MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 21st September, 2020 No. 66/2020–Central Tax G.S.R. 571(E).—In exercise of the powers conferred by section 168A of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with section 20 of the Integrated Goods and Services… Read More »
Ministry of Finance Borrowing of money to meet GST revenue shortfall Posted On: 20 SEP 2020 As per provision in Sections 7, 8 & 10 of the GST (Compensation to States) Act, 2017, the issue of pending GST compensation and future course of action to meet the GST compensation shortfall has been discussed in 41st GST… Read More »
Ministry of Finance 35,074 taxpayers opt for Vivad Se Vishwas Scheme Posted On: 20 SEP 2020 The total number of taxpayers who have opted for the Direct Tax Vivad Se Vishwas Act since its enactment is 35,074 through Form-1 (Declaration under the scheme) that have been submitted till 8th September, 2020. This was stated by Shri Anurag Singh Thakur,… Read More »
THE AIRCRAFT (AMENDMENT) ACT, 2020 [19th September, 2020] An Act further to amend the Aircraft Act, 1934. BE it enacted by Parliament in the Seventy-first Year of the Republic of India as follows:— 1. This Act may be called the Aircraft (Amendment) Act, 2020 Download THE AIRCRAFT (AMENDMENT) ACT, 2020 Click here
Govt Mistake ! GST RCM on Unregistered person Supply ? CA Satbir Singh
CBIC New Clarification regarding GST Interest on Net Tax Liability I CA Satbir Singh
Income Tax Return Compulsory Scrutiny Guidelines FY 2020-21I CA Satbir Singh The Central Board of Direct Taxes (CBDT) has laid down guidelines for compulsory selection of returns for scrutiny assessment during the Financial Year 2020-21. The guidelines have been prepared keeping in view of Faceless Assessment Scheme & difficulties being faced amid COVID-19 pandemic.
Using Matching Offline Tool to compare ITC auto drafted in Form GSTR-2B with Purchase Register 18/09/2020 An offline tool has been made available to the taxpayers to match Input Tax Credit (ITC), as auto populated in their Form GSTR-2B, with their purchase register. This tool will help the taxpayer to compare their ITC as per… Read More »
Delinking of Credit Note/Debit Note from invoice, while reporting them in Form GSTR 1/GSTR 6 or filing Refund Till now, original invoice number was mandatorily required to be quoted by the taxpayers, while reporting a Credit Note or Debit Note in Form GSTR-1 or Form GSTR-6. The taxpayers have now been provided with a… Read More »
offline utilities, API testing etc. are available on e-invoice portal ( https://einvoice1.gst.gov.in > Help > Videos ). As clarified in the FAQs, on fulfilment of prescribed conditions, the obligation to issue e-invoice in terms of Rule 48(4) (i.e. reporting invoice details to IRP, obtaining IRN and issuing invoice with QR Code) lies with concerned taxpayer. Further, the term “aggregate turnover… Read More »