CBDT releases draft Common Income Tax Return Form for public consultation.
The taxpayers will not be required to see the schedules that do not apply to them. It intends the smart design of schedules in a user-friendly manner with a better arrangement, logical flow, and increased scope of pre-filling. It will also facilitate the proper reconciliation of third-party data available with the Income-tax Department vis a vis the data to be reported in the ITR to reduce the compliance burden on the taxpayers.
CBDT condones delay in filing Form 10A till 25th November 2022.
NGOs and Charitable Trusts enjoy benefits such as Tax exemption under section 12A which allow them a relief to not pay taxes if they work for the welfare of the society and do not profit from their earnings. Once an organisation like an NGO or a charitable trust is formed, it must register under Section 12A to be eligible for the exemption.
GSTN implements mandatory mentioning of HSN codes in GSTR-1.
Part I & Part II of Phase 1 has already been implemented from 01st April 2022 & 01st August 2022 respectively and is currently live on GST Portal. From 01st November, 2022, Phase-2 would be implemented on GST Portal and the taxpayers with up to Rs 5 crore turnover would be required to report 4-digit HSN codes in their GSTR-1.
GTSN issues advisory on sequential filing of GSTR-1 on GST portal.
Therefore it has been notified that these changes shall be operational on GST Portal from 01st November, 2022. Accordingly, from October-2022 tax period onwards, the filing of previous period GSTR-1 will be mandatory before filing current period GSTR-1.
GSTN issues Advisory on Filing TRAN forms for Taxpayers from Daman and Diu & Ladakh.
Due to the reorganization of the state of Jammu & Kashmir and merger of the Union territories of Dadra and Nagar Haveli and Daman and Diu, the taxpayers of Ladakh and earlier ‘Daman and Diu’ region have been allotted new GSTINs. There is therefore a doubt as to how to file the TRAN-1 and whether it would be linked with the old TRAN-1 or not.
CBIC has extended the due date for filing GSTR 3B to 21st October 2022.
As per section 39(1) of CGST rules, 2017, Every registered person, other than an Input Service Distributor or a non-resident taxable person or a person paying tax under the provisions of section 10 or section 51 or section 52 shall, for every calendar month or part thereof, furnish, in such form and manner as may be prescribed, a return, electronically, of inward and outward supplies of goods or services or both, input tax credit availed, tax payable, tax paid and such other particulars, in such form and manner, and within such time, as may be prescribed, on or before the twentieth day of the month succeeding such calendar month or part thereof.
GSTN issues advisory on Filing TRAN-1/2 Forms to claim Transitional Credit.
All the aggrieved taxpayers who wish to file or revise TRAN-1/2 are hereby informed that the present process flow of TRAN filing is different from the filing process in the financial year 2017-18. As per the present flow the transitional credit availed by the taxpayer in TRAN-1/2 forms shall be verified by the jurisdictional tax officer before the credit entry is made in the respective ledgers.
Commencement of extensions to timelines for CGST compliances
It is clarified that the extended timelines for compliances are applicable to the compliances for FY 2021-22 onwards.
CBDT extends due date for filing of various reports of audit for the Assessment Year 2022-23 under the Income-tax Act, 1961.
On consideration of difficulties faced by the taxpayers and other stakeholders in filing of various reports of audit for the Assessment Year 2022-23 under the Income-tax Act,1961(Act), Central Board of Direct Taxes (CBDT) has decided to extend the due date for filing of various reports of audit for the Assessment Year 2022-23, which was 30th September, 2022 to 07th October, 2022.
CBIC commences CGST amendments provided under Finance Act, 2022
CBIC commences CGST amendments provided under Finance Act, 2022 w.e.f 1st October, 2022.
