माह दिसम्बर2020 की निर्धारित अंतिम तिथि

Reminder

1-TDS/TCS Liability Deposit for Nov 2020 is due on 2020-12-07

2-(i) GSTR-7(Monthly) for Nov 2020 is due on 2020-12-10

   (ii) GSTR-8(Monthly) for Nov 2020 is due on 2020-12-10

3- GSTR-1(Monthly) for Nov 2020 is due on 2020-12-11

4- GSTR-6(Monthly) for Nov 2020 is due on 2020-12-13

5- (i) PF/ESI Deposit for Nov 2020 is due on 2020-12-15

(ii) Advance Tax Payment for Oct to Dec’20 is due on 2020-12-15

6 (i) GSTR-5(Monthly) for Nov 2020 is due on 2020-12-20

(ii) GSTR-5A(Monthly) for Nov 2020 is due on 2020-12-20

7- GSTR-3B for Nov 2020 is due on 2020-12-22

7- GSTR-3B for Nov 2020 is due on 2020-12-24

8-(i) Form MSME(outstanding payments to MSMEs) for Oct’19-Mar’20 is due on 2020-12-31

(ii) Form 11(LLP Annual returns) for FY 2019-20 is due on 2020-12-31

(iii) DIR-3 KYC for FY 2019-20 is due on 2020-12-31

(iv) Form DPT-3 for FY 2019-20 is due on 2020-12-31

(v) Eligible pending filings for LLP and Company is due on 2020-12-31

(vi) GSTR-9(Yearly) for FY 2018-19 is due on 2020-12-31

(vii) GSTR-9C(Yearly) for FY 2018-19 is due on 2020-12-31

(viii) Tax audit report for FY 2019-20(AY 2020-21) is due on 2020-12-31

(ix) Income Tax Return for FY 2019-20(AY 2020-21) is due on 2020-12-31

*Deferment of provisions for new registration procedure of Charitable Trusts and Institutions u/s 12AB/10(23C)/80G:*

*Deferment of provisions for new registration procedure of Charitable Trusts and Institutions u/s 12AB/10(23C)/80G:*

~The Finance Act, 2020 prescribed a new electronic registration procedure for Charitable Trusts and Institutions under section 12AA/ 12AB / 10(23C)/ 80G.

~Originally was made applicable from 1st June 2020 : Subsequently extended to 1st October 2020 :Finally withdrawn from Finance Act, 2020 and made applicable from 1st April 2021. 

~ So, New Scheme of electronic Registration deferred and made applicable w.e.f. 1st April 2021. Old Scheme would continue uptill 31st March 2021.

*Amendments applicable from A.Y. 2020-21:*

~Audit Report in Form No. 10BB shall be uploaded one month prior to the due

date of submission of return of income. For A.Y. 2020-21 – uptill 31-12-2020.

~Income by way of Corpus Donation: By insertion of an Explanation, it has been clarified that w.e.f. A.Y. 2020-21, income of an entity covered by section 10(23C)(iv)/(v)/(vi)/(via) shall not include income in the form of voluntary contributions which are received with a specific direction that they shall form part of the corpus of the recipient.

~Corpus Donation given to other entities: Shall not be taken as application of income of the entity giving donation from the A.Y. 2020-21, if the following conditions are satisfied-

a) is given by an entity covered by section 10(23C)(iv)/(v)/(vi)/(via);

b) is given voluntarily with a specific direction that it shall form part of the

corpus of recipient; and

c) is given to an entity covered by section 10(23C)(iv)/(v)/(vi)/(via) or to a trust registered u/s. 12AA.

CA Amresh Vashisht

CBDT to validate Unique Document Identification Number (UDIN) generated from ICAI portal at the time of upload of Tax Audit Reports

The Institute of Chartered Accountants of India, in its gazette notification dated 2^nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators. This was introduced to curb fake certifications by non-CAs misrepresenting themselves as Chartered Accountants.

