Important Updates

E-Invoice Mandatory w.e.f 01/10/2022

E-Invoice Mandatory w.e.f 01/10/2022 for B2B supply of Goods or Services or Both, or for Exports, for taxpayers whose Aggregate Annual Turnover exceeds Rs. 10 Crore in any of the preceding financial year. 

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Maharashtra Amnesty Scheme 2022...(TIll 30/09/2022)

MGSTD has launched Amnesty Scheme 2022 to settle the disputes in respect of VAT and Allied Act prior to 30th June 2017.

Avail this great opportunity to settle the disputes of tax prior to GST at earliest.

 👉 Scheme  is devided in to 2 Parts  : (i) Arrears for the period  From 01/04/2005 to 30/06/17 &

                                                                   (ii) Arrears for the period up to 31/03/2005

  
👉  Demand  Arrears as  on  01/04/2022  are  eligible for  Amnesty Scheme 2022.

👉 Only Disputed demand will get certain waiver under thios scheme. Undisputed Arrears to be paid fully. 

👉  Arrears up to Rs. 10,000/- Completely waived off (No Need to apply in this scheme)
👉  Demand  Arrears up to Rs. 10,00,000/- can opt for lumpsum option & pay 20% of total dues.  

👉  Demand  Arrears up to Rs. 50,00,000/- can opt for One Time Payment Option as per Annexure A & Annexure B.
👉  Demand  Arrears above Rs. 50,00,000/- can opt for Instalment option as per Annexure A & Annexure B.

👉 Amnesty Scheme Period : 01/04/2022 to 30/09/2022 for payment of arrears 

      01/04/2022 to 14/10/2022 for making application    

 👉Forms : Form I - For Order Dues
                  Form IA - For Retrurn Dues   

For Detailed information of the scheme, click here.

Updated on 27/05/2022 (Friday)
>>Late Fees for filing GSTR 4 for the year 2021-22 has been waived if filed between 01/05/2022 to 30/06/2022
To know the notification click here.

Updated on 17/05/2022 (Tuesday)
>> Due Date of GSTR 3B filing extended to 24/05/2022 (Old Duu Date 20/05/2022) & Payment of GST for QRMPTax payers extended to 27/05/2022 (Old Due Date 25/05/2022). Due to Technical glitches in generation of GSTR 2B for the month of April 2022. To know the notification click here.


Updated on 23/02/2022 (Wednesday)
>>GSTR 1 / IFF Phase 2 will be implemented soon : GSTN. To know the advisory click here
Updated on 03/01/2022 (Monday)
>> GSTR  9  &  9C for F.Y. 2020-21 filing date has been extended to 28/02/2022.
>> From Jan. 2022 GST returns onwards, ITC will be restricted to invoices showing in GSTR 2B only. Amendmend has been made to Rule 36(4) of CGST Rules, 2017.
>> No relevance of GSTR 2A and the same has been removed from the GST portal from January 2022 onwards. 
Notification No. 40/2021, Dt. 29/12/2021
>> No relevance of GSTR 2A and the same has been removed from the GST portal from January 2022 onwards.
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Last Date to avail benifit under GSTR 3B Amnesty Scheme has been extended to 30/11/2021 wide notification No. 33/2021, Central Tax, dt. 29/08/2021.  Late Fees have been capped to maximum Rs. 500/- per Return those who have not filed their GSTR 3B returns for the period from July 2017 to April 2021. The said scheme is applicable only those returns will be filed between 01/06/2021 to 30/11/2021.
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Updated on 29/08/2021 (Sunday)

• Last Date to avail benifit under GSTR 3B Amnesty Scheme has been extended to 30/11/2021 wide notification No. 33/2021, Central Tax, dt. 29/08/2021.  Late Fees have been capped to maximum Rs. 500/- per Return those who have not filed their GSTR 3B returns for the period from July 2017 to April 2021. The said scheme is applicable only those returns will be filed between 01/06/2021 to 30/11/2021.

• Revocation Application for cancelled GST Registration, for which due dates were falls between 01/03/2020 to 31/08/2021, can now be applied till 30/09/2021.   Notification No. 34/2021, Central Tax, dt. 29/08/2021. 
  ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Updated on 31/07/2021 (Saturday)

Vide Notification Number 29/2021 - Central Tax, the Section 110 and 111 of the Finance Act, 2021 is made effective                       from 01st August 2021.

The changes:

Section 110  - Removed the requirement of GST audit by a chartered accountant or a cost accountant and furnishing of audited reconciliation statement in Form GSTR-9C.

Section 111 - Changed Annual Return filling section in GST in a way that the Form GSTR-9 can be filled with a self-certified reconciliation statement. Also the due date for filling will be now based on notification. Earlier chartered accountant or a cost accountant certified GSTR 9C was required.

