Govt relaxes timelines for GST compliance, reduces late fee for COVID-19 hit businesses
The finance ministry s notifications include extension of the deadline for filing GST returns, reduced quantum of late fee, and even late fee waiver in some cases for the months of March and April 2021
Joe C Mathew | May 2, 2021 | Updated 12:53 IST
The notifications have been issued on the basis of recommendations from the GST Council
In a bid to provide relief to COVID-19 hit businesses, the finance ministry had on May 1 notified nine changes in the compliance requirements under the Goods and Services Tax (GST) regime. This includes extension of the deadline for filing GST returns, reduced quantum of late fee, and even late fee waiver in some cases for the months of March and April 2021.
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Here’s how to avail GST credit if your supplier has not uploaded invoices
Rounak JainFeb 22, 2021, 09:19 IST
Unavailability of GST credit is one of the issues that plagues taxpayersIANS
The Goods and Services Tax (GST) regime requires the sellers to upload invoices in a timely manner to allow buyers to avail GST credit.
However, if the seller fails to upload an invoice or makes any error, the buyer’s GST credit gets blocked until this is rectified.
This can create working capital management issues, but a solution is in the works, says Tally Solutions’ Mohan D.
Further, there is a workaround if you want to claim GST credit in case your supplier has not uploaded invoices.The problem of buyers not being able to avail Goods and Services Tax (GST) credit for more than one year is not unheard of. Many buyers have their Input Tax Credit (ITC) blocked or the credit lapses because their supplier has not uploaded their invoices or has not filed their GST return in time.
The sign board on India’s export gates reads as ‘beware of rule 96(10)’ January 10, 2021, 3:38 PM IST
Ratan Jain, Partner & Saurabh Malpani, Principal Associate, Lakshmikumaran & Sridharan Attorneys.
Enquiry notices are being issued by investigation authorities to various exporters on ensuring compliance with Rule 96(10) of Central Goods and Services Tax Rules 2017 (CGST Rules). This article intends to discuss the issues under Rule 96(10).
IGST Exemption Introduced Under Export Promotion Schemes
There are various export promotion schemes implemented by the Government of India. For example, Advance Authorization (“AA”) scheme implemented through Chapter 4 of the Foreign Trade Policy (“FTP”) 2015-20 read with applicable Customs Notification. The said scheme allows import of inputs, without payment of Basic Custom Duty (BCD) and Integrated Goods and Service Tax (IGST), subject to fulfilment of certain conditions and obligation