GST Return filing date increased
GST Return filing date increased
ExpressThe government has extended the GST annual return and audit report filing deadline by one month to 31 October 2020 for the fiscal year 2018-19. The Central Board of Indirect Taxes and Customs CBIT tweeted, “After receiving the acceptable approval from the committee insight of the model code of conduct, the govt has extended the maturity for filing annual returns under GSTR-9 and GSTR 9C from September 30, 2020, to 31. Has been done by October 2020. Earlier in May, the govt extended the last date for filing annual GST returns for 2018-19 in May for 3 months till September 2020. GSTR-9 is an annual return, which is filed by taxpayers under the products and Services Tax GST regime.
GST Return filing date extended
Under this, complete information about business activities of the year has got to tend. GSTR 9C may be quite an audit form, Which is taken into account a declaration of coherence between the GSTR-9 and therefore the audited annual budget. Accountant body accountant Institute of India ICAI had written a letter to the GST Council asking to increase the GST annual return for 3 months to 31 December for the fiscal year 2018-19. ICAI said that the majority of the officials are working partly thanks to the COVID 19 epidemic.
ICAI had sought to increase its deadline to 3 months but the govt has extended it by one month. But the govt has taken it a month ahead. But the govt has taken it a month ahead. Chartered accountant body accountant Institute of India ICAI had written a letter to the GST Council asking to increase the GST annual return for 3 months to 31 December for the fiscal year 2018-19. ICAI said that the majority of the officials are working partly thanks to the COVID 19 epidemic. ICAI had sought to increase its deadline to 3 months but the govt has extended it by one month.
But the govt has taken it a month ahead. But the govt has taken it a month ahead. Chartered accountant body accountant Institute of India ICAI had written a letter to the GST Council asking to increase the GST annual return for 3 months to 31 December for the fiscal year 2018-19. ICAI said that the majority of the officials are working partly thanks to the COVID 19 epidemic. ICAI had sought to increase its deadline to 3 months but the govt has extended it by one month. But the govt has taken it a month ahead. But the govt has taken it a month ahead.
The new TCS rule is going to be applicable from today:
From October 1, the tax department has issued a replacement rule regarding tax collected at the source. consistent with the new rule, any e-commerce operator has been given the proper to deduct TCS of 1% on goods and repair sales from October 1. A replacement section 194-O has been added to the tax Act 1961 within the Finance Act 2020. Under this, the e-commerce operator has been empowered to charge a tax at the speed of 1 percent on the entire value of products or services or both through its digital or electronic facility or platform from October 2020.
Also, a sub-section 1H has also been added to section 206C of the tax Act. Under this, if the worth of the sale is quite Rs. 50 lakhs or during last year the gross selling was quite Rs. 50 lakhs, then the vendor has got to get 0 from the customer. Tax to be charged at the speed of 1 percent. The CBDT has clarified that the new provision of TCS which has been implemented won’t apply to commodities or securities transactions in recognized stock exchanges. This provision also will not apply to the transaction of electricity, renewable energy certificates, and energy savings certificates.
GST Return filing date extended