Also the Commissioner is now empowered to exempt any class of registered persons from filing annual return

Notification 30/2021 - Central Tax Dt. 30/07/2021

1. Requirement of Furnishing of Annual Return [Form GSTR 9/9A/9B] by 31 December following the end of financial year. If aggregate turnover during a financial year exceeds 5 crore rupees, then self-certified reconciliation statement in FORM GSTR-9C along with the annual return by 31st December following the end of financial year.

2. Few modifications in Form GSTR 9 and GSTR 9C to make these forms applicable for F.Y. 2020-2021 and also to make Form GSTR 9C self-certifiable by registered Person.

Notification 31/2021 - Central Tax Dt. 30/07/2021

Exemption from filling of Annual Return for F.Y. 2020-2021 if aggregate turnover in the financial year 2020-21 is upto two crore rupees

In simple words the changes are:

1. Upto 2 Crores Turnover, GSTR 9 not required

2. Between 2 Crores to 5 Crores - Only GSTR 9 Required

3. Above 5 Crores - GSTR 9 and Self Certified GSTR 9C is required

4. Mandatory certification in reconciliation statement by Chartered Accountant or Cost Accountant is not required from F.Y. 2020-2021

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Updated on 02/06/2021 (Wednesday)
GSTR 3B & GSTR 1/IFF, GSTR 4 & Other due dates extended & Interest rates reduced for March 2021, April 2021 & May 2021. 

for Notifications Click here

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Updated on 11/03/2021 (Thursday) @ 10.30am

HSN / SAC made mandatory w.e.f. 01/04/2021 for all types of tax payers. Notification, Click here

• Aggregate Turnover upto  Rs. 5 Crores in preceeding F.Y. >>> 4 Digits HSN /SAC for B2B  & Optional for B2C 

• Aggregate Turnover moe than  Rs. 5 Crores in preceeding F.Y. >>> 6 Digits HSN /SAC for B2B & B2C (All Invoices) 

• Penalty : Non or wrong mention of HSN/SAC in GSTR 1 can attract penalty of Rs. 50,000/-
                                                                                                                 (CGST Rs. 25,000 & SGST Rs. 25,000)   

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Updated on 08/03/2021 (Monday) @ 10.30pm

• Now taxpayers having turnover exceeding Rs 50 Crores will have to generate e Invoices effective April 1, 2021. Notification is here

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Published on 21/07/2021
CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB electronically wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer for any foreign remittance.
Date for the same is extended to 15/08/2021 (Earlier extended date : 15/07/2021) 

Updated on 30/09/2020 : 

• TCS on Sale of Goods has been implemented w.e.f. 01/10/2020. To know more... Click here.

CHART WITH EXAMPLE ,     COMPETE ARTICLE

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Form 26AS in its new Avtar

Sec 285BB was amended by the Finance Act 2020. By Income-tax (11th Amendment) Rules 2020 W.e.f. 01.06.2020 Rule 114-I has detected been inserted and Form 26AS shall contain following information:

(I) TDS / TCS

(II) Specified Financial Transactions

(iii) payment if taxes

(Iv) demand and refund

(v) pending proceedings

(vi)completed proceedings

specified Financial Transactions are stated in section 285BA(3).

As a result details of financial transactions shall also be included in Form 26AS

Updated on 13/05/2020 : 

• TDS & TCS rates have been reduced to 25% for all categories other than Salary. This proviso will be valid from 14/05/2020 to 31/03/2021 only. For Ex. If  original TDS rate is 10%, then revised rate will be 7.5%)

Updated on 26/06/2021, 

Due date for filing Maharashtra PTRC Returns is extended till 30th June, 2021. Now PTRC Taxpayers can file monthly Returns for the month of March, April & May 2021 and Yearly Return for 2020-21 on or before 30th June, 2021 without late fees. 

F.Y. 2020-21 AGM CAN BE NOW BE HELD ON OR BEFORE 30/11/2021 AS AGAINST EARLIER DATE 30/09/2021

Updated on 23/09/2021, Thursday 

• Ministry of Corporate Affairs (MCA) has extended time limit to conduct AGM for companies to 30/11/2021 from earlier date 30/09/2021 for Financial Year ended 31/03/2021 considering the difficulties faced due to COVID-19 

second wave and consequent lockdowns.
Accordingly advised to RoCs to approve the AGM held beyond 2 months from 30/09/2021 for F.Y. ended 31/03/2021. 

Accoordingly decided to update on the MCA website too. 

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• Due to technichal glitches faced by the IEC holders while updating / modifying the details therein, the laste date to update / modify the same is extended to 31/08/2021. (Earilier date was 31/07/2021).
                                                                             Notification 16/2015-20, dt. 09/08/2021