Union Budget of 2021 has boosted the healthcare and infrastructure industry. Specified senior citizens, NRIs and small taxpayers can surely cheer on the Income Tax front.

On 1 January 2021, the CBIC issued Notification No. 01/2021 – Central Tax to inform the taxpayers that they will not be able to furnish their FORM GSTR-1 if they have not furnished the required FORM GSTR-3B.

GST Analyst, powered by Masters India, is GST on mobile for business owners and accountants. This is a free, handy and ad-free mobile Application that helps businesses verify the authenticity of GST registered stakeholders within seconds.

The Goods and Service Tax Network has enabled a communication facility on the common portal. With this facility, taxpayers can officially communicate with each other.

The department had notified earlier that the e-Way Bill generation facility for taxpayers who fail to file their GSTR-3B or CMP-08 for two or more consecutive tax periods would be blocked.

On 13 November 2020 the Government announced that the details available in the e-Invoices would be auto-populated in the respective tables of the GSTR-1 of the taxpayer.

CBIC has extended the due date for filing GSTR-9/GSTR-9A and GSTR-9C for FY 2018-19 to 31 December 2020. The CBDT has extended the due dates for various compliances for FY 2019-20 as well.

Noida – October 12, 2020 – Masters India announced today that its autoTax 2.0 application has achieved SAP certification as integrated with cloud solutions.

CBIC has extended the due date for filing GSTR-9 and GSTR-9C to 31 October 2020. E-Invoicing was rolled out as planned. However, taxpayers have time till 31 October 2020, to streamline their systems to support e-Invoicing.

Businesses with a turnover of more than INR 500 crores (in the previous financial year) have to adopt the e-Invoicing process from 1 October 2020 mandatorily. Under the new invoicing system, B2B invoices have to be reported to the GST system.

Every seller whose total sales from business exceeds INR 10 crores in the previous FY has to collect tax as TCS at a rate of 0.1% when the amount of sale consideration received exceeds INR 50 lakhs.

GSTR-2B was introduced on a pilot basis to ensure that taxpayers avail the right ITC in India. On 13 September 2020, the Government has released the Matching Offline Tool v1.0 to view GSTR-2B and match this return with the purchase register.