Background
Unlike in FY 2017-18 where the assesses were provided with extension of time limit for rectifying the errors or omissions and availment of input tax credit through removal of difficulties (ROD) order no. 02/2018, the time limits for FY 2018-19 have yet been extended. However, considering significant delay in FY 2017-18 GST compliances, in order to provide an opportunity to the assesses it would be expected to extend the time limit for ITC claim (probably upto 31st December...
Read moreContents
1. Due date of furnishing FORM GSTR 3B (Notification No. 44/2019 – Central Tax dated 09.10.2019)
3. Relaxation in filing of annual returns (Notification No. 47/2019 Central Tax dated 09.10.2019)
4. Waiver of late filing fee (Notification No. 48/2019 Central Tax dated 09.10.2019).... 4
5. Amendments to CGST Rules, 2017 (Notification No. 49/2019 Central Tax...
Read moreSep ‘19 The rate of tax for the accommodation services up to 30th Sep ’19 is as below: Old rate
Transaction value per unit per day |
GST (new rate of tax) |
Less than INR 1,000 (per unit) |
Nil |
INR 1,000 to INR 2,499 |
12 percent |
INR 2,500 to INR 7,499 |
18 percent |
INR 7,500 and more |
28... |
It is common even among the older firms that the clients pay the dues in a delayed manner. At times it takes years for the fees to be paid!! The practice of billing only when payment is expected would lead to non-compliance under the GST law leading to interest and penalty. It may also lead to further delays as well as incentivise clients to delay. The other age old lump sum fee concept was probably needed 2 decades back other than form small clients. However, today with the plethora of...
Read more