\"text-align: left;\"><span style=\"color: #000080;\"><strong>February, 2020:<\/strong><\/span>\n<ul>\n<li>Nominated 04.04.2020 is the due date for filing GSTR-3B for taxpayers with Turnover &gt; INR 5 crores. * *<\/li>\n<li>Nominated 29.06.2020 is the due date for filing GSTR-3B for taxpayers with Turnover &lt; = INR 5 crores but &gt; INR 1.50 crores in the previous year.<\/li>\n<li>Nominated 30.06.2020 is the due date of the GSTR-3B file for taxpayers with <a href=\"https:\/\/carajput.com\/oe-turnover.php\">Turnover<\/a> &lt; = INR 1.50 crores in the previous year.<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #003366;\"><strong>March, 2020:<\/strong><\/span>\n<ul>\n<li>Nominated 05.05.2020 is the due date to file <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-3B<\/a> for taxpayers with Turnover &gt; INR 5 crores.<\/li>\n<li>Nominated 29.06.2020 is the due date to file GSTR-3B for taxpayers with Turnover &lt; = INR 5 crores yet &gt; INR 1.50 crores in the previous year.<\/li>\n<li>Nominated 03.07.2020 is the due date of the GSTR-3B file for taxpayers with Turnover &lt; = INR 1.50 crores in the previous year.<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #003366;\"><strong>April, 2020:<\/strong><\/span>\n<ul>\n<li>nominated 04.06.2020 is the due date for filing GSTR-3B for taxpayers with<a href=\"https:\/\/carajput.com\/oe-turnover.php\"> Turnover<\/a> &gt; INR 5 crores.<\/li>\n<li>Nominated 30.06.2020 is the due date for filing<a href=\"https:\/\/carajput.com\/gst\/gst-return.php\"> GSTR-3B<\/a> for taxpayers with Turnover &lt; = INR 5 crores yet &gt; INR 1.50 crores in the previous year.<\/li>\n<li>Nominated 06.07.2020 is the due date of the GSTR-3B file for taxpayers with Turnover &lt; = INR 1.50 crores in the previous year.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Note : If not filed before the due date but filed before 24.06.2020, then decreased interest @ 9 per cent p.a. It would be available without any LATE FEES.<\/p>\n<ul>\n<li><span style=\"color: #003366;\"><strong>May, 2020:<\/strong><\/span>\n<ul>\n<li>The due date for filing <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-3B<\/a> by taxpayers with Turnover &gt; INR 5 crores is 27.06.2020.<\/li>\n<li>07.2020 is the due date for the filing of GSTR-3B by taxpayers with <a href=\"https:\/\/carajput.com\/oe-turnover.php\">Turnover<\/a> &lt; = INR 5 Crores AND Notes with the &#8220;22nd day of next month&#8221; as the earlier due date.<\/li>\n<li>Nominated 14.07.2020 is the due date for the filing of GSTR-3B by taxpayers with Turnover &lt; = INR 5 Crores AND Notes with the &#8220;24th day of next month&#8221; as the earlier due date.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Applicable_Annual_Report_and_GST_Audit\"><\/span><span style=\"color: #000080;\"><strong>Applicable Annual Report and <a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/gst\/gst-audit.php\">GST Audit <\/a><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>GSTR-9 (Annual Report) is expected to be submitted only by taxpayers with gross turnover in excess of INR 2 crores in the financial year 2018-19.<\/li>\n<li>GSTR-9C (Audited Reco. Statement) is expected to be submitted by taxpayers with an annual turnover of more than INR 5 crores in the financial year 2018-19.<\/li>\n<li>GSTR-9A (Annual Return by Arrangement Taxable Person) is not necessary to be filed for F.Y in any case. Financial Year 2018-19, since &#8220;Optional&#8221; is the same thing.<\/li>\n<li>CBIC has issued a Notification to exempt foreign airline companies w.r.t. from filing GSTR-9C (Reconciliation Statement) where the company complies with the provisions of the Foreign Company Compliance Act and is only required to file &#8216;Receipt and Payment Account&#8217; for each GSTIN by 30 September of each year.<\/li>\n<li>The due date of GSTR-9 (Annual Return) and GSTR-9C (Audited Reco Statement) for FY 2018-19 has been extended to 30.09.2020. Note: GSTR-9 is required to be filed only by taxpayers with an aggregate turnover of more than INR 2 crores in the 2018-19 fiscal year.<\/li>\n<li>However, GSTR-9C is expected to be submitted only by taxpayers with an annual turnover of more than INR 5 crores in the 2018-19 fiscal year.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Technical_Words_of_caution_for_GSTR-99C\"><\/span><span style=\"color: #000080;\"><strong>Technical Words of caution for GSTR-9\/9C:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Appreciable Estimates for GSTR-9 are self-populated for GSTR-1 and GSTR-3B for REFERENCE purposes only.<\/li>\n<li>Appropriate In the event that the supplies indicated in GSTR-1 and\/or GSTR-3B vary from the real supplies for some reason, the estimates are to be revised &#8220;manually&#8221; in Part II (B2B, B2C etc) and the &#8220;price due&#8221; number is to be revised &#8220;manually&#8221; in Table 9 of GSTR-9.<\/li>\n<li>After changing Section II and Table 9, you can see a &#8220;payable discrepancy&#8221; in Table 9 after modifying the sums &#8220;Paying by Cash + Charged by ITC.&#8221; This balance will be compensated by the taxpayer via DRC-03. In case of excess already paying, the refund may be requested via RFD-01.<\/li>\n<li>If paid as above, there is no provision to include the same differential number in <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-9C<\/a> in the table &#8220;Auditor Recommendation&#8221;.<\/li>\n<\/ul>\n<p>Popular blogs:-<\/p>\n<h4><span class=\"ez-toc-section\" id=\"_Key_Updates_on_GST_Complainces\"><\/span>\u00a0<a href=\"https:\/\/carajput.com\/blog\/key-updates-on-gst-compliance-before-31st-august-2020\/\">Key Updates on GST Complainces<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"_HIghlights_of_GST_council_meeting\"><\/span><span style=\"color: #003366;\"><strong>\u00a0<\/strong><\/span><a href=\"https:\/\/carajput.com\/blog\/highlights-results-of-the-gst-council-meeting-held-on-22-23-september2016\/\"><span style=\"color: #003366;\"><strong>HIghlights of GST council meeting<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"color: #003366;\"><strong>\u00a0<\/strong><\/span><a href=\"https:\/\/carajput.com\/blog\/goods-services-tax-updates-key-takeaways-of-21st-meeting-of-g-s-t-council-held-on-9th-september-2017\/\"><span style=\"color: #003366;\"><strong>21st GST council meeting Highlights<\/strong><\/span><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Post_by_Rajput_Jain_Associates\"><\/span><em>Post by <a href=\"https:\/\/carajput.com\/\">Rajput Jain &amp; Associates <\/a><\/em><span class=\"ez-toc-section-end\"><\/span><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Indirect Tax Update by the Indian Goods and Services Tax Council CBIC has explained that an application for a refund may be submitted before 30.06.2020 as the duration of 2 years is between 20.03.2020 and 29.06.2020. CBIC has clarified that an application for a letter of undertaking (LUT) for export without payment of tax may &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[422],"tags":[8676,614,8685,8689,8677,8688,8681],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/6236"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=6236"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/6236\/revisions"}],"predecessor-version":[{"id":6238,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/6236\/revisions\/6238"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=6236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=6236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=6236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}