Goods and Services Tax
1
By: CA.Hitesh GoyalSecretary, Ludhiana Branch of NIRC of ICAI
Contact no.: +91 98149 25846Email id: [email protected]
You Tube Channel: CA Hitesh Goyal on GST
CA.Hitesh Goyal (Email id: [email protected])
Goods and Services Tax 2
Outcomes of 40th GST Council MeetingOutcomes of 40th GST Council Meeting(12.06.2020)(12.06.2020)
AndAndLatest Amendment under GSTLatest Amendment under GST
CA.Hitesh Goyal (Email id: [email protected])
Outcomes of 40th GST Council MeetingOutcomes of 40th GST Council Meeting(12.06.2020)(12.06.2020)
AndAndLatest Amendment under GSTLatest Amendment under GST
Outcomes of 40Outcomes of 40thth GST council MeetingGST council Meeting 3
Outcomes of 40th GST CouncilMeeting
CA.Hitesh Goyal (Email id: [email protected])
Outcomes of 40th GST CouncilMeeting
Outcomes of 40Outcomes of 40thth GST council MeetingGST council Meeting 4
Waiver of Late Fee for pastReturns
CA.Hitesh Goyal (Email id: [email protected])
Waiver of Late Fee for pastReturns
Latest Amendments under GSTLatest Amendments under GST 5
Waiver of Late Fee for past Returns
• late fee for non-furnishing of FORM GSTR-3Bfor the tax period from July, 2017 to January,2020 has been waived
• Provided there is no tax liability• Returns furnished between 01.07.2020 to
30.09.2020
CA.Hitesh Goyal (Email id: [email protected])
• late fee for non-furnishing of FORM GSTR-3Bfor the tax period from July, 2017 to January,2020 has been waived
• Provided there is no tax liability• Returns furnished between 01.07.2020 to
30.09.2020
NIL
Latest Amendments under GSTLatest Amendments under GST 6
Reduction in Late Fee for past Returns
• late fee for non-furnishing of FORM GSTR-3Bfor the tax period from July, 2017 to January,2020 has been reduced
• If there is any tax liability• Returns furnished between 01.07.2020 to
30.09.2020
CA.Hitesh Goyal (Email id: [email protected])
• late fee for non-furnishing of FORM GSTR-3Bfor the tax period from July, 2017 to January,2020 has been reduced
• If there is any tax liability• Returns furnished between 01.07.2020 to
30.09.2020
Max.Rs.500/-
perreturn
Latest Amendments under GSTLatest Amendments under GST 7
Relief for small taxpayers for late filing ofreturns for Feb., Mar. & Apr. 2020
• Small taxpayers having aggregateturnover up to Rs.5 crore
• Returns for Feb., Mar and April 2020• Furnished up to 30.09.2020• ROI reduced from 18% p.a. to 9% p.a.
CA.Hitesh Goyal (Email id: [email protected]) You Tube: CA Hitesh Goyal on GST
• Small taxpayers having aggregateturnover up to Rs.5 crore
• Returns for Feb., Mar and April 2020• Furnished up to 30.09.2020• ROI reduced from 18% p.a. to 9% p.a.
Rate ofinterest@9%p.a.
Latest Amendments under GSTLatest Amendments under GST 8
Relief for small taxpayers for May, Jun. &Jul. 2020
• Small taxpayers having aggregateturnover up to Rs.5 crore
• Returns for May, June and July 2020• Furnished up to 30.09.2020 (staggered
dates to be notified)
Waiverof
interestand late
fee
CA.Hitesh Goyal (Email id: [email protected]) You Tube: CA Hitesh Goyal on GST
• Small taxpayers having aggregateturnover up to Rs.5 crore
• Returns for May, June and July 2020• Furnished up to 30.09.2020 (staggered
dates to be notified)
Waiverof
interestand late
fee
Latest Amendments under GSTLatest Amendments under GST 9
One time extension in period for seekingrevocation of cancellation of registration
• To facilitate taxpayers who could not get theircancelled GST registrations restored in time, anopportunity is being provided for filing of applicationfor revocation of cancellation of registration up to30.09.2020, in all cases where registrations have beencancelled till 12.06.2020.
CA.Hitesh Goyal (Email id: [email protected]) You Tube: CA Hitesh Goyal on GST
• To facilitate taxpayers who could not get theircancelled GST registrations restored in time, anopportunity is being provided for filing of applicationfor revocation of cancellation of registration up to30.09.2020, in all cases where registrations have beencancelled till 12.06.2020.
Outcomes of 40Outcomes of 40thth GST council MeetingGST council Meeting 10
Certain clauses of the Finance Act, 2020amending CGST Act 2017 and IGST Act, 2017
to be brought into force from 30.06.2020
CA.Hitesh Goyal (Email id: [email protected])
Total 16 clauses were there in finance Act 2020for Central Goods and Service Tax Act and 2
clauses were there for IGST Act
Outcomes of 40Outcomes of 40thth GST council MeetingGST council Meeting 11
Latest Amendments
CA.Hitesh Goyal (Email id: [email protected])
Latest Amendments
Latest Amendments under GSTLatest Amendments under GST 12
Clarification in respect of levy ofGST on Director’s remuneration
CA.Hitesh Goyal (Email id: [email protected])
• Vide Circular No. 140/10/2020-GST dated 10.06.2020
Latest Amendments under GSTLatest Amendments under GST 13
Extension of E-way Bill
CA.Hitesh Goyal (Email id: [email protected])
• E-way Bill generated before24.03.2020 and whose validity hasbeen expired on or after 20.03.2020
Extendedup to30.06.2020
Latest Amendments under GSTLatest Amendments under GST 14
Filing of return through SMSfacility
CA.Hitesh Goyal (Email id: [email protected])
• GSTR 3-B• NIL return (nil or no entry in all the
Tables in FORM GSTR-3B)
Latest Amendments under GSTLatest Amendments under GST 15
How to file return through SMS
CA.Hitesh Goyal (Email id: [email protected])
• Send SMS to 14409• SMS Format: NIL 3B 01ABCDE1234F1ZE 062020• IInd SMS: CNF 3B 123456
Advance RulingAdvance Ruling 16
Parotas are not rotis
• Authority for Advance Ruling (Karnataka Bench)• Rate of GST on Parotas is 18%• Rate of GST on Rotis is 5%
CA.Hitesh Goyal (Email id: [email protected])
• Authority for Advance Ruling (Karnataka Bench)• Rate of GST on Parotas is 18%• Rate of GST on Rotis is 5%
Outcomes and Latest Amendments under GSTOutcomes and Latest Amendments under GST 17
CA.Hitesh Goyal (Email id: [email protected])
Thank YouThank You
18
Thank YouThank You
CA.Hitesh Goyal (Email id: [email protected])
By: CA.Hitesh GoyalSecretary, Ludhiana Branch of NIRC of ICAI
Contact no.: +91 98149 25846Email id: [email protected]
You Tube Channel: CA Hitesh Goyal on GST
