Prateek Arya & Company - PAC

20/09/2021

*Some Important Key Decisions on 45th GST council Meeting*

▪️Earlier Section 50 (3) of CGST Act 2017 levies interest on *Undue or Excess Credit Claimed*, Now post GST Council meeting it has been decided to retrospective amend the section to levy interest @ 18% on *“ineligible ITC which is availed and utilised”* meaning thereby interest is to be paid by a taxpayer on *“ineligible ITC availed and utilized” and not on “ineligible ITC availed”*

▪️Ecommerce Operators are being *made liable to pay tax on following services provided through them* [w.e.f.1stJanuary,2022]
a. Transport of passengers, by any type of motor vehicles through them.

b. Restaurant services provided through it with some exceptions

▪️Services by *cloud kitchens/central kitchens* are covered under ‘restaurant service’, and attract 5% GST [ without ITC].

▪️Rule 36(4) of CGST Rules 2017 , to be amended once the clause (aa) to 16(2) will be inserted , which will give *an end to the provisional credit* and only that can be availed which appearing on portal ( 2A/2B ) and thereby 3B will be legally recognized as return.

▪️Late fee for delayed filing of FORM GSTR 1 to be auto populated and collected in next open return in FORM GSTR 3B.

▪️Rule 59(6) to be amended w.e.f. 01.01.2022 to provide that *filing of GSTR 1 shall not be allowed if GSTR 3B for the preceding month has not been furnished.*

17/09/2021

*UDIN* - ICAI Council has decided UDIN can be generated within *60 days* (in place if 15 days). This is also in view of SQC and SA.

21/08/2021

31/07/2021

🎓
*GST Updates:*

↪️Section 35, 44 and Rule 80 amended w e f 1st August 2021
↪️Form 9 and 9C is also amended
↪️GST Audit by CA/CMA abolished from F Y 2020-21, now self certification of Form 9C by Company.
↪️No annual Return (Form GSTR 9) is required to be filed for F Y 2021-21 upto aggregate Turnover of Rs 2 Crores and No requirement to file Form 9C upto aggregate Turnover of Rs 5 Crore
↪️Relevant Notifications:
Notification No 29/2021 Central Tax dated 30.07.2021
Notification No 30/2021 Central Tax dated 30.07.2021
Notification No 31/2021 Central Tax dated 30.07.2021

27/06/2021

Filing Directors KYC (DIR-3 KYC) is a mandatory ROC filing for every person who has been allotted a DIN on or before 31st March 2021. The last date of filing the director KYC is 30th September 2021..

04/06/2021

Amnesty Scheme to provide relief to taxpayers regarding late fee for pending returns:-

To provide relief to the taxpayers, late fee for non-furnishing FORM GSTR- 3B for the tax periods from July, 2017 to April, 2021 has been reduced / waived as under: -

i. late fee capped to a maximum of Rs 500/- (Rs. 250/- each for CGST & SGST) per return for taxpayers, who did not have any tax liability for the said tax periods;

ii. late fee capped to a maximum of Rs 1000/- (Rs. 500/- each for CGST & SGST) per return for other taxpayers;

*The reduced rate of late fee would apply if GSTR-3B returns for these tax periods are furnished between 01.06.2021 to 31.08.2021.*

Regards
CA Prateek Arya

20/05/2021

Extended Due dates Under Income Tax Act..

09/03/2021

GSTIN not Mandatory for MSME Udyam Registration, notifies Central Govt..