FM Nirmala Sitharaman seeks tax experts’ inputs to correct GST flaws:
READ MORE- https://www.gststation.in/fm-nirmala-sitharaman-seeks-tax-experts-inputs-to-correct-gst-flaws/
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Employees must be registered online within 10 days from their date of joining. Thereafter employees can not be registered. (Normally registration of the employees is done while preparing e-Challan that is after the closure of wage period. Now it's to be done from the date of joining of the employee or else system will not accept the employee done with back date).
Monthly ESI Contribution can not be paid after 42 days from the due date. (No clarity as to how to pay ESI Contribution for back period)
Employee whose per day salary is Rs. 176/- or less need not to pay Employee's contribution and the same will be paid by Govt. However, Employer will have to pay their share of contribution. (Part time employees might get benefit of the same).
Employee will have to collect their Biometric ESI Permanent Card from nearest Branch Office. (Earlier Employer used to issue it).
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GSTR-1 & GSTR-3B notified till March 2020 for all category of tax payer. Mandatory to match ITC with 2A, otherwise total unmatched credit cannot exceed 20% of ITC as available in 2A. GSTR-3B now declared return from 01.07.2017 (Amended Rule 61(5)
GSTR 1 Due Dates for quarterly filers forthe Quarter July, August, September, 2019 - 31.10.2019.
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👉In view of declining GST collections from states threatening their finances, the Central government is gearing up to review GST. It intends to reconsider the tax structure, increase tax slabs of non-essential and lifestyle items and consider bringing more items into the GST net.
👉Reserve Bank of India overhauls the daily reporting system at cooperative banks after the collapse of Punjab and Maharashtra Bank following the uncovering of Rs.4000 crore fraud at the Mumbai based cooperative bank.
👉Altico Captial and Dubai’s Mashreq Bank have approached RBI, accusing HDFC Bank of violating regulatory provisions by debiting part of the funds the company had raised through external commercial borrowing (ECB) and parked at the Indian bank.
👉As per the CBDT, the number of taxpayers disclosing gross total income over Rs 1 crore rose 19.1 per cent year-on-year to 1.67 lakh in assessment year (AY) 2018-19. Seven individuals paid tax exceeding Rs 100 crore but less than Rs 500 crore in AY2018-19 (about Rs 151 crore), as against four individuals (tax paid Rs 166 crore) in the same category in the preceding year.
👉PMLA Court orders attachment of Bhushan Power & Steel's Odisha plant worth Rs 4,025 crore.
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Auto players a worried lot, ask govt to slash GST rate to 18%:
READ MORE- https://www.gststation.in/auto-players-a-worried-lot-ask-govt-to-slash-gst-rate-to-18/
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Type of Refunds and Time period to Apply💥
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👉🏻 As per Section 54 following types of refund is allowed:
• Refund of IGST paid on export of goods and services.
• Refund of IGST paid on sale to SEZ unit and SEZ developer.
• Refund of Excess tax, interest or any other amount paid.
• Refund of any balance in electronic Cash ledger after payment in accordance with the provision of section 49(6).
• Refund of tax paid on inward supply of goods or services by United Nations Organisation or any Multilateral Financial institution or other notified organisations.
👉🏻 Refund of Unutilised input tax credit in case of export of goods or services.-
• No refund if goods subject to export duty.
• No refund if supplier avail drawback in respect of central tax or claim refund of IGST paid.
• Refund of Unutilised input tax credit in case of supply to SEZ unit or SEZ developer.
• Refund of Unutilised input tax credit in case of inverted duty structure.
• Refund of Tax paid on advance but invoice has not been issued and refund voucher has been issued.
• Refund of tax paid under the wrong head of tax, then refund can be claimed of the tax wrongly paid u/s 77 of CGST act.
• Refund of balance amount of advance tax deposited by a casual taxable person or a non-resident taxable person.
• Refund of tax paid by the supplier on supply of goods regarded as deemed export.
• Refund of tax on inward supply paid by the recipient of goods regarded as deemed export.
•Refund of IGST paid on supply of goods to tourist leaving India.
• Refund on Account of Assessment/Provisional Assessment/Appeal/Any other order.
👉🏻 Time period to Claim the refund:
• In case of refund as mentioned in point no. 5 of above, refund can be apply with in 6 months from the last day of quarter in which such supply was received.
• In any other case refund can be applied with in 2 year from the relevant date. Relevant date is different in every case which is mentioned in Explanation 2 to section 54, which are as follows:
• For Export of goods by ship or aircraft, date on which ship or aircraft leaves India.
• For Export of goods by land, date on which such goods pass the frontier.
•For Export of goods by post, date of dispatch by the post office.
• For Deemed export, date on which related return furnished.
•For Export of service, date of receipt of amount, where service has been completed or date of invoice, where amount received in advance.
•For refund of Unutilised input tax credit u/s 54(3), the end of the financial year in which such claim for refund arises.
•For refund due to any order, the date of communication of order.
•For refund claimed by recipient, date of receipt of goods or services.
•For tax paid provisionally, date of adjustment of tax after final assessment
•For any other refund, date of payment of tax
Thanks for reading.
