Distant GST misconceptions in webinars
A GST webinar was organized on Sunday by the Finance Advisory Council of India regarding the misconceptions and problems of GST. It emphasized PM’s call for self-reliance. The appeal was made for the use and spread of indigenous products.
CA Rohit said that in the new GST registration, if the Aadhaar number does not match on the GST portal, then in such cases there will be physical verification of the place of business. The formalities in filing the GST returns of the company have been reduced. If the GST money is deposited in the wrong hand, then a correction can be done by filling a form. Businessmen who want to come to the Samadhan scheme this year can take this option by filing ITC 03 form by 31 July.
The annual return for the financial year 2018-2019 and the last date of GST audit has now been changed to 30 September. The audit limit has been increased from two crore rupees to five crores. In case of export, if the payment does not come within the time limit fixed by RBI, then refund taken in GST has to be refunded. During the corona, if a special discount is given for selling the goods and it is shown on the invoice then it will not attract GST. ITC of GST will not be available on expenditure incurred on CSR work.
The GST Act provides that if the bill is not paid in 180 days, then ITC has to be reversed. The new instructions in this are that ITC will not be reversed if the time given for payment of a bill is between 20 March to 30 August and is paid by the buyer by 31 August. The webinar included SC Jain, Sanjeev Maheshwari, Mohan Kukreja, Nirbhay Mittal, Rohit Dua, Nikhil Gupta, Sudeep Kumar Jain, etc.