Team Bizsol

‘Pension Adaalat’ has been introduced by Employee’s Provident Fund Organisation (Ministry of Labour & Employment, GOI) for the pensioners and the members of the EPS 1995 who are going to become pensioner in near future to address grievances related to pensioners including non-receipt of pension, Digital life certificates etc. It will organized by every Regional Office …

‘Pension Adaalat’ has been introduced by Employee’s Provident Fund Organisation (Ministry of Labour & Employment, GOI) for the pensioners and the members of the EPS 1995 who are going to become pensioner in near future to address grievances related to pensioners including non-receipt of pension, Digital life certificates etc.(12.03.2021) Read More »

Currently, 3 sectors were entitled for Production Linked Incentive Scheme (PLI) introduced by the Ministry of Commerce & Industry, another 10 sectors (i) Automobiles and Auto Components, (ii) Pharmaceuticals Drugs, (iii) Specialty Steel, (iv) Telecom & Networking Products, (v) Electronic/Technology Products, (vi) White Goods (ACs and LEDs), (vii) Food Products, (viii) Textile Products: MMF segment and …

Currently, 3 sectors were entitled for Production Linked Incentive Scheme (PLI) introduced by the Ministry of Commerce & Industry, another 10 sectors (i) Automobiles and Auto Components, (ii) Pharmaceuticals Drugs, (iii) Specialty Steel, (iv) Telecom & Networking Products, (v) Electronic/Technology Products, (vi) White Goods (ACs and LEDs), (vii) Food Products, (viii) Textile Products: MMF segment and technical textiles, (ix) High efficiency solar PV modules, and (x) Advanced Chemistry Cell (ACC) Battery have been incorporated in the list for entitlement.(11.03.2021) Read More »

In the “Search Taxpayer” functionality , Post Login on GST portal, users can now view certain additional details like Aadhar Authentication, e-KYC Verification, Compliance Rating, GSTIN/UIN status update, Annual Aggregate Turnover, Gross Taxable Income etc of the taxpayer.

Applicants can now save Advance Ruling/Advance Ruling Appeal applications upto 15 days, before editing and filing it on GST Portal. These applications in saved stage will be automatically purged / deleted after 15 days.

Taxpayers making voluntary payment in Form GST DRC-03 can further select from newly introduced reasons for payment i.e Liability Mismatch – GSTR-1 to GSTR-3B and ITC Mismatch – GSTR-2A/2B to GSTR-3B.

Refund of GST Now taxpayers can track their refund application status without login to GST portal Facility to Withdraw already filed refund application  due to mistakes / errors in filing a application in Form GST RFD-01W before issuance of acknowledgement in GST RFD 02 or Deficiency Memo in Form GST RFD 03 from Refund Processing …

Refund of GST.(11.03.2021) Read More »

ISDs (Input Service Distributors) would now, not be able to enter invoices/debit notes/credit notes of their suppliers having GSTN cancelled status , having date after their effective date of cancellation, or having date before the date of grant of registration to suppliers or that of ISD (itself).

 Existing taxpayers while opting for composition scheme are required to file details of stock in Form GST ITC-03 and pay tax on the stock (on which ITC has been claimed by them). Now a facility has been provided on the GST Portal to such taxpayers to file NIL Form GST ITC-03.

 The facility of filing Annual Returns in Form GSTR-9A by taxpayers in Composition Scheme, has been done away from FY 2019-20 & onwards.

Quarterly Return Monthly Payment scheme (QRMP) under GST Issuance of system generated notice in Form GSTR-3A, to the taxpayers who have opted for QRMP Scheme and fail to filed their GSTR-3B return on quarterly basis, within due date. Taxpayers opting for fixed sum method , prefilled Challan of in Form GST PMT-06 of 35% of …

Quarterly Return Monthly Payment scheme (QRMP) under GST.(11.03.2021) Read More »

Tracking of GST Registration Application Status Post Temporary Registration No.(TRN) Login will now be displayed stage wise on the portal.

Udyam registration simplified – GSTN requirement relaxed. The proprietor may use his/ her PAN for registration of the enterprise in the Udyam Registration Portal and now no need for GST registration. Notification No. S.O. 1055(E) dated 05.03.2021

  In the recent Supreme Court Suo Motu judgment in computing the period of limitation for filing any suit, appeal, application or proceeding, the period from 15.03.2020 till 14.03.2021 shall stand excluded and consequently, the balance period of limitation remaining as on 15.03.2020, if any, shall become available w.e.f 15.03.2021. In cases where the limitation would …

In the recent Supreme Court Suo Motu judgment in computing the period of limitation for filing any suit, appeal, application or proceeding, the period from 15.03.2020 till 14.03.2021 shall stand excluded and consequently, the balance period of limitation remaining as on 15.03.2020, if any, shall become available w.e.f 15.03.2021.(09.03.2021) Read More »

Taxpayers having turnover exceeding Rs 50 Crores ( existing 100 Crores) will have to generate e Invoices w.e.f 1st April 2021. (Notification No. 05/2021–Central Tax Dated 8th March, 2021)

Taxpayers are required to select their business activity only once, as – Manufacturer, wholesaler/Distributor/Retailer, service providers & others , post login based on highest turnover amongst the business activities it can be changed later.

The Central Board of Employees Provident Fund has recommended 8.50% annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2020-21. It will be shortly notified.

Now, it will be mandatory for every taxpayer to report HSN Code in Table 12 of GSTR 1. In case of turnover up to 5 Crore , minimum 4 digit HSN Code to be reported for all B2B supplies & exports and where the turnover is more than 5 crores minimum 6 digit HSN code …

Now, it will be mandatory for every taxpayer to report HSN Code in Table 12 of GSTR 1.(05.03.2021) Read More »

Introduction of a category as ‘Potential cases’ for selection by the Jurisdictional Assessing Officer (JAO) to issue notices up to 31st March 2021 wherein any income has escaped recomputation or assessment for the AY 2013-14 to AY 2017-18 u/s 148 of the IT Act. . Potential cases to include Reports of Directorate of Income-tax (Investigation),Directorate …

Introduction of a category as ‘Potential cases’ for selection by the Jurisdictional Assessing Officer (JAO) to issue notices up to 31st March 2021.(05.03.2021) Read More »

 Issue of ADVISORY NO. 05/2021 – ACES-GST (CE&ST) dated 27th February 2021 towards allotment of Temporary Accounting Code (0038 0210) to pay Agriculture Infrastructure and Development Cess (Central Excise)