Ankit H. Mehta & Co.

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CBDT issued a Very Important Circular; Explaining Amendments to the Income-Tax Act Introduced by the Finance Act, 2023 | A2Z Taxcorp LLP The CBDT vide Circular No. 1/2024 dated January 23, 2024, explains the provisions of the Finance Act, 2023, and outlines amendments to the Income-Tax Act, 1961. The circular serves as an explanatory guide to the changes introduced through the Finance Act, 2023. The Complete Circular can be accessed....

This Christmas, give the gift of financial security to your loved ones by investing in mutual funds.

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https://www.taxscan.in/the-input-tax-credit-conundrum-section-164-gst-act-decoded-with-recent-judgements-on-itc/358333/

The Input Tax Credit Conundrum: Section 16(4) GST Act Decoded with Recent Judgements on ITC Denial of GST Input Tax Credit Claims u/s 16(4) has caused significant trouble to Taxpayers and recent decisions of courts in this matter are worth knowing

GST PRESS RELESE dated 11th June, 2019
TRANSITION PLAN TO THE NEW GST RETURN

1) FOR JULY TO SEPTEMBER 2019
a) The taxpayers shall continue to fulfil their compliances by filing FORM GSTR1 and FORM GSTR3B i.e. taxpayers would continue to file their outward supply details in FORM GSTR-1 on monthly/quarterly basis and return in FORM GSTR-3B on monthly basis

b) Taxpayers would be able to upload invoices using the FORM GST ANX1 offline tool on trial basis for familiarization. Further, users would also be able to view and download, the inward supply of invoices using the FORM GST ANX-2 offline tool under the trial program.

c) This trial would have no impact at the back end on the tax liability or input tax credit of the taxpayer

2) FOR OCTOBER TO DECEMBER 2019
a) Taxpayer with aggregate annual turnover upto Rs. 5 Crore
• Invoices etc. can be uploaded in FORM GST ANX-1 on a continuous basis both by large and small taxpayers from October, 2019 onwards. FORM GST ANX2 may be viewed simultaneously during this period but no action shall be allowed on such FORM GST ANX-2.
• The small taxpayers would stop filing FORM GSTR-3B and would start filing FORM GST PMT-08 from October, 2019 onwards. They would file their first FORM GST RET-01 for the quarter October, 2019 to December, 2019 from 20th January, 2020.

b) Taxpayer with aggregate annual turnover more than Rs. 5 Crore
• FORM GST ANX-1 shall be made compulsory and FORM GSTR-1 would be replaced by FORM GST ANX-1. The large taxpayers would upload their monthly FORM GST ANX-1 from October, 2019 onwards.
• For October and November, 2019, large taxpayers would continue to file FORM GSTR-3B on monthly basis. They would file their first FORM GST RET-01 for the month of December, 2019 by 20th January, 2020.

3) JANUARY 2020 ONWARDS :
From January, 2020 onwards, all taxpayers shall be filing FORM GST RET-01 with ANX1 & ANX2 and FORM GSTR-3B shall be completely phased out.

No Eway bill w.e.f. 21st June 2019, if GST returns of last 2 months are pending

A new rule 138E was inserted by the Govt vide its notification no 74/2018 dated 13.12.2018, which has salient features as follows:-

1. If the GST returns for the last 2 months have not been furnished by the regular dealer or

2. If the GST returns for last 2 quarters have not been furnished by the composition dealer

Then

*HE WILL NOT BE ALLOWED TO GENERATE EWAY BILL ON THE GST-EWAY BILL PORTAL.*

In such cases only commissioner would be able to allow such generation in select cases that too with an order.

Now, What should you do??

1. Please file all your returns upto April 2019 by 20th June 2019.

2. In case if returns are not filed, then the Eway bill will not be generated.

3. In case if you think that if you won’t be able to file then the other person will generate on your behalf then that also won’t be possible.

Thus in the end, each and every registered taxpayer who generates eway bill is requested to file all their pending returns till april 2019, in order to avoide any last minute hassles.

GST Tech () Tweeted:
Free Accounting and Billing Software available on GST Portal for Small Taxpayers with less than INR 1.5 Cr annual turnover.
Visit: https://t.co/Z2UlpS76XP

For User Guide, click: https://t.co/JjlNRQt4NG
For FAQs, click: https://t.co/J3YCgjdq3k
https://t.co/tSGMA3uXbw