Recent Updates & Compliance Calendar – Direct and Indirect Tax
DIRECT TAXES RECENT UPDATES Extending time for payment under VSV (Vivad Se Vishwas Scheme) to 30.06.2021 including timelines for assessment (Notification No. 39/2021 & 38/2021) Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income and Dividend Income (Notification No. 1 & 2 of 2021-DGIT ) CBDT notifies new Provisions of […]
GST calendar for April 2021 at a glance
*Due date Purpose Period Description 10th April 2021 GSTR-7 (Monthly) March’21 Summary of Tax Deducted at Source (TDS) and deposited under GST laws GSTR-8 (Monthly) March’21 Summary of Tax Collected at Source (TCS) and deposited by E-commerce operators under GST laws 11th April 2021 GSTR-1 (Monthly) March’21 Taxpayers having an aggregate turnover […]
GST Update – | Utilisation of ITC | Cash Payment |
The biggest GST amendment of 2020 was announced by the Government by the CGST Notification to restrict the use of 100% ITC balance for payment of monthly output liability. The summary of said provisions is given hereunder for your immediate reference and consideration. [Introduction of Rule 86B] With effect from the 1st day of January […]
GST Update – || E-Invoice ||
Now, the Government has further extended the E-Invoicing provisions to businesses exceeding Rs.50 crore turnover limit with effect from 1st April 2021. Vide Notification no. 05/2021 dated 8th March 2021. E-Invoicing provisions were made effective in the following phases. from October 1, 2020, issuing E-invoice was made mandatory for businesses with a turnover of Rs […]