⚫India Inc steps in as govt falters on health care. Amid a massive surge in Covid patients, co's are coming forward with several innovative initiatives to help people.
⚫The US will restrict travel from India starting on May 4, citing a devastating rise in Covid-19 cases in the country and the emergence of potentially dangerous variants of the coronavirus.
⚫The pace of bank credit in India moderated to 5% in the fiscal year 2020-21 from 6.8% in FY20 due to the adverse effect of severe economic disruptions caused by the Covid-19 pandemic.
⚫The Govt permitted import of oxygen concentrators for personal use, through post, courier or e-commerce portals under gift category, amid surge in COVID-19 cases in the country.
⚫GST collection sets new record high at Rs 1.41 trillion in April. The robust mop up could be attributed to Govt's tightened compliance measures and crackdown against GST evaders and fake bills.
⚫Power consumption in the country grew 41% in April to 119.27 billion units showing robust recovery in industrial and commercial demand of electricity.
⚫Centre extends timelines of certain compliances in view of Covid-19.
⚫Appeal to CIT Appeals may be filed by May 31.
⚫The ITR in response to notice u/s 148 may be filed by May 31.
⚫Objections to Dispute Resolution Panel by May 31.
⚫ Belated returns for FY 1920 can be filed upto May 31, 2021
⚫Payment of tax deducted u/s 194-IA, 194-IB and 194M of the Act, and filing of challan cum statement may be paid and furnished on or before May 31.
⚫Lockdown in Delhi extended by one week.
⚫ Four states, one UT await election results.
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GST Updates
GST department has issued few notifications on 1st May 2021...
1. Notification no 8/2021 ( payment of interest on delayed filing of GSTR 3B for March and April)
a. Registered person having aggregate turnover more than Rs 5 Cr in last year -
9% interest p.a. for first 15days after due date of filing of GSTR 3B and 18% interest p.a. thereafter.
b. Registered person having aggregate turnover upto Rs 5cr in last year -
No interest for first 15 days after the due date of filing of GSTR 3B, 9% p.a. for next 15 days and 28% p.a. thereafter.
2. Notification no 9/2021 ( waiver of late fees for GSTR 3B for March and April)
a. Registered person having aggregate turnover of more than Rs 5cr in last year -
No late fees for the first 15 days from the due date.
b. Registered person having aggregate turnover upto Rs 5cr -
No late fees upto 30 days from the due date.
3. Notification 11/2021 ( Filing of Job Work return)
All Registered person can file ITC 04 for Jan - March 2021 till 31st May 2021.
4. Notification no 12/2021 ( Filing of GSTR-1)
Registered person filling monthly GSTR 1 for April 2021 can file the same till 26th May 2021.
5. Notification 13/2021 ( Availment of ITC and filing of IFF for April 2021)
a. Registered person can claim ITC for April 2021 as per their books without following GSTR 2A. However, while filing GSTR 3B for May 2021, it need to ensure that it has availed ITC for April and May , put together , as per GSTR 2A plus 5%
b. Registered person filling quarterly GSTR 1 can file outward supply details in IFF for April 2021 from 1st May till 28th May 2021. Earlier the due date was till 13th May 2021.
✅GSTR-4 due date extended to 31st May
✅ ITC-04 due date extended to 31st May for Jan-Mar quarter
✅GSTR-1 due date for April'21 extended to 26th May and IFF due date extended to 28th May.
✅Timeline for all other proceedings, asset order etc. Whose last date of completion falls between 15th April to 30th May is extended to 31st May
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CBDT notifies Form no. 34BB for making request to withdraw application pending before SetCom
The CBDT has notified new Rule 44DA to prescribe manner for making application to withdraw pending application filed before Settlement Commission (SetCom). The Finance Act, 2021 has discontinued the Income-tax SetCom w.e.f., 01-2-2021. Assessee has option to withdraw pending application filed before SetCom within 3 months from date of commencement of the Finance Act, 2021.
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CBDT specifies format, procedure & guidelines for submission of SFT related to capital gains info.
The CBDT has prescribed the guidelines for preparation and submission of SFT for information related to Capital gains on transfer of listed securities or units of Mutual Funds. Earlier, board has released guidelines for submission of SFT for information related to interest and dividend income.
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GSTN Portal has provided 2 new details for ready reference and understandability of the return filling preference and status of filling.
1. 𝐑𝐞𝐭𝐮𝐫𝐧𝐬 𝐂𝐚𝐥𝐞𝐧𝐝𝐚𝐫 (𝐋𝐚𝐬𝐭 𝟓 𝐫𝐞𝐭𝐮𝐫𝐧 𝐩𝐞𝐫𝐢𝐨𝐝𝐬):
Just after login to the GST Common Portal, the status of last 5 return as applicable for the taxpayer depending upon the filing preference will be shown. Green indicated Filled Returns, Grey Indicates Not Applicable types whereas Red Indicated Not Filled Returns.
2. 𝐑𝐞𝐭𝐮𝐫𝐧 𝐟𝐢𝐥𝐢𝐧𝐠 𝐩𝐫𝐞𝐟𝐞𝐫𝐞𝐧𝐜𝐞
Under the QRMP Scheme, Taxpayer can file Quarterly GSTR 1 and GSTR 3B or may choose to file monthly returns.
The status of Monthly / Quarterly preference is now visible just after login to the GST Common Portal. An option to change the preference is also given.
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