In line with the ongoing initiatives of the Income Tax Department for integrating with other Government agencies and bodies, Income-tax e-filing portal has completed its integration with the Institute of Chartered Accountants of India (ICAI) portal for validation of Unique Document Identification Number (UDIN) generated from ICAI portal by the Chartered Accountants for documents certified/attested by them.

It may be noted that, in consonance with the above requirement, Income-tax e-filing portal had already factored mandatory quoting of UDIN with effect from 27^th April, 2020 for documents certified/attested in compliance with the Income-tax Act,1961 by a Chartered Accountant. With this system level integration, UDIN provided for the audit reports/certificates submitted by the Chartered Accountants in the e-filing portal shall be validated online with the ICAI.  This will help in weeding out fake or incorrect Tax Audit Reports not duly authenticated with the ICAI.

If for any reason, a Chartered Accountant was not able to generate UDIN before submission of audit report/certificate, the Income-tax e-filing portal permits such submission, subject to the Chartered Accountant updating the UDIN generated for the form within 15 calendar days from the date of form submission in the Income- tax e-filing portal. If the UDIN for the audit report/certificate is not updated within the 15 days provided for the same, such audit report/certificate uploaded shall be treated as invalid submission.

The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1676103

*Fifteen (15) Important Points about Quarterly Return and Monthly Payment (‘QRMP’) Scheme*

1. QRMP Scheme will be effective from *January 01, 2021* and the GSTN system would itself compute the aggregate annual turnover of the taxpayer.

2. The registered person whose aggregate turnover in the preceding financial year is *up to Rs 5 crore* & who is required to furnish Form GSTR-3B is eligible;

3. The option to avail the QRMP Scheme *GSTIN wise is available*, i.e., some GSTINs for a PAN can opt for the QRMP Scheme and remaining GSTINs may not opt for the Scheme but once it is exercised it would be valid for future tax periods.

4. The registered persons opting for the Scheme would be required to furnish the details of outward supply in Form *GSTR-1 on quarterly basis*;

5. *Invoice furnishing facility* (‘IFF’) has been introduced in respect of reporting the invoice for details of supply made to registered persons for the first two months of the quarter.

6. The supplier can upload these invoices *on monthly basis*. The taxpayer can upload maximum of Rs 50 Lakhs worth invoices in each of the two months of quarter. 

7. The IFF facility is *optional*. 

8. The registered persons, whose aggregate turnover for the FY 2019-20 is up to Rs 5 crore and who have furnished the return in Form GSTR-3B for the month of October, 2020 by 30th November, 2020, shall be *automatically migrated* on the common portal.

9. The registered taxpayer having turnover less than Rs 1.5 crores and filing monthly GSTR 1 *would not be automatically migrated* to QRMP scheme.

10. The registered person under the QRMP Scheme would be required to *pay the tax due on monthly basis*  in each of the first two months of the quarter by depositing the due amount in *Form GST PMT-06*. 

11. The amount of tax shall be deposited by the *25th day of next month*.

12. Two types of Payment schemes are made available for first two months of the Quarter – *Fixed Sum Method and Self-Assessment Method*.

13. The registered persons opting for the QRPM Scheme would be required to *furnish Form GSTR-3B, for each quarter*, on or before 22nd or 24th day of the month succeeding such quarter for Class A States and Class B States respectively.

14. The facility for opting out of the Scheme for a quarter will be available from *first day of second month of preceding quarter to the last day of the first month of the quarter*.

15. Registered person, whose aggregate turnover *crosses 5 crore rupees* during a quarter in current financial year, *shall opt for furnishing of return on a monthly basis from the succeeding quarter*.

