GST Due Dates

*GSTR-3B* *More then 5 Cr* having *Tax Liability*

▪️20th Sept 2020-Due Date of filling GSTR-3B for the month of August 2020 

*GSTR-3B* *Upto 5 Cr* *State Category I* having *Tax Liability*

▪️23rd Sept 2020-filling GSTR-3B for June 2020 with NIL Late Fees

▪️27th Sept 2020-filling GSTR-3B for July 2020 with NIL Late Fees

▪️1st Oct 2020 - Due date of filling GSTR-3B for August 2020

*GSTR-3B* *Upto 5 Cr* *State Category II* having *Tax Liability*

▪️25th Sept 2020-filling GSTR-3B for June 2020 with NIL Late Fees

▪️29th Sept 2020-filling GSTR-3B for July 2020 with NIL Late Fees

▪️3rd Oct 2020 - Due date of filling GSTR-3B for August 2020

*GSTR-3B July-2017 to July-2020 if filed upto 30/9/2020.*

Late Fees Maximum Rs 500/- per Return, Late Fees NIL for NIL Returns.

*ANNUAL RETURN /AUDIT REPORT*

▪️30th Sept 2020- GSTR-9/9A/9B Annual return for FY 2018-19.

▪️30th Sept 2020- GSTR-9C Audit Report for FY 2018-19

(Annual Return is Optional for registered person having turnover upto 2 Cr and GST Audit is optional upto 5 Cr)

Highlights of the RACP Bill 2020

Highlights of the RACP Bill 2020 introduced in Lok Sabha.(Bill no- 116 of 2020)*

1) ITR filing for AY 2019-20 is to be extended from 30th Sep to 31-3-2021.

2) ITR filing for AY 2020-21 is to be extended from 30th Nov. to 31-3-2021.

3) Filing of audit reports under any provision for AY 2020-21 is to be extended from 31st Oct to 31-3-2021.

4) TDS/TCS returns for Feb & March-20 and Q 4 for March 20 (as the case)under all sub sections are to be extended to31-3-2021.

5) Furnishing of certificate u/s 192 is to be extended from 15th Aug to 31-3-2021.

6) Sections 54 to 54GB 

     a)The time limit for completion or compliance is to be extended from 29th Sep to 31-12-2021.

    b) For making such completion or compliance is to be extended from 30th Sep to 

31-3-2021.

7) Chapter - VI A under heading B -

a) The time limit for completion or compliance is to be extended from 30th July to 31-12-2020,

b) For making such completion or compliance the date is to be extended from 31st July to 31-3-2021.

8) Vivad se vishvas act-20

a) Time limit to be extended from 30th Dec 20 to 31-12-2020.

b) For completion or compliance is to be extended from 31-12-2020 to 31-3-2021.

9) No extension of payment of taxes. 

10) Interest rate for late payment of taxes 3/4% pm or part of there of.( Only if tax payable is above Rs.1 lac)

11) No penalty will be levied & No  prosecution shall be sanctioned for the delay period for payment of taxes.

Explanation- The period of delay means the period between the due date and the time of payment.

12) The new provisions for charitable trusts for reregistration etc Approval 

u/s 10(23)(C), 

Re registration u/s 12A/ 12AA and  80G is proposed to come in to force from 01-04-2021 from earlier extended date of 1-10-2020.

Plus

*There are other amendments are also proposed in Income tax Act.*

FAQ on GSTR-9 and GSTR-9C under GST*

 *GSTR-9 and GSTR-9C under GST*

1. *What is GSTR-9?*

Ans: GSTR-9 is an annual return under GST. As per Rule 80(1) of CGST Rules, every registered person (other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a nonresident taxable person) shall furnish an annual return In FORM GSTR-9.

GSTR 9 (in simple terms) is compilation of data from all returns filed by taxpayer on monthly / quarterly basis during the relevant financial year in Form GSTR-1 and GSTR- 3B.

