Ø Fiscal deficit to touch 7% in FY21, says Brickwork Ratings, as revenue collection hit by lockdown
Ø HCL's US arm faces patent infringement claim
Ø Banks told to refund fees for UPI transactions
Ø Nestle says consumer behaviour changing
Ø Lenders hope their loans will be repaid in full after Reliance-Future Group deal
Ø GAIL India looks at petrochemicals, renewables for growth
Ø Refund charges imposed on e-payments since Jan this year: CBDT to banks
Ø Farm sector sees spike in private investment after reforms: Agri secy
Ø Second blow for BoB as RBI rejects plan to send Anil Ambani firms to NCLT
Ø Amazon to stick on as Future Enterprises' shareholder after Reliance deal
Ø Telecom sector revenue expected to rise 15% in FY21 on higher ARPU:
Ø RBI rejects lenders’ plea to put Reliance Home Finance, Reliance Commercial under NCLT resolution
Ø Massive data breach reported at Paytm Mall
Ø WTO dispute on ICT products: India claims EU, Taiwan violating due procedures on dispute panellists
Ø Reliance Capital defaults on interest payments to HDFC, Axis Bank
Ø FPIs remain positive on Indian markets; invest ₹47,334 crore in August so far
Ø ABB Power increases open offer price marginally after investor complaints
Ø ESAF Small Finance Bank to take call on ₹976-crore IPO after Sept: MD
Ø India, ASEAN trade ministers call for starting discussions to determine FTA review scope
Ø Probe Chinese investments in 141 prominent Indian startups: CAIT asks Piyush Goyal
Ø Boat Lifestyle eyes Rs 1,000 cr revenue in FY24
Ø COAI predicts 14-15% increase in Telecom Industry’s revenues
Ø ED raids firms running Chinese betting apps, freezes bank accounts
Ø Pandemic gives fillip to demand for cereals; 200 per cent rise in exports in July
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COVID-19: ICAI issues relaxation for provisionally registered students in the Intermediate Course till 31st July, 2020
Read more at: https://www.taxscan.in/covid-19-icai-issues-relaxation-for-provisionally-registered-students-in-the-intermediate-course-till-31st-july-2020/71513/
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⚫The Govt should not be running airports and airlines, Civil Aviation Minister said adding that he hopes to privatise Air India during 2020. His remarks come at a time when the Kerala Govt has opposed the Cabinet's approval to lease out the Thiruvananthapuram airport to Adani Enterprises under the PPP model for a period of 50 years.
⚫Paytm Mall, the e-commerce arm of unicorn Paytm, has suffered a "massive" data breach and a cybercrime group has demanded ransom as it has gained unrestricted access to the platform's entire database, according to a report by cyber security intelligence firm Cyble.
⚫Govt asks ministries to review performance of staffers aged over 50. Older, inefficient employees may be pushed into early retirement
⚫The I-Tax dept asked banks to refund the charges collected on or after January 1, 2020, on transactions carried out through electronic modes like RuPay cards or BHIM-UPI and also advised banks not to impose any charges on any future transactions carried out through these modes.
⚫The Pension Fund Regulatory & developmt Authority is working on a minimum assured return based pension scheme. The pension authority is in talks with pension funds and actuarial firms to work out the modalities of the proposed scheme.
⚫The country reported its biggest daily spike of 78761 to take its total count of confirmed cases to 3542733. With 948 deaths being reported in 24 hours, the total numbers of fatalities in India due to Covid-19 reached 63498.
⚫As BPCL braces for privatisation, workers worry about their future. Older workers are headed for the VRS exit in larger than expected numbers even as unrest stirs over wage settlements.
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GSTR-2B has been launched on the GST Portal from July 2020 onwards.
It is not a Return but a static report of GSTR2A of invoices uploaded by supplier *uptil 11th of the subsequent month.
Thus it’s similar to GSTR-2A with some exceptions.
Key features of GSTR-2B:
• It is an auto-populated static ITC statement which will clearly show “ITC available and not available” for every invoice monthly.
• It will be updated once a month on 12th of every succeeding month.
For example, GSTR-2B generated on 12th September 2020 shall contain invoices uploaded and filed by suppliers between 12th August 2020 to 11th September 2020.
• GSTR-2B also contains info on Imports from other countries and SEZ’s
• Invoices will be marked as ITC Not Available in two cases:
A. If the supplier files the invoice after 30th September of succeeding year of invoice i.e. Section 16(4).
B. If POS is different from the recipient state.
• GSTR-2B provides an option to search invoice and to request statement over an e-mail.
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GST QUERIES
Q1. What is the time limit specified in GST law to issue debit note? Understand there is no end timeline but what is the right time as per to issue Debit note.
✅ There is no such provision in law specifying the right time to issue debit note.
Q2. I have a query, one of my client who has availed credit by taking ITC in 3b subsequently he found that it was intelligible instead of reversing in3b they have offset the reversal amount in books ITC and claimed only net in 3 b in the subsequent year what will be the impact of this
✅ In our opinion the correct way to reversal the credit is by showing it under Table 4B of GSTR-3B instead of reducing from the credit especially when it pertains to other Financial year.
Q3. ITC for FY 2019-20, wrongly claimed in 3b of Telangana instead of Maharashtra...can it be corrected in annual return?
