Jul 242019
 

The Central Board of Direct Taxes (CBDT) vide its Order u/s. 119 of the Income-tax Act,1961 , dated 23rd July 2019 has extended the due date for filing the Income-tax returns in respect of all taxpayers who are liable to file Income tax returns. The extended due date is 31st Aug 2019 (earlier due date was 31st July 2019).

The relevant order is provided below

Download (PDF, Unknown)

Source :- www.incometaxindiaefiling.gov.in

 

 

Jul 192019
 

The Composition dealers are required to comply with Payment of Tax & File yearly return from the year 2019-20 onwards. (As per notification 21/2019 -Central Tax – dtd 23rd April 2019)

The above said payment shall be made by Composition dealers through form CMP-08 on or before 18th July 2019 (For quarter Apr 19 to Jun 19)

The GST portal has not enabled the form CMP-08 yet for composition dealers.

In view of the above, the last date for the payment of tax for the Quarter Apr 19 to Jun 2019 , in CMP-08 , has been extended till 31st July 2019.

The notification to this effect is provided below

Download (PDF, Unknown)

Jun 082019
 
Feb 062019
 

GST Set off rules changed w.e.f. 01st Feb 2019

The GST Amendment Act has been made applicable w.e.f. 1st Feb 2019. One of the important changes in the GST Amendments is that the manner of set off of Input Tax credit.

 

Before amendment, the GST was Set off as under :-

 

Towards Payment of First Setoff toThen Setoff to
SGSTSGSTIGST
CGSTCGSTIGST
IGSTIGSTCGST/SGST

 

As per the new rules as applicable from 1st Feb 2019, the following will be new set off procedure :-

 

Towards Payment of First Setoff toThen Setoff to
SGSTIGSTSGST
CGSTIGSTCGST
IGSTIGSTCGST/SGST
Aug 112018
 

As you are aware, as per Section 9(4) of the CGST Act, GST is payable under Reverse Charge basis in respect of inward supplies from unregistered suppliers.  This was deferred by notification till 30th of September 2018 earlier. Now another notification has been issued to defer the same till 30th September 2019. In view of the above,no GST under reverse charge basis is payable in respect of inward supplies , as per section 9 (4) .

Kindly note that Reverse charge on Freight Payments (Goods Transport Agency) , Advocate fees, Sitting fees to Directors , which are covered under Section 9(3) are not exempted and GST on these payments shall continue to be paid under Reverse Charge.

The relevant notification is reproduced below :-

Aug 112018
 

As per the latest Notification No 34/2018-Central Tax, the filing of Monthly Summary Return in GSTR 3B shall continue till the month of March 2019 and in view of the same, tax payment shall also be paid while filing the GSTR – 3B . The last date for filing the GSTR-3B is 20th of the succeeding month.

The relevant Notification is reproduced below :-

B S Sridhar & Co., Contact us @ 91-44-45540180 / 91-90804 33131. 

For Quick Response email :- sridharca@gmail.com

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