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Govt issued a press release to give a long rope to the filing defaulter . For GSTR-1 and 3B from July 2017 to Feb 2019 and for quarter July 2017 to December 2018 due date is 31-3-2019 . Accordingly all late fees are waived . ITC in respect of the invoices issued during 2017-18 may be availed till the due date of GSTR 3B for the month of March 2019 . *Golden opportunity for defaulters . High time to file all your pending GST Returns*
31st GST Council Meet Dated 22nd December, 2018 – Key Highlights *Due date for GST Annual Return and Audit Report extended till 30th June 2019. *Creation of a Centralised Appellate Authority for Advance Ruling (AAAR) to deal with cases of conflicting decisions by two or more State Appellate Advance Ruling Authorities on the same issue.* *Amendment of section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit, i.e. interest would be leviable only on the amount payable through the electronic cash ledger.* *5% GST on Air Tickets for Economy Class for Pilgrims. 12% on Premium Tickets. *Group of Ministers (GoM) to study Issues of Low Revenue in some States. *Only Luxury and Sin Products in 28% Slab Now. Out of this, rates of 6 Items reduced Today. *GST on Movie Tickets reduced. 12% GST on Tickets up to 100 and Rs. 18% on Tickets valuing more than 100 Rupees. *30000 crores given as Compensation to States in last 6 months. GST on Video Games and Sports Items reduced to 18% 12% GST on Third-Party Insurance carrying Vehicles. *Air conditioners, dishwashers largely used by upper segment of society, left at 28%. *13 items of automobile parts, 8 items of cement industry will remain under the 28 per cent. *Composition Scheme to be restricted for Small traders only. Threshold Limit for Scheme will also be modified. Final Decision in Next Meeting. *Natural Calamity Cess: Final Decision in Next Meeting *Services supplied by banks to PMJDY to be exempted from GST *Services by Banks to Basic Savings Deposit Accounts, PMJDY exempted from GST More information write to us Info@fmsllp.in
PAN UPDATE Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees Posted On: 14 APR 2018 10:44AM by PIB Delhi In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporate Affairs (MCA). In these cases, the Certificate of Incorporation (COI) issued by MCA contains a mention of both PAN and TAN. Finance Act, 2018 amended section 139A of the Income-tax Act, 1961 removed the requirement of issuing PAN in the form of a laminated card. Hence, it is clarified that PAN and TAN mentioned in the COI issued by MCA shall also be treated as sufficient proof of PAN and TAN for the said company assessees.
GST UPDATE Validity of E-way bill The E-way bill once generated from the GSTN portal for the movement of goods has a time limit for which it will be valid. The validity of an E-way is discussed as follows: If the distance is less than 100km- 1 Day If the distance is 100 km or more but less than 300km- 3 Days If the distance is 300 km or more but less than 500km- 5 Days If the distance is 500 km or more but less than 1000km- 10 Days If the distance is 1000 km or more- 15 Days