Interest on Delayed Payment of GST: CBIC
The Central Board of Indirect Taxes & Customs (CBIC) today clarified that the Notification No. 63/2020- Central Tax dated 25th August 2020 relating to interest on delayed payment of GST has been issued prospectively due to certain technical limitations. However, it has assured that no recoveries shall be made for the past period as well by the...
Read More »CBIC vide Notification No. 63/2020 – Central Tax dated August 25, 2020, has notified proviso to sect
CBIC vide Notification No. 63/2020 – Central Tax dated August 25, 2020, has notified proviso to section 50(1) of the CGST Act, 2017, with effect from September 01, 2020. Interest in GST to be levied on “Net Tax liability”, Section100: In section 50 of the Central Goods and Services Tax...
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Apportionment of credit and blocked credits-Section 17 of CGST Act
Apportionment of credit and blocked credits. Section 17 of CGST Act Apportionment of credit and blocked credits Section 17 (5) Section 17(5)(a), (aa) [newly inserted subsection] and (ab) [newly inserted subsection] – Blocked credit on motor vehicles Section 17 (5)(a) –– ITC Shall not be available in respect of Motor...
Read More »ZERO RATED SUPPLY IGST Act
ZERO RATED SUPPLY IGST Act 16. (1) “zero rated supply” means any of the following supplies of goods or services or both, namely:–– export of goods or services or both; or supply of goods or services or both to a Special Economic Zone developer (SEZ) or a Special Economic Zone...
Read More »GSTR-9 and GSTR-9C are more simplified and last dates of submission extended
Key points of GST Press Release Dated November 14, 2019 1. Due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2017-18 extended to 31 st December 2019. 2. Due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement)...
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