Help Document for filing ITR – 7 for AY 2020-21
INCOME TAX UPDATE
Help Document for filing ITR – 7 for AY 2020-21 Click Here
INCOME TAX UPDATE
Help Document for filing ITR – 7 for AY 2020-21 Click Here
30/11/2020
An update on the status of such auto-population was earlier published on 13/11/2020.
Hence, such taxpayers who had reported e-invoices should not wait for auto-populated data and they are advised to proceed with preparation and filing of GSTR-1 for the months of November, 2020 (before the due date) and for October, 2020 (in case not yet filed, as on date).
10/12/2020
Facility to file annual return in Form GSTR-9 for FY 2019-20 is now available. The Form is enabled for taxpayers whose table 8A computation has been completed. Computation of the table 8A of the said return for auto population from returns is under progress which is likely to be completed soon. Please ensure that all applicable returns of the said year have been filed before attempting to file the said return.
15/12/2020
With effect from 1st January, 2021, all taxpayers with Aggregate Annual Turnover of up to Rs 5 Cr. in the previous financial year and filing Form GSTR 3B, persons obtaining a new registration and taxpayers opting out of Composition Scheme would be able to avail of Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme on GST Portal.
In this regard, GSTN would be conducting following webinars for taxpayer awareness.
Date | Time | Topic | Speaker | Language | Link to Join |
---|---|---|---|---|---|
17th Dec., 2020, | 1500-1530 Hrs | The QRMP Scheme for Taxpayers | Sanjay Sharma | English | https://youtu.be/Py2A2dKce6k |
18th Dec., 2020, | 1500-1530 Hrs | The QRMP Scheme for Taxpayers | Sanjay Sharma | Hindi | https://youtu.be/CfW7g0XmQ0E |
You are requested to join the live event on YouTube by clicking on the link given above.
Thanking you,
15/12/2020
Thanking you,
17/12/2020
Sl. No | Taxpayers with aggregate turnover (PAN based) in the previous financial year | And Taxpayers having principal place of business in the State/ UT of | Due date of filing of Form GSTR 3B, from October, 2020 till March, 2021 |
---|---|---|---|
1 | More than Rs. 5 Crore | All States and UTs | 20th day of the following month |
2 | Up to Rs. 5 Crore | States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana and Andhra Pradesh , the Union territories of Daman and Diu, Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep | 22nd day of the following month |
3 | Up to Rs. 5 Crore | States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi | 24th day of the following month |
Thanking you,
You can opt for the Composition Levy under GST if you are a regular taxpayer with an aggregate annual domestic PAN-based turnover as specified from time to time.
However, you cannot opt for the Composition Levy if you are/you make:
– any supply of goods which are not liable to be taxed under this Act
– inter-state outward supplies of goods
– supplies through electronic commerce operators who are required to collect tax under section 52.
– a manufacturer of notified goods
– a casual dealer
– a Non-Resident Foreign Taxpayer
– a person registered as Input Service Distributor (ISD)
– a person registered as TDS Deductor/Tax Collector
To opt for the Composition Levy, perform the following steps on the GST portal:
Any taxpayer who is registered as normal tax payer under GST needs to file an application to opt for Composition Levy in Form GST-CMP-02 at GST Portal prior to the commencement of financial year for which the option to pay tax under the aforesaid section is exercised.
In order to avail this scheme, you need to file an online application to Opt for Composition Levy with the tax authorities. Taxpayers who can opt for this scheme can be categorized as below:
For those taxpayers, who are already availing the composition scheme, there is no requirement to file fresh application opting for composition scheme, subject to compliance of relevant conditions/restrictions in this regard.
Yes, it is mandatory to file a Stock Intimation.
In addition to filing the application to opt for Composition Levy, you would also require to file a Stock Intimation to furnish the details of stock including inward supply of goods from unregistered persons, held by you on the day preceding the date from which you opt to pay the composition amount. You are required to file Stock Intimation details within 30 days of the date from which Composition Levy is sought.
The application to opt for Composition Levy is not subject to approval by the tax authorities. On filing of the application, you are marked as a composition taxpayer in the system and consequential changes are made in the system. However, in case it is found that you were not eligible for the Composition Levy or have not filed Stock Intimation, you would be compulsorily pushed out of the Composition Levy by initiating appropriate proceedings.
Stock Intimation filed by you is not subject to processing by State & Centre Tax Authorities. However, in case it is found out by the tax authorities that the particulars of stock and ITC reversal furnished in the Stock Intimation are incorrect, the tax authorities can initiate appropriate demand proceedings from back office against you.
Yes, the application can be saved for up to 15 days from the date of initiation after which it will be purged by the system.
Saved applications can be accessed using the My Saved Applications functionality available in the Taxpayers’ Interface.
Yes, you can opt for Composition Levy, even if you have dealt in services, from FY 2019-20 onwards.
If you have filed Form GSTR-1 or Form GSTR-3B for April/ May/ June 2019 against any GSTIN registered on your PAN across India for FY 2019-20, your application to Opt for Composition Levy will be rejected.
Composition taxpayer needs to pay tax and furnish a statement, every quarter or part thereof, as the case may be, in FORM GST CMP-08.
And further he has to furnish a return for every financial year or part thereof, as the case may be, in FORM GSTR-4.
NOTE: For current applicable timelines, refer to Important Dates section on https://www.gst.gov.in/
28/11/2020
Note: So far taxpayers were applying to tax officials vide manual application, for unblocking of their EWB generation facility and tax officials were issuing orders online on GST Portal, in Form GST EWB 06. Now this facility is being discontinued.
Thanking you,
24/11/2020
From 1-1-2021, Government has mandated e-invoicing for the taxpayers with aggregate turnover exceeding Rs. 100 Cr. (in any preceding financial year from 2017-18 onwards). For more details, please CLICK HERE.
In this regard, GSTN is holding a webinar as below. The taxpayers are requested to join the session and get benefit out of the same.
Day/ Date of Webinar: | Friday, 27th November, 2020 |
Time of Training: | 1130 Hrs to 1330 Hrs |
Topic of Training: | Session for taxpayers on e-invoicing and IRN generation |
Speakers: | Resource Persons from GSTN & NIC |
Language: | English |
Link for joining the training: | https://gstnw.webex.com/meet/it.support |
If unable to join on above link, please watch the session on YouTube at: | https://youtu.be/oCdckD7ePbA |
Thanking You,