Income Tax Department conducts searches in Kerala

The Income Tax Department has carried out search and seizure operations on 05.11.2020 in the case of a well-known self-styled evangelist of Thiruvalla in Kerala and his group of various trusts that enjoy exemption under the Income-tax Act, 1961 as charitable/religious trusts. The group operates places of worship, a number of schools and colleges across the country, a medical college and a hospital in Kerala. The action covered 66 premises located in Kerala, Tamilnadu, West Bengal, Karnataka, Chandigarh, Punjab and Telengana. The searches were carried out as credible information was received that the group has received donations from foreign countries ostensibly for helping the poor and the destitute and for evangelical purposes, but was actually siphoning out such tax-exempted funds in cash to engage in unaccounted cash transactions for personal and other illegal expenses in real estate transactions. The group operates about 30 trusts, registered across the country, and most of them exist only on paper and have been found to be used for routing the unaccounted funds and for accommodation transactions. It has been found that the modus operandi of the group is to systematically inflate expenses with the help of other parties, who would return the inflated amount in cash through domestic hawala channels to the functionaries of the group. Some of these other parties were also covered in the search action. During the search action, evidences have been found of systematic inflation of expenses in purchase of consumables, construction expenses, real estate development expenses, payment of salary, etc. The search has led to unearthing of a number of real estate transactions involving unaccounted cash payments. Related documents such as sale agreements, etc have been seized. The group has also inflated the price in real estate transactions to show as if the money received in donations is being spent on the activities of the trusts. The evidence found so far indicate that the siphoning of funds in cash may be running into hundreds of crores of rupees. Unexplained cash of approximately Rs. 6 crore has also been found during the search, including Rs 3.85 crore in a place of worship in Delhi. Substantial electronic computing and data storage has been found, which is being examined. Further investigations are going on. The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1670628

*Extendion of Income Tax due dates*

*Extendion of Income Tax due dates*

*IT return FY 2019-20*

i. Without tax audit –31.12.20

ii. TP, tax audit & tax audit firm partners– 31.01.21

*TAR &other reports*

Various audit reports (tax audit, transfer pricing etc) – 31.12.20

*Already Extended ITR*

Income tax return FY 2018-19 -30.11.20 -No Change

*GST Date Extension*

GSTR9/9A/9C FY 2018-19 Annual Return & Reconcilation Statement – 31st December 2020

CA Amresh Vashisht

The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today.

The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs.

The GST Council has made the following recommendations:

1. Levy of Compensation Cess to be extended beyond the transition period of five years i.e. beyond June, 2022, for such period as may be required to meet the revenue gap. Further details to be worked out.

2. Centre is releasing compensation of ₹ 20,000 crore to States today towards loss of revenue during 2020-21 and an amount of about ₹ 25,000 crore towards IGST of 2017-18 by next week.

3. Enhancement in features of return filing: In its 39th Meeting held in March 2020, the Council had recommended an incremental approach to incorporate features of the new return system in the present familiar GSTR-1/3B scheme. Various enhancements have since been made available on the GST Common Portal. With a view to further enhance Ease of Doing Business and improve the compliance experience, the Council has approved the future roadmap for return filing under GST. The approved framework aims to simplify return filing and further reduce the taxpayer’s compliance burden in this regard significantly, such that the timely furnishing of details of outward supplies (GSTR-1) by a taxpayer and his suppliers would (i) allow him to view the ITC available in his electronic credit ledger from all sources i.e. domestic supplies, imports, and payments on reverse charge, etc. prior to the due date for payment of tax, and (ii) enable the system to auto-populate return (GSTR-3B) through the data filed by the taxpayer and all his suppliers. In other words, the timely filing of the GSTR-1 statement alone would be sufficient as the return in FORM GSTR-3B would get auto prepared on the common portal. To this end the Council recommended/decided the following:

• Due date of furnishing quarterly GSTR-1 by quarterly taxpayers to be revised to 13th of the month succeeding the quarterw.e.f. 01.1.2021;
• Roadmap for auto-generation of GSTR-3B from GSTR-1s by:

1. Auto-population of liability from own GSTR-1 w.e.f. 01.01.2021; and
2. Auto-population of the input tax credit from suppliers’ GSTR-1s through the newly developed facility in FORM GSTR-2B for monthly filers w.e.f. 01.01.2021 and for quarterly filers w.e.f. 01.04.2021;

• In order to ensure the auto-population of ITC and liability in GSTR 3B as detailed above, FORM GSTR-1 would be mandatorily required to be filed before FORM GSTR-3B w.e.f. 01.04.2021.
• The present GSTR-1/3B return filing system to be extended till 31.03.2021 and the GST laws to be amended to make the GSTR-1/3B return filing system as the default return filing system.

