Blog Image

 

The Central Board of Indirect Taxes and Customs (CBIC) has issued an advisory on Error while uploading Balance Sheet and Profit & Loss Statement while filing GSTR-9C.

The CBIC has said that the Balance sheet and Profit & loss statement/income & Expenditure Statement keywords used in office network firewall/content security filter firewall to deny upload of such files/content as these contain sensitive information. The CBIC also said that, If this will be used on an open network all such mentioned documents can be uploaded successfully.

GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes. It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps in extensive reconciliation of data for 100% transparent disclosures

Due Date for furnishing GST Annual Return and Reconciliation Statement (GSTR-9 / 9A and GSTR-9C) for FY 2017-18 to January 31st, 2020. The late fee for not filing the GSTR 9 within the due date is Rs 100 per day, per act. That means late fees of Rs 100 under CGST & Rs 100 under SGST will be applicable in case of delay. Thus, the total liability is Rs 200 per day of default. This is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory. However, there is no late fee on IGST yet.

 

CBIC ENABLES E-INVOICING SYSTEM, MANDATORY FOR BUSINESSES WITH RS 100 CRORE TURNOVER FROM APRIL 1, 2020
EXTENDING THE LAST DATE FOR FILLING OF APPEALS IN GST TRIBUNAL
GRC WILL BE CONSTITUTED AT ZONAL/STATE LEVEL
LATE FEE WAIVER HAS BEEN PROVIDED TILL JANUARY 2020 TO TAXPAYERS TO CLEAR BACKLOG OF ALL GSTR-1
HIGHLIGHTS OF 38th GST COUNCIL MEETING