Latest Official Updates Under GST by Indian Government
About GST (Goods and Services Tax) in India
Good and Services Tax is a tax imposed by the government of India on the procurement of good and services in the country. The tax was introduced in the year 2017. It has replaced all other forms of indirect taxes, like Value added tax (VAT), and combined them all into a single tax across all states. Various tax slabs for GST has been declared by the government, which currently comprise of 5%, 12%,18% and 28%. GST is managed by the Goods and Services Tax Council and is governed by the Goods and Services Tax Act, 2017.
GST is imposed on all type of good and services apart from petroleum products, alcoholic drinks and electricity. The taxes on these exceptional products are levied by state governments. The GST tax is divided in two parts, State Goods and Services Tax (SGST) collected by state government and Central Goods and Services Tax (CGST) which are equally divided from the tax collected.
GST was introduced to remove the confusing structure of taxes collected in each state which cause a surge in taxes. It is collected by the state in which the said good or service is consumed rather than to that state in which the good or service was manufactured.
The provisions related to different types of taxes are amended regularly by the government. The changes are done due to various reasons which are mostly for the benefit and ease of taxpayers.
We are enlisting various amendments and updates related to GST which were officially declared recently, in reverse chronology of dates they were announced:
7th July 2020
– Representations received on non-availability and due date extended of FORM GSTR-4 for FY 2019-20 on the GSTN portal. The extension of the due date of GSTR-4 for FY 2019-2020 may also be revised and under review by GST Implementation Committee.
1st July 2020
– Eighth amendment (2020) to CGST Rules amendments performed. Taxpayers can now file a Nil GSTR-1 via SMS.
30th June 2020
– The conditional late fee waiver and interest reduction for GSTR-3B between February-July 2020 has been extended up to 30th September 2020. GSTR-1 deadlines also have been further extended by late fee waiver.
– CBIC has revised the due date of GSTR 5, 6, 7, and 8 for the month of March, April, May, June, and July till 31st August 2020
12th June 2020
– GSTR-3B late fee waiver for prior period July 2017-January 2020 for taxpayers with a Nil liability. A maximum cap in late fee of Rs 500 has been fixed per pending returns for the rest of them, provided it is filed between 1st July 2020 and 30th September 2020.
– Interest Relief and Late fee waiver for taxpayers with aggregate turnover of up to Rs 5 crore. Tax payments for Feb, Mar and Apr 2020: Interest will apply at a reduced rate of 9% p.a. instead of 18% p.a. if return is filed after 6th July 2020 but before 30th September 2020.
– Tax payments for May, June and July 2020: Late fee and interest charge will be waived off if filed by the staggered dates of September 2020 (due dates yet to be announced).
– Period for seeking revocation of cancelled GST registrations allowed till 30th September 2020 for all those registrations which were cancelled till 12th June 2020.
10th June 2020
– CBIC clarifies that the refund of accumulated ITC is available on the inward supplies subject to reverse charge mechanism, imports and ISD invoices that do not form part of GSTR-2A of such recipient.
9th June 2020
– The validity of all the e-way bills generated on or before 24th March 2020 and where validity is expiring one or after 20th March 2020, stands extended up to 30th June 2020.
– Merged UT of Daman and Diu and Dadra and Nagar Haveli can follow special procedure till 31st July 2020 against the earlier date of 31st May 2020.
Conclusion
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