September is one such month where most of the businesses will be busy with the audit closure. There have been extensions in various due dates from time to time to facilitate the stakeholders and taxpayers at large. However September month is one of the crucial month for carrying out the GST compliances for FY 2020-21. The year end compliances to be carried out are:
Reconcile GSTR 1 with 3B & make necessary changes in upcoming GST returns.
Issuing debit notes / credit notes relating to invoices issued in the FY 20-21.
Reconcile Inputs as per ITC register / GSTR 3B with credit available as per GSTR2A and follow-up with vendors who’s credit are not appearing in GSTR2A.
Credit reversal due to vendors not made payment in 180 days & re-computation of common credits used for providing taxable as well as exempt supplies.
Further, there have been certain relaxations provided under GST, where in amnesty scheme for waiver / reduction of late fees for delay in filing of GST returns for the period July 2017 to April 2021 has been extended till November 2021.
The Karasamadhana scheme under KVAT, is now applicable for all the assessment orders passed on or before October 30, 2021 and the last date for filing an application under this scheme is December 31, 2021.
The Income tax due date for ITR filing for non audit cases and who have not entered into any international or specified domestic transactions for AY 2021-22 is September 30, 2021. However since the new Income Tax website is still having technical glitches and even though the FM demanded Infosys to resolve the continuing glitches by 15th Sep,2021, there is pressure for extension of due date.
Certain due dates under Income tax act has also been extended as follows:
The last date of payment of the amount (without any additional amount) under VSV scheme to 30th September, 2021.
Filing of Form 15G/15H for quarter ending June 2021 – Extended to 30th November, 2021 and for Quarter ending September, 2021 – Extended to 31st December, 2021.
Filing of Form 3CEAC, 3CEAD & 3CEAE extended till 31st December, 2021.
There have been some interesting judgements with respect to GST in case of M/s F1 Components Private Limited V/s The State Officer, Chennai, where in it was held that Interest is not required to be paid for wrongful availment of credit which was not utilized but subsequently reversed. Also it is to be noted that the proviso to Section 50(1) provides relief only from payment of interest (to the extent liability is discharged by Electronic Credit Ledger) when there is delay in payment of liability due to delay in filing of returns.
In case of World Courier (India) Pvt. Ltd. Vs ACIT (ITAT Bangalore), it was held that Payments for computer software sold/licensed on a CD/other physical media cannot be classed as a royalty.
For the detailed updates, refer the Newsletter for the month of August 2021 enclosed herewith.
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