Press "Enter" to skip to content

GST Filing Rule to Change Soon: Know Who can File GSTR-1, Who Can’t

One of the massive outcomes of the GST council assembly that happened on September 17 in Lucknow was the companies defaulting on submitting month-to-month GST or abstract return won’t be able to file  GSTR-1 gross sales return of the  succeeding month from January 1 subsequent 12 months. Amongst the massive selections that had been taken within the GST council assembly included streamlined compliance, together with obligatory Aadhaar authentication for companies to file refund claims. This was completed with intention to keep away from income leakage resulting from evasion of Goods and Services Tax (GST), which was launched in July. In addition to this, the Council on September 17, determined to amend Rule 59(6) of the Central GST Rules with impact from January 1, 2022, to offer {that a} registered particular person shall not be allowed to furnish Form GSTR-1, if he has not furnished the return in Form GSTR-3B for the previous month. Currently as per the legislation, the legislation restricts submitting of return for outward provides or GSTR-1 in case of a enterprise fails to file GSTR-3B of previous two month.

Rule 36(4) of CGST Rules, 2017 to be amended, as soon as the proposed clause (aa) of part 16(2) of CGST Act, 2017 is notified, to limit availment of ITC in respect of invoices/ debit notes, to the extent the main points of such invoices/ debit notes are furnished by the provider in FORM GSTR-1/ IFF and are communicated to the registered particular person in FORM GSTR-2B, the press launch stated. The GST Council has additionally made Aadhaar authentication of GST registration obligatory  for being eligible for submitting refund claims and utility for revocation or cancellation of registration. The Central Board of Indirect Taxes and Customs (CBIC) had notified Aadhaar authentication for GST registration with impact from August 21, 2020. While companies file GSTR-1 of a specific month by the 11th day of the following month, GSTR-3B, by which companies pay taxes, is filed in a staggered method between 20th-24th day of the succeeding month.

In case of not furnishing Aadhaar card quantity,  then GST registration could be granted solely after bodily verification of the administrative center, the notification launched stated. Making GST registration linkage with biometric Aadhar obligatory for claiming tax refunds as additionally making use of for revocation of cancellation of registration. Also going forward of all and in a bid to deliver transparency the council determined that GST refunds might be disbursed within the checking account, which is linked with the identical PAN on which registration has been obtained underneath GST.

The most talked about proposal of bringing Petrol/ diesel underneath GST was left untouched by the GST Council. Meanwhile, the council prolonged the GST aid on 4 medicine associated to Covid-19 remedy until December 31, in addition to saying tax cuts for extra life-saving medicine. The council convened its first bodily assembly in 20 months – the final one was held on December 18, 2019 – with a packed agenda. Finance Minister Nirmala Sitharaman chaired the assembly. Along with this, the tax construction on the meals supply business was modified, now meals aggregators will gather GST from clients and pay it to the federal government. This has been completed to plug leakages in GST assortment from eating places. In the council, two GoMs fashioned to take a look at charge rationalisation associated points because the GST and one other to take a look at e-way payments, FASTags, and so on.  The greatest of all, the GST compensation cess was not prolonged and can proceed until March 26, 2020.

Read all of the Latest News, Breaking News and Coronavirus News right here

Be First to Comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    %d bloggers like this: