Taxonline24
22 subscribers
56 photos
17 files
72 links
Here we are providing you complete details of your taxations, regarding GST, income tax etc So don't forget to subscribe and visit our website https://www.taxonline24.in
Download Telegram
to view and join the conversation
Form 10-IE for opting Section 115BAC:

1. No need to be filed in ITR 1 & ITR 2

2. Mandatory to be filed in ITR 3 & ITR 4

3. Option to opt for the new tax regime will be available for the taxpayers filing return of income in ITR 1 or ITR 2 in the return itself. There is no need for separate filing of Form 10-IE.
*GST ITC 01: Step-by-Step Guide to Claim ITC on New GST Registration*

๐Ÿ‘‰In order to claim Input Tax Credit (ITC), the person carrying on regular business and holding stock of inputs, capital goods and finished goods at their place of business has to obtain GST registration. ITC cannot be claimed before the date of obtaining GST registration.

๐Ÿ‘‰What is ITC 01?

GST Form ITC-01 is a declaration form that is used to claim the ITC. An input tax credit means that a taxpayer can claim the amount that has been already paid as GST while making a GST payment to the Government which was collected from the customers.

*Cases when ITC-01 must be filed*

๐Ÿ‘‰The declaration form in ITC โ€“ 01 is required to be filed in the following cases:

๐ŸŽ—๏ธWhen an application for GST registration is made within 30 days of becoming liable to pay GST. [Section 18(1)(a)]

๐ŸŽ—๏ธWhen any person opts for voluntary registration. [Section 18(1)(b)]

๐ŸŽ—๏ธWhen any person opts out of composition scheme but continues to be registered as a regular taxpayer. [Section 18(1)(c)]

๐ŸŽ—๏ธWhen an exempt supply of goods/services becomes taxable supply. [Section 18(1)(d)]

It should be noted that ITC cannot be claimed if the person fails to file Form ITC โ€“ 01.

*Types of input tax credit allowed*

๐ŸŽ—๏ธInput tax credit in respect of inputs held in stock on the cut-off date.

๐ŸŽ—๏ธInput tax credit in respect of inputs contained in semi-finished goods on the cut-off date.

๐ŸŽ—๏ธInput tax credit in respect of inputs contained in finished goods on the cut-off date.

๐ŸŽ—๏ธInput tax credit in respect of capital goods on the cut-off date.

*Points to remember while filing ITC 01*

๐ŸŽ—๏ธKnow what input tax credits can be claimed. For example, the ITC in respect of services cannot be claimed in Form ITC 01. ITC in respect of capital goods can only be claimed in case composition dealer opts out of composition scheme and where exempted supply becomes taxable supply.

๐ŸŽ—๏ธInvoice wise Details of ITC on purchases as on the cut-off date should be available.

๐ŸŽ—๏ธForm ITC 01 should be filed within 30 days of the date of registration/migration to a regular scheme.

๐ŸŽ—๏ธInvoices up to one year old can be claimed in case of inputs and up to five years in case of capital goods.

๐ŸŽ—๏ธIf the ITC claim is more than INR 2 lakhs, Chartered Accountant certificate or Cost Accountant certificate must be uploaded.

*Steps file Form ITC-01*

๐Ÿ‘‰Step 1: The taxpayer has to login to the official GST Portal.

๐Ÿ‘‰Step 2:The taxpayer has to enter the username and password.

๐Ÿ‘‰Step 3: From the โ€˜Servicesโ€™ tab, the taxpayer has to select โ€˜Returnsโ€™ and then click on โ€˜ITC Formsโ€™. The GST ITC Forms page is displayed on the screen.

๐Ÿ‘‰Step 4: Under GST ITC โ€“ 01, click the โ€˜Prepare Onlineโ€™ button if the taxpayer desires to provide a statement by making entries on the GST Portal.

๐Ÿ‘‰Step 5: The taxpayer has to select the appropriate section from the โ€˜Claim Made Underโ€™ drop-down list.

๐ŸŽ—๏ธ Proceed to file the necessary details invoice-wise as given below:

๐ŸŽ—๏ธSelect the type of goods. (The option available under this field are โ€“ (i) Inputs held in stock, (ii) Inputs contained in semi-finished goods or finished goods, (iii) Capital goods. Thus, it is necessary for the taxpayers filing Form ITC โ€“ 01 to maintain a detailed stock register with records of procurement and consumption of inputs.)

๐ŸŽ—๏ธEnter GSTIN of supplier

๐ŸŽ—๏ธEnter invoice number and date (This date must be prior to the grant of approval for registration and not more than one year in case of inputs and five years in case of capital goods)

๐ŸŽ—๏ธSelect Unit Quantity Code

๐ŸŽ—๏ธ Description of goods -Inputs Enter quantity Enter invoice value (The amount of invoice value should be reported after adjusting the value of debit/credit notes issued against the relevant invoice)

๐ŸŽ—๏ธEnter ITC amount (CGST and SGST or IGST)

๐ŸŽ—๏ธIt is noteworthy, for claims made under Section 18(1)(d), a date on which goods become taxable must also be entered.

๐ŸŽ—๏ธClick on โ€˜Addโ€™ button to continue adding more invoices or Click on โ€˜Save buttonโ€™ to proceed to submit.
๐Ÿ‘‰ Step-6: After entering all invoices, click Preview > Submit > Proceed. Note that no modification is allowed after status turns are submitted or you click on Proceed.

๐Ÿ‘‰Step-7: Upload CA certificate, if applicable.For claims of more than INR 2 lakhs, the details of Chartered Accountant or Cost Accountant need to be updated along with the certificate.

๐Ÿ‘‰Step-8: File the form using DSC or EVC Once the form is successfully submitted, Click on โ€˜File using DSCโ€™ or File using EVCโ€™ button and select the authorized signatory from the drop-down list to file using DSC or EVC.Once filed, ARN is generated and sent to the taxpayer via SMS or Email. The status of GST ITC 01 is changed to โ€˜Filedโ€™.

๐Ÿ‘‰ The ITC claimed in Form ITC 01 is then made available in the electronic credit ledger.
*Non reflection of ITC in GSTR2A not to result in denial of ITC where tax is duly paid by the supplier*

Due to technical glitches that could not be got resolved, supplier is not able to obtain registration and file GSTR-1 for certain period. One of buyers who had paid for value of goods along with tax also filed petition due to the fact that ITC did not travel to him through GSTR 2A and was issued intimation by the revenue for wrong availment of ITC through DRC-01A.

Held by *Kerala High Court in ST. JOSEPH TEA COMPANY LTD. In WP(C) NO. 17235 OF 2020 on 17-06-2021 that supplier should pay tax through DRC-03 along with interest for the impugned period by obtaining provisional registration. If such payment is effected, the recipients shall not be denied ITC only on the ground that the transaction is not reflected in GSTR 2A*[Para 7]
Why GST Amnesty Scheme 2021 (Last Date: August 31, 2021) is announced when corresponding problems viz. Revocation of cancelled GST registration, ITC, etc. not resolved as yet......How it helps and provide ease of business...
On consideration of difficulties reported by taxpayers & other stakeholders in electronic filing of certain Forms under the IT Act,1961, CBDT has further extended the due dates for electronic filing of such Forms. CBDT Circular No.16/2021 dated 29.08.2021 issued.
Date of payment under the Direct Tax Vivad se Vishwas Act, 2020 (without additional amount) extended to 30th September, 2021. The last date for payment of the amount (with additional amount) remains 31st October, 2021.
Press release issued.
Gst amnesty scheme extended to 30.11.2021
On consideration of difficulties reported by the taxpayers in filing of Income Tax Returns(ITRs) & Audit reports for AY 2021-22 under the ITAct, 1961, CBDT further extends the due dates for filing of ITRs & Audit reports for AY 21-22. Circular No.17/2021 dated 09.09.2021 issued.
CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment. Section 79 of the Income-tax Act, 1961 not to apply in a case involving change in shareholding due to such strategic disinvestment.
*Notification Updates*

1๏ธโƒฃ RCM applicability on supply of mentha oil by unregistered person to registered person. NN 10/2021-CTR.

2๏ธโƒฃ Reduce rate of GST on Fortified Rice Kernel (Premix) supply for ICDS or similar scheme for free distribution to economically weaker sections of the society. NN 11/2021-CTR.

3๏ธโƒฃ Extension of concessional rate benefit to specified drugs used in COVID treatment till 31.12.2021. NN 12/201-CTR.

4๏ธโƒฃ Transitional provisions of Sea Cargo Manifest and Transhipment Regulations, 2018 extended till December 31, 2021. NN 78/2021-Custom.

5๏ธโƒฃ Indiaโ€™s solar power tariffs are expected to go up by around 10 paise per unit with a higher goods and services tax (GST) to be levied on cells, modules, and inverters from 01.10.21.
In compliance with Section 139A(5)(c) of the Income Tax act *all the sellers raising an invoice of INRs 200000 or more should display the 10 digit PAN number (of both vendor as well as a customer)* on each such invoice as a separate field
*This is with effect from 1st October 2021*
In other words, in addition to GST number, you have to separately display your as well as your customers PAN number