The Central Board of Indirect Taxes and Customs, via Notification No. 31/2021 - Central Tax has exempted taxpayers having an aggregate turnover of Rs. 2 crores from the requirement of filing an annual return for FY 2020-21.
A functionality to check status of bank account details update for the taxpayers who have taken new registration at GST Portal but have not yet furnished the same, has been introduced, in view of Rule 10A of the CGST Rules 2017.
The taxpayers can now see the exact Annual Aggregate Turnover for the previous FY, instead of just the two slabs of Above or Upto Rs. 5 Cr. Taxpayers can also see the AATO of the current FY based on the returns filed to date.
GoI has awarded Appreciation Certificates, on the eve of completion of 4 years of GST, to 54,439 taxpayers who have made substantial contribution in payment of GST and filed their returns in a timely manner.
The Government had issued notifications under Section 168A of the CGST Act, 2017, wherein the time limit for completion of various actions, by any authority or by any person, under the CGST Act, which falls during the specified period, had been extended.
If there is no liability to be paid during the year, the liability paid through Form GST CMP-08 shall move to negative liability statement and the same excess amount can be utilised to pay the liability of future tax periods.
GST compensation of Rs. 91,000 crore has been released to all States/ UTs to partly meet the compensation payable for the period April’20 to March’21 as the amount in GST Compensation Fund was not adequate to meet the full compensation requirement.
Ministry of Finance has released Rs 75,000 crore to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation. Almost 50 % of the total shortfall for the entire year released in a single instalment.
During the FY, 426 persons including 14 professionals such as CAs, Lawyers and masterminds, beneficiaries, directors etc. were arrested. Moreover, a nation-wide special drive against the fake GST invoice was launched w.e.f. 9th November 2020.
E-invoicing involves the submission of an already generated standard invoice on a common e-invoice portal. In this regard, the Delhi Government has specified a Format/Scheme for e-invoice under GST.
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