AJSG & ASSOCIATES

Following decisions have been taken in the 47th GST Council Meeting held on 28th June 2022 in Chandigarh.

The Council has allowed amendments in the monthly tax return (GSTR-3B) filed by the Taxpayers.

Compliance for E-commerce suppliers
GST Council agrees to ease compliance bottlenecks for E-commerce Sellers. E-Commerce suppliers will now be allowed to be registered under the Composition Scheme.

E-Invoicing
GST Council allows the government-run National Informatics Centre (NIC) as another platform to register E-Invoices. The Council has agreed to have 6 invoice registration portals to come into action in the next 6 months.

Plugging Revenue Leakage
The Council has agreed to empower both State and Central Officers to issue Show Cause Notices (SCN) despite whether the Taxpayer falls in their Jurisdiction or not.

*CBDT* has issued a notification today further extending few of the time limits of compliances under Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 as under:

👉 Due date for filing Income Tax Return for F.Y 2018-19 has been extended to 31st July, 2020

👉 Waiver of interest u/s 234A in cases where self assessment tax is upto Rs 1 lac

👉 Deductions under Ch-VIA like Sec 80C, 80D, 80G, etc can now be made upto 31st July, 2020

👉The date for furnishing of TDS/TCS statements for the quarter ending on 31st March, 2020 has been extended to 31st July, 2020

Changes in ITR forms for FY 2019-20 or AY 2020-21:

1) Those with taxable income as dividend from domestic companies cannot file ITR-1.

2) Persons with joint ownership of a house property cannot file ITR-1 or ITR-4

3) Taxpayers to disclose (in all forms, including ITR-1) the amount of money spent if it exceeds the limits as specified below.

“If cash Deposit exceeds Rs. 1 Crore in one or more current account during the previous year?"

“If expenditure incurred exceeds Rs. 2 lakhs for travel to a foreign country?"

"If expenditure incurred exceeds Rs. 1 lakh on consumption of electricity during the previous year?“

4) Details of tax saving investment made between 01.04.2020 to 30.06.2020 for the F.Y 2019-20.

5) Taxpayers have to give their passport number in ITR if they have one.