GOODS AND SERVICES TAX BLOG

1. How to opt for the Composition Scheme in GST? You can opt for the Composition Levy under GST if you are a regular taxpayer with an aggregate annual domestic PAN-based turnover as specified from time to time. However, you cannot opt for the Composition Levy if you are/you make: - any supply of goods which are not liable to be taxed under this Act - inter-state outward supplies of goods - supplies through electronic commerce operators who are required to collect tax under section 52. - a manufacturer of notified goods - a casual dealer - a Non-Resident Foreign Taxpayer - a person registered as Input Service Distributor (ISD) - a person registered as TDS Deductor/Tax Collector 2.How do I apply for Composition Scheme if I am already registered as a regular taxpayer? To opt for the Composition Levy, perform the following steps on the GST portal: Log in to the Taxpayers’ Interface Go to  Services > Registration > Application to Opt for Composition Levy Fill the form as per the f...

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GST return is a format where a taxpayer registered under the Goods and Services Tax (GST) law has to file for each registration separately. Also, the number of GST returns to be filed will be based on the type of taxpayer, such as regular taxpayer, composition dealer, e-commerce operator, TDS deductor, non-resident taxpayer, Input Service Distributor(ISD) etc. 1. GSTR-1 GSTR-1  is the return to be furnished for reporting details of all outward supplies of goods and services made, or in other words, sales transactions made during a tax period, and also for reporting debit and credit notes issued. Any amendments to sales invoices made, even pertaining to previous tax periods, should be reported in the GSTR-1 return. GSTR-1 is to be filed by all normal taxpayers who are registered under GST. It is to be filed monthly, except in the case of small taxpayers with turnover up to Rs.1.5 crore in the previous financial year, who can file the same on a quarterly basis. 2. GSTR-2A GSTR-2A ...

Of the Rs 90,917 cr revenue, CGST stood at Rs 18,980 crore, SGST at Rs 23,970 crore and IGST at Rs 40,302 crore, which included Rs 15,709 crore collected on import, the Finance Ministry said in statement. Goods and service tax (GST) collections for June 2020 clocked Rs 90,917 crore at gross levels, 9% lower than the same month last year, the department of revenue said Wednesday. The collections are higher than those recorded in April and May – the peak months of lockdown due to the Covid 19 pandemic – where GST collection for April was Rs 32,294 crore and Rs 62,009 crore for May. However, for both months, the collections were lower than those in 2019. Collections in April were down 72% on-year and 38% down on-year in May. For the month of June, of total collections of Rs 90,917 crore, CGST was Rs 18,980 crore, SGST was Rs 23,970 crore, IGST was Rs 40,302 crore, including Rs 15,709 crore collected on import of goods and Cess was Rs 7,665 crore, including Rs 607 crore collected on import...

The Insolvency Resolution Professionals/ Resolution Professionals (IRPs/RPs), appointed to undertake corporate insolvency resolution proceedings for Corporate Debtors, can apply for new registration on GST Portal, on behalf of the Corporate Debtors, in each of the States or Union Territories, on the PAN and CIN of the Corporate Debtor, where the corporate debtor was registered earlier, in terms of Notification No. 11/2020-CT, dated 21st March, 2020 and as amended vide Notification No. 39/2020-CT, dated 5th May, 2020. The IRP / RP are required to obtain a new registration within thirty days of their appointment as IRP/RP or by 30th June, 2020, whichever is later, except in cases where the corporate debtors have filed Form GSTR-1 and Form GSTR-3B, for all the tax periods prior to the appointment of IRP/RP. They should select the Reason for Registration as “Corporate Debtor undergoing the Corporate Insolvency Resolution Process with IRP/RP” from the drop down menu. The date of commencemen...

Government has extended dates for GST filings as notified vide  Notification No. 53/2020  dt 24.06.2020. A  Circular No. 141/1/2020-GST  dated 24th June, 2020 has also been issued in this regard. 2. Late Fee Relief to Normal Taxpayers filing Form GSTR-1: Tax period Due Date Waiver of late fee if return filed on or before March, 2020 11.04.2020 10.07.2020 April, 2020 11.05.2020 24.07.2020 May, 2020 11.06.2020 28.07.2020 June, 2020 11.07.2020 05.08.2020 Quarterly taxpayers January to March 2020 30.04.2020 17.07.2020 Quarterly taxpayers April to June 2020 31.07.2020 03.08.2020 Note:  If Form GSTR-1 for the period mentioned in Table above is not filed by the notified dates, late fee will become payable from the due dates for these returns.

Government has extended dates for GST filings as notified vide  Not. No. 52/2020  dt 24.06.2020 and  No. No 57/2020-CT  dated 30.06.2020. Late Fee Relief to Normal Taxpayers filing Form GSTR-3B: Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY         Tax period Late fees waived if return filed on or before February 24th June March 24th June April 24th June   b.  Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY Tax period Late fees waived if return filed on or before (For Group A States)* Late fees waived if return filed on or before (For Group B States)* February 30th June 30th June March 03rd July 05th July April 06th July 09th July May 12th Sept 15th Sept June 23rd Sept 25th Sept July 27th Sept 29th Sept Note 1:  If the registered persons fail to furnish Form GSTR-3B returns for the tax periods according to the condition mentioned in the Table 1(a) and (b) above, but furnish the returns...