GST Update:
- The Registered person whose aggregate turnover in the financial year 2020-21 is upto Rs. 2 Crores has been exempted from filing GST annual return for the financial year 2020-21.
- Now furnishing of self-certified reconciliation statement in Form GSTR-9C is required only when the aggregate turnover during a financial year exceed Rs. 5 Crores.
- Sec 35 (5) of The CGST Act, 2017 (Requirement of accounts getting audited by a CA or Cost Accountant) shall be omitted with effect from 01st August 2021.
- Facility to file GSTR-3B and GSTR-1 through Electronic Verification Code (EVC) is extended till 31st October 2021 for Companies.
- Restriction to furnish information in Part A of Form GST EWB-01 shall not apply during the period 01st May 2021 to 18th August 2021 in case GSTR-3B or GSTR-1 or GST CMP-08 as the case may be has not been furnished for the period March 2021 to May 2021.
- GSTR-3B late fee amnesty scheme has been extended till 30 November 2021.
- The time limit for making an application for revocation of cancellation of registration has been extended till 30th September 2020 for the registered persons whose registration was cancelled due to non filing of returns and the time limit to make such application falls during the period 01st March 2020 to 31st August 2021.
Ref - Notification Nos. 29/2021 CT | 30/2021 CT | 31/2021 CT
Foreign Trade Update:
An IEC (Import Export Code) holder has to update details or confirm that there are no changes in their IEC electronically every year, during April-June period. For this current financial 2021-22 this period has been extended till 31st August 2021. There will be NO fee for the updation and confirmation of IEC details made till 31st August 2021.
Ref - Notification No. 16/2015-20
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