 

2. *Who is not required to file GSTR-9?*

Ans: However, the following persons are not required to file GSTR-9.

i. Input service Distributor

Person paying tax under section 51 or section 52

Casual taxpayer.

ii. Nonresident Taxable Person / UIN Holders

Composite taxpayer

 

3. *Is there any turnover limit for filing GSTR-9?*

Ans: As per section 44(1) of CGST Act, there is no turnover limit for GSTR-9. That means every taxpayer is legally required to file GSTR-9 irrespective of his turnover for the relevant financial year.

However as per powers conferred by section 148 of CGST Act, government has made GSTR-9 optional for taxpayers having turnover upto Rs. 2 crores for the FY 2017-18 and FY 2018-19. Now it is upto taxpayer whether he wants to file GSTR-9 for these years or not. Please note that this option is only for FY 2017-18 & FY 2018-19 as of now. However seeing the previous trend of GST system, it may be extended by government for further years also.

 

4. *What is GSTR-9C?*

Ans: As per Rule 80(3) of CGST Rules, every registered person whose aggregate turnover during a financial year exceeds Rs. 2 Crores shall get his accounts audited and furnish a copy of audited annual accounts and a reconciliation statement in FORM GSTR-9C

However as per proviso to Rule 80(3) the limit of Rs. 2 crores has been increased to Rs. 5 crores for FY 2018-19. It is to be noted that this enhancement of limit is only for FY 2018-19 and not for any other year.

Further GSTR-9C is not a substitute for GSTR-9. Rather it is to be filed along with GSTR-9.

 

5. *What is aggregate turnover in GST?*

Ans: The aggregate turnover is very important in GST. As per section 2(6) of the CGST Act,

aggregate turnover includes: 

i. All taxable supplies (including those outward supply on which gst is payable under RCM by the receipient)

ii. Exempt supplies

iii. Exports

iv. Inter-state supplies

but excludes

i. Inward supplies on which tax is payable by a person under RCM

CGST, SGST, IGST, UTGST, Cess. 

The aggregate turnover is to be combined on all India basis for all GSTINs having the same PAN. Aggregate turnover cannot be computed on per GSTIN basis.

There are several myths over aggregate turnover that it does not include exempt supplies or export supplies. But that’s not true.

For example if a taxpayer has taxable turnover of 1 lakh only but he is having export / exempt  turnover of 2.5 crores. Then his aggregate turnover shall be considered as Rs. 2.51 crores and he shall be liable to do all the compliances accordingly.

 

6. *Period for which annual return is required to be filed?*

Ans: Annual Return needs to be filed for every financial year starting from 1st of April and ending 31st of March.

 

7. *What is the due date for filing of GSTR-9?*

Ans: As per section 44 of CGST Act, regular due date for filing of GSTR-9 is 31st December following the end of relevant financial year.

However CBIC vide Notification No. 41/2020 dated 05.05.2020 has extended the due date of FORM GSTR-9 & GSTR-9C for FY 2018-19 till 30th September, 2020.

 

8. *What is the late filing fee for GSTR-9?*

Ans: As per Section 47(2) of CGST Act, any person who fails to furnish GSTR-9 as required under section 44 by the due date shall be liable to pay a late fee of Rs. 100 per day subject to a maximum of an amount calculated at a 0.25% of his turnover.

It is to be noted that late fee of Rs. 100 shall be levied under CGST Act and equal amount of Rs. 100 fee shall be levied under SGST Act also.

 

9. *Can GSTR-9 be revised?* 

Ans: No, GSTR-9 cannot be revised. Once it is submitted and filed, it become final. No change can be made thereafter.

 

10. *Who can become GST Auditor?*

Ans: As per Section 35(5) of CGST Act read with Section 2(23) and section 2(35), only chartered accountant or cost accountant can be appointed as GST Auditor of taxpayer. A company secretary cannot be appointed as GST auditor.

It is to be noted that statutory auditor can also be appointed as GST Auditor of the same entity simultaneously.

