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

A Full Guide to GST E-Way Bill 2 for Faster Compliance

Have you encountered any challenges while trying to create a GST E-way bill using the government portal? If yes, SAG Infotech is here to provide some important solutions for you. NIC has launched the GST E-Way Bill 2 Portal. Designed to Offer GST E-way Bill Services with High Availability Using the e-way bill site, taxpayers and logistics operators can log in with their current account and password. Data from the GST E-way Bill2 site will be verified, combined, and available on the main GST E-way Bill portal for all business and analytical objectives. To guarantee that e-invoice generation is unaffected, this portal is integrated with another e-invoice portal for e-way bill generation. Users can freely create and amend E-Way Bills using the GST E-Way Bill2 Portal. The seamless integration and merging of the e-Waybill1 and e-Waybill2 systems will lessen reliance on the e-Waybill1 system in emergencies. E-way bill details are synchronised with the main portal in only a few seco...

Gen Online Payroll Software for Small Business in India

In today's digital world, every person and businessperson works very hard to manage data manually, which can be a time-consuming and labour-intensive task, particularly when information needs to be constantly updated and verified. Likewise, managing large volumes of employee-related data can be a challenging and overwhelming task for HR professionals. Therefore, to address the workload and complexity of these tasks, the IT sector has developed Payroll software. In recent years, we have seen a huge growth in the number of Payroll software options. Yes, there are many types of HR Payroll software available in the Indian market at present. If you're looking for a reliable and popular payroll software option, you can choose Gen Online Payroll software, brought to you by SAG Infotech. Whether the business is medium or small, Gen Payroll software can make managing numerous important tasks of a human resources manager hassle-free. The Online Payroll software assigns a unique ...

GST Collection of August 2024 Reaches INR 1.75 Lakh Crore

Concerning the financial front, gross GST collections for August 2024 show a strong 10% growth, reaching approximately ₹1.75 lakh crore. This surge, driven by robust domestic consumption, led to a 9.2% increase in GST revenues from domestic transactions to approximately ₹1.25 lakh crore. Revenue from imported goods also saw a substantial rise of 12.1%, totalling ₹49,976 crores. Despite the overall growth, there was a slight decrease from the ₹1.82 lakh crore collected in July 2024 when compared month-on-month. However, industry experts remain optimistic. They point out that the 10% year-on-year increase at the commencement of the festive season is a strong indicator of sustained and potentially growing consumption in the upcoming months. The government's ongoing efforts to simplify the GST process, especially through measures such as adjusting rates to lower working capital expenses, have been positively acknowledged. This dedication is also evident in the ₹...

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

Search This Blog