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Our News - Jan 2021
- 2021-01-01 : Deadlines extended for filing GST
The government extended the due dates for indirect tax compliance, the government has extended the date for filing annual returns under GST for the financial year 2019-20 to February 28 from the previous deadline of December 31. - 2020-12-02 : GST collections for November top ₹1 trillion
GST revenue scaled ₹1 trillion for the second consecutive month in November, after a sharp decline in the initial months due to the pandemic and the subsequent nationwide lockdown. The government notified that GST collections increased by 1.4% on a year-on-year basis. Out of the ₹1.05 trillion revenue collected, central GST was ₹19,189 crore, state GST was ₹ 25,540 crore, IGST ₹ 51,992 crores and cess ₹8,242 crores. - 2020-11-24 : GST registration for an overhaul
The GST Council law committee has made its recommendations on both new registrations and the removal of current risky taxpayers likely to be interested in the fraud. Comprehensive amendments to the registration procedure for new applicants will soon be considered by the GST Council, which will make the process rigorous for those not opting for Aadhaar-based authentication. The new rules seek to curtail fly-by-night operators that use bogus invoices to take advantage of input tax credits. - 2020-11-23 : GST Council advises Aadhaar-like registration for False invoice issue
The GST Council has recommended that the registration process be tightened to root out all issuing bogus invoices from knowledgeable sources. The committee recommended the implementation of an Aadhaar-like registration process under the GST regime for new applicants. Under this after record authentication, a new registration can be done digitally with live photographs and biometrics. - 2020-11-18 : Compulsory GST e-invoicing from Jan 1, 2021, if turnover crosses ₹ 100 Cr
The Central Board of Indirect Taxes and Customs declared that GST e-invoicing would be mandatory as of Jan 1, 2021, for any business whose revenue exceeds ₹100 Cr. A turnover of ₹ 500 crore was the cap set earlier. In the field of e-invoicing, the reforms would affect a significant number of medium-sized firms. From Apr 1 2021, it is planned to be made available to all taxpayers for B2B transactions.
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