TAX DESTINATION

Extension of time limits of certain compliances to provide relief to taxpayers in view of a severe pandemic 01.The statement of financial transactions for the financial year 2020-21, required to be furnished on or before 31/05/2021, under Rule 114E of the Income-tax Rules,1962(hereinafter referred to as "the rules) and various notifications issued thereunder, may be furnished on or before 30/06/2021. 02. The statement of reportable account for the calendar year 2020, required to be furnished on or before 31/05/2021 under Rule 114G of the rules, maybe furnished on or before 30/06/2021. 03.The statement of deduction of tax for the last quarter of the financial year 2020-21, required to be furnished on or before 31/05/2021 under Rule 31A of the rules, maybe furnished on or before 30/06/2021. 04.Due date of Form 16 extended from 15/05/2021 to 15/06/2021. 05.TDS/TCS Book adjustment statement in Form No 24G for the month of May 2021, required to be furnished on or before 15/06/2021 unde

Extension of time limits of certain compliances to provide relief to taxpayers in view of a severe pandemic 01.The statement of financial transactions for the financial year 2020-21, required to be furnished on or before 31/05/2021, under Rule 114E of the Income-tax Rules,1962(hereinafter referred to as "the rules) and various notifications issued thereunder, may be furnished on or before 30/06/2021. 02. The statement of reportable account for the calendar year 2020, required to be furnished on or before 31/05/2021 under Rule 114G of the rules, maybe furnished on or before 30/06/2021. 03.The statement of deduction of tax for the last quarter of the financial year 2020-21, required to be furnished on or before 31/05/2021 under Rule 31A of the rules, maybe furnished on or before 30/06/2021. 04.Due date of Form 16 extended from 15/05/2021 to 15/06/2021. 05.TDS/TCS Book adjustment statement in Form No 24G for the month of May 2021, required to be furnished on or before 15/06/2021 unde

The Supreme Court on Wednesday issued notice on a PIL seeking directions to the Centre to have a mechanism to track total GST paid on the OIDAR (Online Information and Database Access or Retrieval Services) services used by Non-NTOR (Non-Taxable Online Recipient) Indian recipients under reverse charge basis. The three-judge bench of Chief Justice S.A. Bobde, Justices A.S. Bopanna and V. Ramasubramanian has issued notice to the Centre on a plea which also seeks to amend GSTR-5A or introduce a new form to reflect in the GST return figures of revenue generated out of services to NTOR. The petitioner, Pradeep Goyal, has further sought directions to the Centre to have a mechanism to verify the total receipts earned by foreign online service providers from India and check GST compliance. The petitioner has contended that the Government has no mechanism to track total GST paid on the OIDAR services used by Non-NTOR Indian recipients under reverse charge basis. The petitioner has further said

The Supreme Court on Wednesday issued notice on a PIL seeking directions to the Centre to have a mechanism to track total GST paid on the OIDAR (Online Information and Database Access or Retrieval Services) services used by Non-NTOR (Non-Taxable Online Recipient) Indian recipients under reverse charge basis. The three-judge bench of Chief Justice S.A. Bobde, Justices A.S. Bopanna and V. Ramasubramanian has issued notice to the Centre on a plea which also seeks to amend GSTR-5A or introduce a new form to reflect in the GST return figures of revenue generated out of services to NTOR. The petitioner, Pradeep Goyal, has further sought directions to the Centre to have a mechanism to verify the total receipts earned by foreign online service providers from India and check GST compliance. The petitioner has contended that the Government has no mechanism to track total GST paid on the OIDAR services used by Non-NTOR Indian recipients under reverse charge basis. The petitioner has further said

Ending Tasks for GST for FY 2020-21 Table of contents New Invoice series   Physical Stock Checking HSN code requirements Reversal of Blocked Credit Letter Of Undertaking Refund for FY 2018-19 E-Invoicing QR Coding Restricted ITC as per 36(4) Reconciliation of GSTR 1 with GSTR 3B Reconciliation of GSTR 3B with the ITC on purchases GSTR 3B/GSTR 1 entry VS Accounting entries Reconciliation of E Way Bills with GSTR 1 and further with GSTR 3B Reconciliation of GSTR 1/3B Sales with Financial Statements Reconciliation of ITC ledgers Reconciliation of GSTR 2A with the purchase invoices B2B, B2C Reconciliations Cross-check for income on which Zero or partial GST is paid 1. New Invoice series : Ensure creation of a new/unique invoice series of invoices to be raised from 01 April 2021. The series should be serially numbered. You may create multiple series at your convenience. 2. Physical Stock Checking: The physical stock needs to be reconciled with the stock as per books of accounts. This would

Ending Tasks for GST for FY 2020-21 Table of contents New Invoice series   Physical Stock Checking HSN code requirements Reversal of Blocked Credit Letter Of Undertaking Refund for FY 2018-19 E-Invoicing QR Coding Restricted ITC as per 36(4) Reconciliation of GSTR 1 with GSTR 3B Reconciliation of GSTR 3B with the ITC on purchases GSTR 3B/GSTR 1 entry VS Accounting entries Reconciliation of E Way Bills with GSTR 1 and further with GSTR 3B Reconciliation of GSTR 1/3B Sales with Financial Statements Reconciliation of ITC ledgers Reconciliation of GSTR 2A with the purchase invoices B2B, B2C Reconciliations Cross-check for income on which Zero or partial GST is paid 1. New Invoice series : Ensure creation of a new/unique invoice series of invoices to be raised from 01 April 2021. The series should be serially numbered. You may create multiple series at your convenience. 2. Physical Stock Checking: The physical stock needs to be reconciled with the stock as per books of accounts. This would

1. Extension of due date for filing GSTR-4,5,6,7,8 FY 2020-21- The due date extended to 31st May 2021 from the current 30th April 2021. 2. Extension of due date for furnishing the declaration in ITC-04 in respect of goods dispatched to a job worker or received from a job worker for Jan-Mar’21 quarter- The due date extended to 31st May 2021. 3. Extension of due date for filing GSTR-1 for the month of April 2021- The due date extended to 26th May 2021. 4. Extension in due date for filing IFF for the month of April 2021- The due date extended to 28th May 2021.  Relief Measures announced in GST Compliances In view of recent surge in coronavirus cases   1. Reduction in Interest Rate for delayed GST payment for Regular Taxpayer for the month of March & April 2021 a. The regular taxpayer- Turnover more than 5 Cr- Interest rate reduced to 9% for first 15 days b. The regular taxpayer- Turnover up to 5 Cr- Interest rate reduced to NIL for the First 15 days and 9% for the next 15 days. 2. Wai