Akash H Agrawal & Company

17/03/2022

09/09/2021

Press release dt. 09.09.2021

02/05/2021

Gst Notification Compilation 1st may 2021

02/02/2021

*Highlights of Union Budget 2021-22*.

*General*
1. First digital Budget in the history of India
2. Vehicle Scrapping Policy. Vehicle Fitness Test after 20 years in case of Personal vehicle and 15 years in case of commercial vehicles
3. 64,180 crores allocated for New Health Schemes
4. 35,000 crores allocated for Covid Vaccine
5. 7 Mega Textile Investment parks will be launched in 3 years
6. 5.54 lakh crore provided for Capital Expenditure
7. 1.18 lakh crore for Ministry of Roads
8. 1.10 lakh crore allocated to Railways
9. Proposal to amend Insurance Act. Proposal to increase FDI from 49% to 74 %.
10. Deposit Insurance cover (DICGC Act 1961 to be amended). Easy and time bound access of deposits to help depositors of stress banks.
11. Proposal to revive definition of ‘Small Companies’ under Companies Act 2013. Capital less than 2 Cr. and Turnover Less than 20 Cr.
12. Disinvestment: IPO of LIC, Announced Disinvestment of Companies will be completed in FY 2021-22

*Direct and Indirect tax*
1. Senior Citizens: Reduced Compliance burden. 75 years and above. Proposal not to file ITR if only pension income and interest income.
2. Reduction in time for IT Proceedings: Reopening of Assessments period reduced from 6 years to 3 years except in cases of serious tax evasion cases
3. Proposal to constitute ‘Dispute Resolution Committee’. (Taxable income 50 lakhs and disputed income 10 lakh).
4. National Faceless Income Tax Appellate Tribunal Centre
5. Relaxations to NRI: Propose to notify rules for removing hardship for double taxation.
6. Tax Audit Limit: Proposal of tax audit increased from 5 Cr. to 10 cr. (Only for 95% digitized payments business)
7. Propose to provide relief on advance tax liability on dividend income.
8. Propose to include tax holidays for Aircraft leasing companies
9. Prefiling of returns (Salary, Tax payments, TDS etc.) Details of Capital gains from listed Securities, dividend income, etc. will be prefilled
10. Small Charitable Trusts. Increased from 1 crore to 5 crores (Compliance limit)
11. Late deposit of employee’s contribution by employer will not be allowed as deduction
12. Incentive to startup: Tax holiday exemption for one more year
13. Duties reduced on various textile, chemicals and other products
14. Gold and Silver (BCD reduced)
15. Agriculture Products: Custom duty increased on cottons, silks, alcohol etc.

06/10/2020

Key Takeaways of the 42nd GST Council Meeting:

1. Improvement in Existing Return filing system
Revision in due date of furnishing quarterly GSTR-1 to 13th of the month succeeding the quarter w.e.f. 1-1-2021. Presently, the due date of quarterly GSTR-1 Is last day of the month succeeding the quarter. On revision of the due date the taxpayers will get less time to furnish GSTR-1. It is still unclear whether the said revised due date will be implemented from the third quarter (Oct-Dec) or from the last quarter (Jan-March) of the year 2020-21.

2. Furnishing of GSTR-1 shall be made mandatory before filing of GSTR-3B w.e.f. 1-4-2021

3.Small taxpayers having aggregate annual turnover of less than Rs. 5 crore will be allowed to file the returns on quarterly basis w.e.f 1-1-2021. The payments will be made monthly with the option to pay 35% of the net cash tax liability of the last quarter for the first two months of the quarter with an auto generated challan.

4. As per the decision taken in the Council meeting, this requirement of declaring HSN for goods and SAC for services in invoices will be revised w.e.f 1-4-2021 as under:
Aggregate Annual Turnover Number of Digits of HSN
Up to Rs. 5 crores 4 DIGIT
More than Rs. 5 crores 6 DIGIT
Notified class of supplies by all taxpayers 8

5. Disbursement of refund in bank account linked with PAN & Aadhaar

6. Amendment to CGST Rules to allow NIL filing of Form CMP-08 (payment of selfassessed tax by composition taxpayers on quarterly basis) through SMS

06/10/2020

Important – GST Input Tax Credit and Credit Notes for F.Y.2019-20

The GSTR-3B for the month of September 2020 is due in October 2020. Section 16(4) of the CGST Act, 2017 provides that in case any ITC pertaining to F.Y.2019-20 is missed out, the same can be claimed up to the time of filing the return for the month of September 2020.

In case of outward supplies, i.e., sales, where any sale invoice pertaining to F.Y.2019-20 is not reported in the GSTR-1 or reported incorrectly, the rectification can be made up to the due date of return for September 2020, i.e., up to October 20, 2020.
The rectification of ITC or outward supplies cannot be made after the due date of the return for the month of September 2020.

Similarly, as provided under sections 34(2) and 16(4), the last chance to consider the impact of any Credit Note or Debit Note pertaining to supplies which occurred in F.Y.2019-20 is the return for the month of September 2020.

In the light of the above legal provisions the following points are relevant –

a) Ascertain from GSTR-2A and books of account as well as GSTR-3B if any ITC has been missing or mis-matched. Your vendors will not be able to rectify their uploading errors after the due date of filing the return for the month of September 2020.

b) In case any outward supplies need reporting or amendments, the supplier will not be able to make amendments in outward supplies after the due date of filing the return for the month of September 2020. Hence, please make sure that all amendments pertaining to F.Y. 2019-20 are reported in the return for the month of September 2020.

c) Any GST reduction on account of a Credit Note for outward or inward supplies related to F.Y.2019-20 cannot be claimed after the due date of return for the month of October 2020. The impact of Debit Notes also cannot be reported after the due date of filing the return for the month of September 2020.

Hence, please make sure that the impact of all Credit and Debit Notes pertaining to F.Y. 2019-20 are considered in the return for the month of September 2020.

13/09/2020

Due Date Compliance Calendar September 2020 A. Due dates for Compliances under GST

> 30-09-2020- GSTR 9 – The Most Comprehensive Annual Return / Statement for FY 18-19 by ALL registered persons having an aggregate turnover of more than Rs. 2 Crores or opted to file Annual Return

> 30-09-2020- GSTR-9C – Annual Return for FY 18-19 by registered person whose Annual Turnover for FY 18-19 is above Rs. 5 Cores (Annual Return + Audited Annual Accounts + Reconciliation Statement in GSTR-9C). For Annual turnover in excess of Rs. 2 crore but less than 5 crore, it is optional. However, it is not applicable for Annual turnover below Rs. 2 crores.

GSTR-3B – Monthly GST Return: CHHATITSGARH:

UP TO 5 CRORE
-JUNE-20- 23RD SEPTEMBER
-JULY-20- 27 TH SEPTEMBER
-AUG-20- 1ST OCTOBER

MORE THAN 5 CRORE:
-AUG 20- 20TH SEPTEMBER

GSTR-1- AUG 20- 11 SEPTEMBER 20

OTHERS;

> 20-09-2020- Due date for filing GSTR-5A (to be filed by the OIDAR) for Aug-2020 month

> 13-09-2020- Due date for filing GSTR-6 (to be filed by Input Service Distributor for Aug 2020 month.

> 10-09-2020- Due date for filing GSTR-7 (to be filed by the by the person who is required to deduct TDS under GST under GST for Aug 2020

> 10-09-2020- Due date for filing GSTR-8 (to be filed by the e-commerce operators required to deduct TDS under GST for Aug-2020 month.

12/09/2020

Gst Revised Due Dates