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Extension of various due dates under Income Tax Act

Assessment and Audit under GST Act - By CA Fayazan Dabhoiwala

https://youtu.be/vyTCCIsKOwI

Assessment and Audit under GST Act - By CA Fayazan Dabhoiwala The provisions of assessment and audit covered by sections 59 to 66 of the CGST Act have been deliberated by CA Fayazan Dabhoiwala at 1st study circle meetin...

GST Due dates !

Extension of due date for filing Income tax return for F.Y 2019-20 from 31.03.2021 to 31.05.2021 as well as extension of other due dates.

Late Fees Waiver in GSTR 4 & GSTR 10

Revised Guidelines for conduct of personal hearing in virtual mode - Indirect Tax

GSTR 4 for F.Y 2019-20

Revised applicability of late fees and interest on late filing of GSTR 3B returns

Government to roll out facility to file Nil Form GSTR-1 through SMS from the first week of July

CBIC has issued various notifications today to give effect to the recommendations of the 40th GST Council Meeting which are as follows:

👉 Notification No. 49/2020 –Central Tax: To bring into effect certain provisions of the Finance Act, 2020

👉 Notification No. 50/2020 – Central Tax: Notifying rates of GST for Composition Taxable Persons under Rule 7 of CGST Rules

👉 Notification No. 51/2020 – Central Tax: Conditional waiver of interest in excess of 9% p.a for registered persons having aggregate turnover upto 5 crores for GSTR 3B for the months of February to July 2020 if filed by specified dates

👉 Notification No. 52/2020 – Central Tax: Conditional waiver of late fees for registered persons having aggregate turnover upto 5 crores for GSTR 3B for the months of February to July 2020 if filed by specified dates

Waiver of late fees which is in excess of an amount of two hundred and fifty rupees for the registered person who failed to furnish the return in FORM GSTR 3B for the months of July, 2017 to January, 2020, by the due date but furnishes the said return between the period from 01st day of July, 2020 to 30th day of September, 2020

Also, waiver of late fees for the registered person who failed to furnish the return in FORM GSTR-3B for the months of July, 2017 to January, 2020, by the due date but furnishes the said return between the period from 01st day of July, 2020 to 30th day of September, 2020.

👉 Notification No. 53/2020 – Central Tax: Conditional waiver of late fees for all registered persons for GSTR 1 for the months/quarters ending March to June 2020 if filed by specified dates

👉 Notification No. 54/2020 – Central Tax: Extension of due date for filing of GSTR 3B for the month of Aug 2020 to 1st/3rd Oct, 2020

-- CA Fayazan Dabhoiwala

CBDT has issued a notification today further extending few of the time limits of compliances under Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 as under:

👉 Due date for filing Income Tax Return for F.Y 2018-19 has been extended to 31st July, 2020

👉 Waiver of interest u/s 234A in cases where self assessment tax is upto Rs 1 lac

👉 Deductions under Ch-VIA like Sec 80C, 80D, 80G, etc can now be made upto 31st July, 2020

👉The date for furnishing of TDS/TCS statements for the quarter ending on 31st March, 2020 has been extended to 31st July, 2020

-- CA Fayazan Dabhoiwala

Another recipe for disaster by AAR?

The Gujarat Authority for Advance Ruling in the case of Shree Dipesh Anilkumar Naik has given a ruling which says that GST is applicable on sale of plot of land for which, as per the requirement of approval by the respective authority (i.e. Jilla Panchayat), Primary amenities such as, Drainage line, Water line, Electricity line, Land levelling etc. are to be provided by the applicant.

The AAR has noted that sale of plotted land with such amenities amounts to provision of service and is not a sale on "as is where is" basis. Decision of SC in the case of M/s Narne Construction P Ltd. reported at 2013 (29) STR 3 (SC) has been quoted by the AAR to support its contention.

Can it really be disputed that the transaction is nothing but a sale of land as it is not possible for the seller to sell it without obtaining the approvals from the required authorities had such amenities not been provided? Also, the quoted SC judgement was in the context of Consumers Protection Act. How far can it be stretched to apply in case of GST transactions?

Hope the Govt comes out to clear another ambiguity created by their own stalwarts in the AAR.

-- CA Fayazan Dabhoiwala

The Delhi HC judgement in the case of Brand Equity Treaties Ltd allowing the taxpayer to claim transitional credit upto 30th June, 2020 has been stayed by the Honorable SC today.

-- CA Fayazan Dabhoiwala

SKH Sheet Metals Components Vs. UOI & Ors

Honorable Delhi HC upholds its own decision in the case of Brand Equity regarding the claim of transitional credit upto 30th June, 2020 even after retrospective amendment of Sec 140 of the CGST Act. The Court makes following important observations:

"Nevertheless, all things considered, in spite of the amendment, we can say without hesitation that the said decision is not entirely resting on the fact that statute [CGST Act] did not prescribe for any time limit for availing the transition of the input tax credit. There are several other grounds and reasons enumerated in the said decision and discussed hereinafter, that continue to apply with full rigour even today, regardless of amendment to Section 140 of the CGST Act."

-- CA Fayazan Dabhoiwala

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