Further as per announcement made on 28th September 2018 by the council of the ICAI in its 378th meeting, it is clarified that “an Internal Auditor of an entity cannot undertake GST Audit of the same entity".

Income TAX-TCS Update

 The Government of India has introduced a new *Section 206C(1H) of the Income Tax Act, 1961* with regards to “Tax Collection at Source”.

Applicable to all sellers of goods whose turnover for the preceeding Financial Years exceeds Rs. 10  Crores rupees.

*Example:-*

If during FY 2019-20, turnover was exceeded ₹10 Crores , then For FY 2020-21 w.e.f 01.10.2020, this provision will applicable to such sellers.

*Applicable from 01.10.2020*

1. Every seller who has received any amount as sale consideration above Rs. 50 lakhs has to collect additional 0.075% of bill amount, collect PAN and pay as TCS every month. 

2. TCS returns have to be filed as like TDS returns are filed. 

3. So everyone is advised to complete accounting for half year till 30.09.2020 and separate parties with whom sale of Rs. 50 lakhs is made.

4.  From every sale after 01.10.2020 to such parties levy 0.075% TCS in every bill and keep record of the same

Accordingly sellers will need to add 0.075% to the bill value and deposit with the government on receipt of the payment from buyers.

Regards :

CA J P Jain 

GST-GSTR 2 A UPDATE

 NEW UPDATION IN EXISTING FORM GSTR-2A

In GSTR-2A, till now only invoice details are shown along with the Status of filing of GSTR-1. But the 

details like Filing date of GSTR-1, Status of filing of GSSTR-3B, Invoice pertains to which month are not 

available earlier.

But, now the GSTR-2A has been updated with details:

1. Filing status of GSTR-1

2. Filing date of GSTR-1

3. Filing period of GSTR-1

4. Filing status of GSTR-3B

But the Filing status of GSTR-3B has a limitation that one can know only whether the supplier has filed the 

return or not. But he would not be able to know whether the supplier has paid tax in relation to his invoice. 

As the supplier may have filed NIL GSTR-3B or he may not have shown the invoice which belongs to him.

VENDORS GSTN VERIFICATION CONTENTS

Next update is on “SEARCH TAXPAYER” tab. While dealing with any vendor it is necessary to validate 

the GSTN of vendor. Hence, search taxpayer facility has been provided on Portal for this. Earlier many 

details were available when we search for a particular GSTN like Legal name, Trade name, Date of 

Registration, Date of Cancellation etc

New updates that were made available under “Search Taxpayer” facility are:

1. Principal Place of Business details

2. SAC or HSN Code wise details for the goods and services in which the taxpayer deals with

3. Details of filing of Returns in segregate mode

4. Details of Filing of GSTR-9 & 9C

Hence, the Government is making necessary changes on the Portal to align with the GST law that was 

actually made but could not be practically implemented.

SEBI UPDATE BY CA JP Jain

*No extension from SEBI*

*Important Notice*

SEBI has changed some rules related to margin and trading.

*1)* Buying and selling of shares will Require Upfront margin from now onwards . 

Eg :  if you want to buy Reliance shares worth 1lakh you must have 20k rs in your account as cash and rest money to be paid within 2 days...

👆🏻 *major Change* if you want to *sell 1lakh worth of Reliance shares from your holdings for that scenario also you must have min 20k rs in your account* . Failing which penalties will be levied. 

👆🏻 *read Carefully* . Selling from holding will also require Upfront margin in cash (Var+ELM)

You can keep extra cash / or can pledge other holdings for the stipulated margin required. 

*2)* Shares bought today can be sold Tomorrow provided there is sufficient free margin in clients account

*Eg* You bought Reliance On monday..You can only sell those shares after recieving the delivery of shares.  T+2 you can sell in Wednesday or if there is sufficient free margin in your account.

*You can only sell the shares after you receive in Your DP/only after receiving the delivery of shares or having sufficient free margin.* 

*3)* Shares Sold Today from delivery..... the funds cannot be used for new trades today.. You can use the funds for new trades the next day 

*Eg:*🌟 You sold 10,000rs worth of Reliance's shares today.  

