Tax Updates

If GSTR-3B fails to file by taxpayer (turnover more than 5 Cr.)  then E-Way Bill facility will be blocked (w.e.f. 15 October 2020) Blocking of E-Way Bill  (EWB) generation facility for taxpayers with AATO over Rs 5 Cr., after 15th October, 2020 In terms of Rule 138 E (b) of the CGST Rules, 2017, the E Way Bill generation facility of a person is liable to be restricted, in case the person fails to file their GSTR-3B returns, for a consecutive period of two months or more. As you might be aware that the GST Council in its last meeting has decided that this provision will be made applicable for the taxpayers whose Aggregate Annual Turn Over (AATO, PAN based) is more than Rs 5 Crores.   Thus, if the GSTIN associated with the respective PAN (with AATO over Rs 5 Cr.) has failed to file their 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. Please note that the EWB generation facility f

  The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs.  The GST Council has made the following recommendations:  1.     Levy of Compensation Cess to be extended beyond the transition period of five years i.e. beyond June, 2022, for such period as may be required to meet the revenue gap. Further details to be worked out.   2.     Centre is releasing compensation of ₹ 20,000 crore to States today towards loss of revenue during 2020-21 and an amount of about ₹ 25,000 crore towards IGST of 2017-18 by next week.   3.    Enhancement in features of return filing: In its 39 th  Meeting held in March 2020; the Council had recommended an incremental approach to i

Whether the loss Can be carried forward and setoff even the return filed after due date? Section 139(3): According to this section if a person has sustained a loss under the head “Profit and Gains of Business or profession” or under the head “Capital Gains” and claims that such loss should be carried forward under section 72, section 73 or section 73A or section 74 or section 74A, then he may furnish a return of loss within the time prescribed under section 139(1) and all the provisions of the income tax act shall apply as if it were a return furnished under section 139(1). Section 80: Notwithstanding anything contained in chapter VI, the loss which has not been determined in pursuance of a return filed in accordance with the provisions of section 139(3), shall not be allowed to be carried forward and setoff under section 72, section 73, section 73A, section 74 or section 74A. In simple terms if Income tax return has filed after due date as prescribed by section 139(1) then

  S.N. Particulars Limit (Rs.) 1. Maximum amount not chargeable to tax – Individual, HUF, AOP, BOI or Artificial Judicial Person 2,50,000 2. Maximum amount not chargeable to tax – Resident senior citizen (who is the age of at least 60 years at any time during the previous year but less than 80 years of age on the last day of previous year) 3,00,000 3. Maximum amount not chargeable to tax – Resident super senior citizen (who is the age of at least 80 years at any time during the previous year) 5,00,000 4. Surcharge @10% of income tax if net income is above Rs. 50 lakhs but does not exceed Rs. 1 crore – Individual, HUF, AOP, BOI or Artificial Judicial Person (subject to marginal relief) 50,00,000 5. Surcharge @15% of income tax if net income is above Rs. 1 crore but does not exceed Rs. 2 crore

  Notification No.: 62/2020-Central Tax Effective from 21 st August, 2020 Aadhar Authentication for GST Registration Where an applicant, other than notified u/s 25(6D), opts for authentication for Aadhar number, he shall, while submitting application under sub rule (4), with effect from 21 st August, 2020, undergo authentication of Aadhar number and the date of submission of the application in such cases shall be the date of authentication of the Aadhar number, or fifteen days from the submission of the application in Part-B of Form GST REG-01 under sub-rule (4), whichever is earlier. Where person fails to Aadhar authentication Provided that where a person, other than a person notified u/s 25(6D), fails to undergo authentication of Aadhar number as specified in sub-rule (4A) of rule 8 or does not opt for authentication of Aadhar number, the registration shall be granted only after physical verification of the place of business in the presence of the said person, in the mann