Important due dates of Income Tax and GST Compliance for October 2019-20 to ensure that you do not forget these important dates :
To give effect to the 37th GST council meet the central board of income tax has released certain notifications, which are as follows :
GSTR-3B filing date declared
Form GSTR-3B for each of the months from October 2019 to March 2020 shall be filed on 20th of the month succeeding such month electronically through common portal.
GSTR-1 due dates declared
The due date for GSTR-1 furnishing for registered persons having turnover up to Rs.1.5 crore during the preceding financial year or during the current year for the following quarters have been notified as under:
|Sr.No||Quarter for which details in Form GSTR-1 are furnished||Time Period for furnishing details in Form GSTR-1|
|1||October,2019 to December,2019||31st January, 2020|
|2||January,2020 to March,2020||30th April, 2020|
Registered persons having turn over more than Rs.1.5 crore during the preceding financial year or during the current year will have to file GSTR-1 return for the period from October 2019- March 2020 on monthly basis on every 11th of the succeeding month.
GSTR-9 filing made optional for small taxpayers
The filing of annual return GSTR-9 under section 44(1) of CGST Act for F.Y. 2017-18 and 2018-19 is made optional for small taxpayers whose aggregate turnover is less than Rs.2 Crores and who have not filed the said return before the due date.
Late fees waived for individuals having registered place of business in Jammu & Kashmir
Registered persons having Principal Place of Business in the State of Jammu Kashmir shall be given waiver for late fees if the following forms have been filed on or before the given due dates:
Matching ITC with GSTR-2A mandatory
Input Tax Credit needs to be matched with GSTR-2A while filing GSTR-3B. Total unmatched credit shall not exceed 20% of eligible credit available in respect of invoices or debit notes the details of which have been uploaded by the suppliers.
For instance, the actual credit available to a registered person is Rs.1500, but the credit as per GST-2A is Rs.1000. Then the total credit that can be claimed shall be Rs.1200 (Rs.1000+20% of Rs.1000) instead of Rs.1500. This step has been taken to curtail the bogus credit being availed by certain taxpayers.
Make sure you file GST returns right away, even if the deadline has been extended, to avoid any last-minute rush. Get professionals at LegalWiz.in help you in filing your GST returns online.