Form GST PMT-09 is now available on the GST portal and it enables a taxpayer to make intra-head or inter-head transfer of amount available in Electronic Cash Ledger. A taxpayer can file GST PMT 09 for transfer of any amount of tax, interest, penalty, fee, or others available under one (major or minor) head to another (major or minor) head in the Electronic Cash Ledger. Form GST PMT 09 provides flexibility to taxpayers to make multiple transfers from more than one Major/Minor head to another Major/Minor head if the amount is available in the Electronic Cash Ledger. Key points  If the wrong tax has already been utilized for making any payment, then this form is not useful. This Form only allows transfer of the amounts that are available in the…
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Key Point changes in CARO Reporting

1. Reporting on revaluation of Property, Plant and Equipments by company 2. Reporting of proceedings under the Benami Transactions (Prohibition) Act, 1988. 3. Reporting if the stock statements filed with banks are in line with books of accounts, if company was sanctioned working capital limits in excess of five crore rupees or more from banks or financial institutions. 4. Reporting of investments in or providing of any guarantee or security or granting any loans or advances. 5. Loans overdue for more than 90 days, evergreening of loans, reporting on any *loan default, etc. 6. Reporting of compliances with RBI directives and the provisions the Companies Act with respect to deemed deposits. 7. Reporting with respect to transactions not recorded in the books of account but now surrendered or disclosed as…
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Notices for interest on tax paid from Credit Ledger – Suggestive Reply

Notices for demand interest has been issued to many assesses.  The interest is demanded on the late debit of Electronic Credit Ledger or in other words for payment of taxes using available Input Tax credit after the due date. The author is of the view that such interest is not payable and has shared some draft replies against such notices. Suggestive Reply In response to the above Notice, we humbly submit as under: Computation and deposit of interest The correct liability of interest works out to Rs. _______ as per the computation provided herein below: FY Month Total Liability to be paid in cash (Amount in Rs.) Delay in payment in number of days Interest thereof (Rs.) 2017-18 July August September October November December January February March 2018-19 April May…
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Advisory on Opting-in Composition Scheme for 2020-21 by filing FORM GST CMP-02

The Central Board of Indirect Taxes and Customs (CBIC) has issued the advisory for opting in for Composition Filing Form GST-CMP-02 Under this Eligible existing Registered taxpayers can opt-in for composition, for the financial year 2020-21 The Scheme will effect from 1st April 2020 Who are eligible taxpayers for opting-in for Composition Scheme:- The normal taxpayers having aggregate turnover (at PAN level) below Rs. 1.5 Crore in the previous financial year, who doesn’t want to avail ITC facility, The normal taxpayers having aggregate turnover (at PAN level) below Rs. 75 lakh in the previous financial year who are situated in following states: Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura and Uttarakhand: The normal taxpayers supplying services having aggregate turnover of last financial year below Rs. 50 lakhs, Taxpayers, who…
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Due dates of filing Form GSTR 3B, for the month of January, 2020 18/02/2020 a.Government of India vide Notification No. 07/2020 – Central Tax dated 03rd February, 2020, has staggered filing of Form GSTR-3B, for period of January 2020, in the manner as given below: Sl. No. Taxpayers with aggregate turn over in the previous financial year And Taxpayer having principal place of business in the State/ UT of Due date of filing of Form GSTR 3B, for the month of January, 2020 is 1. More than Rs 5 Crore Anywhere in any State or UT 20th February, 2020 2. Less than Rs 5 Crore State of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra…
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