4. As a further step towards reducing the compliance burden particularly on the small taxpayers having aggregate annual turnover < Rs. 5 cr., the Council’s earlier recommendation of allowing filing of returns on a quarterly basis with monthly payments by such taxpayers to be implemented w.e.f. 01.01.2021. Such quarterly taxpayers would, for the first two months of the quarter, have an option to pay 35% of the net cash tax liability of the last quarter using an auto-generated challan.

5. Revised Requirement of declaring HSN for goods and SAC for services in invoices and in FORM GSTR-1 w.e.f. 01.04.2021 as under:

• HSN/SAC at 6 digits for supplies of both goods and services for taxpayers with aggregate annual turnover above Rs. 5 crores;
• HSN/SAC at 4 digits for B2B supplies of both goods and services for taxpayers with aggregate annual turnover up to Rs. 5 crores;
• Government to have the power to notify 8 digit HSN on the notified class of supplies by all taxpayers.

6. Amendment to the CGST Rules: Variousamendments in the CGST Rules and FORMS have been recommended which includes provision for furnishing of Nil FORM CMP-08 through SMS.

7. Refund to be paid/disbursed in a validated bank account linked with the PAN & Aadhaar of the registrant w.e.f. 01.01.2021.

8. To encourage the domestic launching of satellites particularly by young start-ups, the satellite launch services supplied by ISRO, Antrix Corporation Ltd., and NSIL would be exempted.

Note:- The decisions of the GST Council have been presented in this note in simple language for easy understanding. The same would be given effect to through Gazette notifications/ circulars which alone shall have force of law.

The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1661827

Dynamic QR Code for B2C Supplies deferred till December 01, 2020

The CBIC vide Notification No. 14/2020 dated March 21, 2020 notified the class of registered person required to have Dynamic Quick Response (QR) Code. Relevant extract is reproduced below: “an invoice issued by a registered person, whose aggregate turnover in a financial year exceeds five hundred crore rupees, other than those referred to in sub-rules (2), (3), (4) and (4A) of rule 54 of said rules, and registered person referred to in section 14 of the Integrated Goods and Services Tax Act, 2017, to an unregistered person (hereinafter referred to as B2C invoice), shall have Dynamic Quick Response (QR) code: Provided that where such registered person makes a Dynamic Quick Response (QR) code available to the recipient through a digital display, such B2C invoice issued by such registered person containing cross-reference of the payment using a Dynamic Quick Response (QR) code, shall be deemed to be having Quick Response (QR) code. 2. This notification shall come into force from the 1st day of October, 2020.” Notification: The CBIC vide Notification No. 71/2020 dated September 30, 2020 amended Notification No. 14/2020 dated March 21, 2020 to consider aggregate turnover of any preceding FY from 2017-18 onwards and deferred its implementation till November 30, 2020. Relevant extract is reproduced below: “..an invoice issued by a registered person, whose aggregate turnover in any preceding financial year from 2017-18 onwards exceeds five hundred crore rupees, other than those referred to in sub-rules (2), (3), (4) and (4A) of rule 54 of said rules, and registered person referred to in section 14 of the Integrated Goods and Services Tax Act, 2017, to an unregistered person (hereinafter referred to as B2C invoice), shall have Dynamic Quick Response (QR) code: Provided that where such registered person makes a Dynamic Quick Response (QR) code available to the recipient through a digital display, such B2C invoice issued by such registered person containing cross-reference of the payment using a Dynamic Quick Response (QR) code, shall be deemed to be having Quick Response (QR) code. 2. This notification shall come into force from the 1st day of December, 2020.” The Notification can be accessed at: https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-71-central-tax-english-2020.pdf

माल की बिक्री के संबंध में प्राप्त राशि पर टीसीएस का नये प्रावधान धारा 206C(1H) – सुधीर हालाखंडी

