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NOTIFICATION NO: 66/ 2020 – DT: 21.09.2020
This notification extended the date of issue of Tax Invoice for sale of goods on approval basis. What is meant by sale of goods on approval basis.
Section 31(7) of CGST Act, apparently states that, where goods are transferred to recipient before supply on sale on approval basis, the Tax Invoice for such supply must be issued earlier of Supply or 6 months from the date when goods were transferred to recipient.
the supplier who has sent the goods to outside India for sale on approval basis and was / is required to issue invoice from period 20th march 2020 to 30th October 2020,can issue the tax invoice within 31st October 2020.
NOTIFICATION NO: 67/2020 – DT: 21.09.2020
Section 47 of CGST Act deals with the late fee for delay in filing of return. As per section 47, the late fee is 100 per day but maximum is 5000/-. However the central government vide Notification No. 73/2017 DT: 29th December 2017 reduced the late fee to rs 10/day ( Nill return ) and Rs 25 / day( other than Nil return) for delay in filing FORM GSTR – 4 .
Now the central government vide Notification No:67/2020 says that , if any person failed to file FORM GSTR 4 -return for the period July 2017 to March 2019 can file the return within 31st October 2020 without any late fee ( for NIL return) or with a late fee of only 25/ day subject to maximum Rs 250/-. So for both CGST Rs.250 and SGST Rs.250.
NOTIFICATION NO: 68/2020 – DT: 21.09.2020
GSTR 10 is the return which is filed by the person whose registration has been cancelled. This is also called as the final return. The central government has waived the late fee for non filing of GSTR-10 within the due date in excess of Rs 250. That is the maximum late fee that to be paid is Rs 250/-. So for both CGST Rs.250 and SGST Rs.250.
STAY TUNED TO THE RIDE OF GST WAVE
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