Why October 2020 is Important For GST Compliance Task?

Two important notifications mandating GST compliance have been released recently by the Central Board of Indirect Taxes and Customs (CBIC).

First, In case of turnover of more than Rs 5 crore for taxpayers, the notification related to e-way bill generation facilities will fail to file their GSTR-3B return form, for a consecutive period of two months or more, from 15 will be implemented. October 2020.

If a taxpayer having turnover over ₹ 5 crores and fails to file their GSTR-3B returns for a consecutive period of two months or more, the notification related to E-way bill generation facilities will be restricted. This notification will come into action from 15 October 15, 2020.

Rule 138 E (b) of the CGST Rules, 2017 also states that a person's E-Bill generation facility will be restricted if the person fails to file GSTR-3B returns continuously for two months or more. In the previous meeting, the GST Council meeting has decided that this provision will be applicable for taxpayers whose gross Aggregate Annual Turnover (AATO, PAN-based) is more than Rs 5 crores.

Additionally, In the case where the GSTIN associated with the respective PAN with Aggregate Annual Turnover over Rs 5 Crore has failed to file GSTR-3B Return for two or more tax periods, up to the month of tax period of August 2020, their EWB generation facility will be blocked on the EWB portal. Additionally, in a case where the respective PAN-linked GSTINs having Aggregate Annual Turnover of more than Rs 5 crore have failed to file GSTR-3B returns for two or more tax periods till the tax period of August 2020, their EWB generation facility on the EWB portal will be blocked.

It needs to be mention here that the EWB generation facility for such GSTINs (whether as consignor or consignee or by transporter) will be blocked on EWB Portal after October 15, 2020. To continue with the EWB generation facility on EWB Portal, you need to file your pending GSTR 3B returns promptly. If you are not registered on the EWB portal or have already filed your GSTR-3B Return for August 2020 or your AATO (PAN-based) is below Rs 5 Crore then you don’t have to worry about it.

Secondly, for taxpayers having turnover more than ₹ 5 crores, the due date of filing GSTR-3B for the September month is October 20, 2020. Meanwhile, it needs to be mention here that the due date for filing annual returns for the financial year 2018-19 has been stretched till October 31, 2020. So in the view of the present situation due to pandemic, In any case, the last date for furnishing the annual returns for the financial year 2019-20 will fall after October 31, 2020.

All the taxpayers need to keep the two important dates in mind namely October 15, 2020, and October 20, 2020, regarding the above discussed important GST compliances to avoid penalties and other penal consequences.

Comments

Check Summary of 2023 MCA Amnesty Scheme for LLP e-Forms

The discussion shall take place for "Latest Amnesty Scheme introduced by MCA in relation to Limited Liability Partnership". A General Circular No 08/2023 Dated: 23rd August 2023- Subject- Condonation of Delay in filing of Form-3, Form 4, Form 11 u/s 68 of LLP Act, 2008 is been issued by the MCA. MCA has acknowledged that they've received numerous complaints regarding technical glitches on their website and discrepancies in the master data. These issues have prevented Limited Liability Partnerships (LLPs) from submitting the LLP-3, LLP-4, and LLP-11. In order to facilitate a more business-friendly environment, the MCA is utilizing its authority under Section 67 of the LLP Act, 2008. They have decided to grant a one-time relaxation in additional fees and any related penalties for delayed filing of the aforementioned three forms, as elaborated in this article. However, one aspect of this initiative raises some confusion. Why hasn't the MCA included Form LLP 8 in this a

All Special Features of Gen I-T Software with Downloading Steps

Gen IT is one of the income tax software created by professionals from SAG Infotech Pvt. Ltd. This software helps to compute Income Tax, Interest Calculations, Advance and Self Assessment Tax. The software is created with high quality-perfection to prepare returns. It also provides e-filing to upload returns with the help of the software. This software is proficient in calculating Income Tax, Advance, Interest Calculations, and Self Assessment Tax. The quality of the software is very high as the returns are prepared by it. The software provides the facility to file and upload returns. Also, there are simple steps to download the free download Gen IT software for the trial version. To complete the processes, the Gen Income Tax returns filing software has 2 different sections which include - Client Manager, Income Tax, Billing, AIR, Calculator, Backup/Restore, Password and Printer Settings, Bulk SMS/E-Mail and Help. These operations are explained briefly below- 1. Client Mana

All About Advance Tax Payment Rule Under IT Act, 1961

A tax expert answers the question- ‘the requirements of advance tax provisions under the Income-tax Act 1961’. Advance tax, as the name itself indicates that the tax paid by individuals in the financial year when the corresponding income is earned, rather than in the assessment year when the income is assessed for taxation purposes. This payment is calculated based on the consolidated income earned and expected to be earned from various sources, such as salary, rent, interest, and more. It takes into account applicable deductions, exemptions, and credits for taxes deducted at source (TDS) or taxes collected at source (TCS). According to section 208 of the Income Tax Act, 1961, individuals whose estimated tax liability for the year amounts to Rs. 10,000 or more are required to pay advance tax. However, senior citizens aged 60 years or above who are residents and do not earn any income from business or profession are exempt from paying advance tax. Typically, advance tax payments are ma

SAG Infotech: Need Tax Software (Call 0141-4072000)

Search This Blog