Relaxation for generation of e-invoice for one month, now applicable from November 01, 2020

The CBIC vide Notification No. 72/2020- Central Tax dated September 30, 2020 issued Central Goods and Services Tax (Eleven Amendment) Rules, 2020 effective from September 30, 2020. Amendments are discussed below:

1. Sub- rule (r) inserted in Rule 46 of the Central Goods and Services Tax Rules, 2017 (“CGST Rules”) for mentioning Quick Refence code having embedded Invoice Reference Number (“IRN”) in tax invoice referred to in Section 31 of the Central Goods and Services Tax Act, 2017 (“CGST Act”):

“(r) Quick Reference code, having embedded Invoice Reference Number (IRN) in it, in case invoice has been issued in the manner prescribed under sub-rule (4) of rule 48.”.

2. Inserted proviso to sub-rule (4) of Rule 48 of the CGST Rules to give power to the Commissioner to exempt person or a class of registered persons from issuance e-invoice under Rule 48(4) of the CGST Rules. Relevant portion is reproduced below:

“(4) The invoice shall be prepared by such class of registered persons as may be notified by the Government, on the recommendations of the Council, by including such particulars contained in FORM GST INV-01 after obtaining an Invoice Reference Number by uploading information contained therein on the Common Goods and Services Tax Electronic Portal in such manner and subject to such conditions and restrictions as may be specified in the notification.

Provided that the Commissioner may, on the recommendations of the Council, by notification, exempt a person or a class of registered persons from issuance of invoice under this sub-rule for a specified period, subject to such conditions and restrictions as may be specified in the said notification.”

3. Substituted sub-rule (2) of Rule 138A of the CGST Rules to provide for Quick Refence code having embedded IRN in the invoice issued under sub-rule (4) of Rule 48 of the CGST Rules for electronic verification; meaning thereby now there is no need for physical verification of invoice. Relevant portion is reproduced below:

“(2) In case, invoice is issued in the manner prescribed under sub-rule (4) of rule 48, the Quick Reference (QR) code having an embedded Invoice Reference Number (IRN) in it, may be produced electronically, for verification by the proper officer in lieu of the physical copy of such tax invoice.”

Further, press release dated September 30, 2020 has been released providing relaxation of one month i.e., during the month of October, 2020 taxpayers required to generate e-invoice can issue invoice without following the manner prescribed under rule 48(4) of the CGST Rules provided that such taxpayers obtain IRN for such invoices from the Invoice Reference Portal (“IRP”) within 30 days of date of invoice. No such relaxation would be available for the invoices issued from November 1, 2020. Relevant portion of is reproduced below:

“2.1 It has been reported that even after more than 9 months of the first notification in this regard, some of these taxpayers having aggregate turnover of Rs. 500 Cr. and above are still not Accordingly, as a last chance, in the initial phase of implementation of e-invoice, it has been decided that the invoices issued by such taxpayers during October 2020 without following the manner prescribed under rule 48(4), shall be deemed to be valid and the penalty leviable under section 122of the CGST Act, 2017, for such non-adherence to provisions, shall stand waived if the Invoice Reference Number (IRN) for such invoices is obtained from the Invoice Reference Portal (IRP) within 30 days of date of invoice.

2.2. The same is illustrated with an example: In case a registered person has issued an invoice dated 3^rdOctober, 2020 without obtaining IRN but reports the details of such invoice to IRP and obtains the IRN of the invoice on or before 2^nd November, 2020 then it shall be deemed that the provisions of rule 48 (5) of the CGST Rules, 2017 are complied with and the penalty imposable under section 122 of the CGST Act, 2017 shall also stand waived. Relevant notifications would follow.

3. It may be noted that no such relaxation would be available for the invoices issued from 1st November 2020 and such invoices issued in violation of rule 48(4) of the CGST Rules 2017 would not be valid and all the applicable provisions of CGST Act and Rules would apply for the said violation.”

The Central Goods and Services Tax (Eleven Amendment) Rules, 2020 can be accessed at: https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-72-central-tax-english-2020.pdf