👆🏻you cannot use this money to buy fresh shares of other companies. This 10k will be cleared the next day you can use the money next day.. 

*No changes In options and Futures Rules for Now Till further Notice*

Please note 

*All the changes are Made By SEBI ..........brokers are only following the new rules*

September 2020 Compliance Calender

✅ INCOME TAX

*FY 2018-19*

Extended due date of ITR for AY 2019-20 for all assessee : *30th September 2020*

The due date for filing of return of income U/s 139 for the AY 2019-20 has been extended to 30/09/2020.

*FY 2020-21*

▪️07th September 2020- TDS deducted /TCS collected for the month of August, 2020 (other than TDS / TCS by an office of the government)

▪️15th September 2020- Advance tax second installment for FY 2020-21

✅ GST

*GSTR 3B* : Taxpayer having *aggregate turnover more than Rs.5 crores in preceding FY*

▪️ *20th Sept 2020* for the month of August 2020

*GSTR 1* : Taxpayer having aggregate turnover more than Rs.1.50 crores in preceding FY

▪️11th Sept 2020 – for the month of August 2020 (for those where monthly GSTR-1 is applicable / opted )

*GSTR 3B* : Taxpayer having aggregate turnover upto Rs.5 crores in preceding FY

*Group A category State* :- 

▪️For the month of *May 2020  -  12th Sept 2020*

▪️For the month of *June 2020  -  23rd Sept 2020*

▪️For the month of *July 2020  -  27th Sept 2020*

For the month of *August 2020  -  1st October 2020*

*GSTR 3B* : Taxpayer having aggregate turnover upto Rs.5 crores in preceding FY

*Group B category State* :- 

▪️For the month of *May 2020  -  15th Sept 2020*

▪️For the month of *June 2020  -  25th Sept 2020*

▪️For the month of *July 2020  -  30th Sept 2020*

▪️For the month of *August 2020  -  3rd October 2020*

*GSTR 7* : Return for Tax Deducted at source to be filed by Tax Deductor

▪️For the month of *August 2020  -  10th September 2020*

*GSTR 8* : Return of E-Commerce operator registered under GST liable to TCS

▪️For the month of *August 2020  -  10th September 2020*

*GST Late fee amnesty scheme*

Maximum Late Fee of Rs.500/- per Return  & NIL if no tax Liability on GSTR 3B from July 2017 to January 2020, if filed on or before 30th September 2020.

*GST Annual Return for FY 2018-19* 

▪️ *30th Sept 2020*- GSTR-9 / 9A Annual return (Taxpayers having an aggregate turnover of more than Rs. 2 crores or opted to file Annual Return)

*GST Audit / Reconciliation Statement for FY 2018-19*

▪️ *30th Sept 2020*- GSTR-9C Audit (for Taxpayers having a Turnover of more than Rs. 5 crores)

✅ *CORPORATE COMPLIANCE*

▪️ *29th Sept 2020*- Due date for applying for *extension of AGM in GNL -1*, Kindly note due date of AGM is 30.09.2020 for FY 19-20

▪️ *30th Sept 2020*- Due date of filing of *DPT-3* (deposit and loans details) subject to filing of one additional form (form yet to be notified) under CFSS scheme within a period between October 1, 2020 to March 31, 2021.

▪️ *30th Sept 2020*-  Due date of updating *KYC of Director* in MCA records.

*MCA Update* by CA JP Jain

Last date of filing of DPT-3 is 30th September 2020

Director KYC-30 th September 2020

MSME-1 30th September 2020

PAS-6- 14th September 2020

Last year annual filing last date-30th september

AGM date - 30th September other wise need to take extension

Gst Updates by CA JP Jain

 *GST update:* Due date for issue of notice, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020  to 29th November 2020 is *further extended to 30 November 2020* (Old due date is 31.08.2020)