✅ The time limit for availment of credit as per the provisions of Section 16(4) of CGST Act is the due date of filing the GST l Return for the month of September of the next financial year to which this invoice elate or the date of filing the annual return for that financial year,whichever is earlier. There is no time limit for reversal of credit. Since the time for claiming credit for FY 2019-20 is the due date of filing return of September 2020, the mistake can be rectified by availing credit in the state of Maharashtraand reversal has to be done in the state of Telangana along with interest.
If you wish to rectify through annual return then credit cannot be claimed in the state of Maharashtra but it is to be reversed in the state of Telangana along with payment of Interest.
Q4. A taxable person supplied services to a PSU. He believed that these were exempted from 2017-2018. At the time of filing of 9C for 17 18,objection was raised by auditor that these services are not exempt. They paid the full tax using DRC-03. Now can the service provider issue tax invoices now (as he has not done till now as per Rule 46) and pass on the tax to the recipient?
✅ If the service provider intends to issue tax invoices in order to pass on the tax to the recipient it would be of no help. As per the provision of Section 16(4) which is given here for quick reference, credit cannot be availed by recipient for the Financial Year 2017-18.
“A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, whichever is earlier.”
Q5. There is query for export...
Invoice date is of July 2020 and Shipping bill date for export is of Aug 2020
(1) Is it part of GST return of which month July 2020 or Aug 2020?
(2) In tally also in which month to be entered July 2020 or Aug 2020?
✅ Invoice Date of July 2020 is to be considered in the case of both GST return (to be reflected in the month of July 2020 itself) and tally as well.
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✅ GST Updates
🎯10 GST Deadlines ends on 31st Aug, 2020
Due to Pandemic Situation and after Hon'ble FM Ms. Nirmala Sitharaman Ji "Cororna is an act of God" and loss of business, there is time now most of GST compliances deadlines ends on today 31st August, 2020 to avoid Late Fees, Interest and Penalties.
Deadlines are:
1. Letter of Undertaking (LUT)* FY 2020-21: Notification No. 55/2020 Letter of Undertaking (LUT) is a document that exporters can file to export goods or services without having to pay taxes. Any registered person can furnish LUT in form GST RFD 11 and export goods without the payment of integrated tax.
2. Refund Application FY 2017-18: Online thru Form GST RFD-01
3. GSTR-4 (FY 2019-20): Filed by Composition Taxable Person (Notification No. 59/2020).
4. ITC 04: ITC-04 is related to job worker and submitted by the principal every quarter. Last date of ITC 04 of the 4th quarter of 2019-20 and first quarter of 2020-21 is 31st August, 2020. (Notification No. 55/2020 dated 27.06.2020).
As per Notification No. 55/2020 dated 27.06.2020, due date for the month of March 2020 to July 2020 is extended to 31st August, 2020 (Point No. 5 to 9).
5. GSTR-5: Filed by Non- Resident taxable person.
6. GSTR-5A: Filed by the OIDAR service providers.
7. GSTR-6: Filed by Input Service Distributors (ISD).
8. GSTR-7: Filed by TDS deductor.
9. GSTR-8: Filed by E-commerce Operator.
10. Other GST compliances (except few provisions covered in exclusion clause of N.N 55/2020-CT dated 27.06.2020) which falls during the period 20.03.2020 to 30.08.2020 and which has not been made.
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GST Deadlines are:31/8/202
1. Letter of Undertaking (LUT) FY 2020-21: Notification No. 55/2020 Letter of Undertaking (LUT) is a document that exporters can file to export goods or services without having to pay taxes. Any registered person can furnish LUT in form GST RFD 11 and export goods without the payment of integrated tax.
2. Refund Application FY 2017-18: Online thru Form GST RFD-01
3. GSTR-4 (FY 2019-20): Filed by Composition Taxable Person (Notification No. 59/2020).
4. ITC 04: ITC-04 is related to job worker and submitted by the principal every quarter. Last date of ITC 04 of the 4th quarter of 2019-20 and first quarter of 2020-21 is 31st August, 2020. (Notification No. 55/2020 dated 27.06.2020).
As per Notification No. 55/2020 dated 27.06.2020, due date for the month of *March 2020 to July 2020 is extended to 31st August, 2020 (Point No. 5 to 9).
5. GSTR-5: Filed by Non- Resident taxable person.
6. GSTR-5A: Filed by the OIDAR service providers.
7. GSTR-6: Filed by Input Service Distributors (ISD).
8. GSTR-7: Filed by TDS deductor.
9. GSTR-8: Filed by E-commerce Operator.
10. Other GST compliances (except few provisions covered in exclusion clause of N.N 55/2020-CT dated 27.06.2020) which falls during the period 20.03.2020 to 30.08.2020 and which has not been made.
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LEGAL KNOWLEDGE CAPSULE
✒️ Supreme Court has imposed a fine of rupee one in contempt case against Prashant Bhushan over his two controversial tweets against the judiciary.
✒️ Ministry of Corporate Affairs has notified that every company shall place a copy of the annual return on the website of the company, if any, and the web-link of such annual return shall be disclosed in the Board's report.
✒️ Supreme Court has held that gas regulating, measuring equipments installed at customers site is a taxable service.
✒️ Allahabad High Court in its judgement has held that right to practise and propagate religion is subject to public order, morality and health.
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