Indirect Tax Updates

Date

Particulars

March 20, 2021

  • CBIC issues Press Note regarding payment of GST dues during March, 2021. Read Press Note Here!

  • Taxpayers are free to utilise Input Tax Credit available in their credit ledger as permissible by law to discharge their GST due for March month

March 15, 2021

  • 100 percent of the estimated GST compensation shortfall of Rs.1.10 Lakh crore released

  • 20th Instalment of Rs. 4,104 crore released to the States on Monday, 15th March, 2021. Read Press Release Here!

March 11, 2021

  • GST department conducted webinar on e-invoicing for taxpayers. Read Here!

March 9, 2021

  • Module wise new functionalities deployed on the GST Portal for taxpayers. Read Here!

March 8, 2021

March 4, 2021

  • CBIC has made changes in Table 12 format of GSTR-1 Return as follows: Change in format of GSTR-1 Return and changes in number of digit of HSN Code to be reported

March 1, 2021

February 28, 2021

  • CBIC extended due date for furnishing of Annual Returns GSTR-9 and GSTR-9C for financial year 2019-20 to March 31, 2021.

February 24, 2021

  • The taxpayers are advised to ensure that values are reported upto two decimal places in the GSTR-9 offline utility. Read Here!

  • CBIC exempts non-Indian citizens, PSUs from Aadhaar authentication for GST registration

February 22, 2021

  • CBIC provides facilitation for exporters having IGST refund issues. Read Press Release Here!

  • In Form GSTR-9C, tax amount pertaining to tax rates 1%, 1.5% and 7.5% in section III (table 9 and 11) and section V may be made in row/ under label ‘Others’ of the said tables, wherever applicable. Read Here!

February 19, 2021

February 16, 2021

  • CBIC has issued circular extending Board’s Circular No. 12/2018-Customs dated 29.05.2018 related to sanction of Integrated Goods and Services Tax (IGST) refund claims pending having no records transmitted to ICEGATE due to GSTR-1 & GSTR- 3B mismatch error. Read Circular Here!

February 12, 2021

  • 15th Instalment of Rs. 6,000 crore released to the States to meet the GST compensation shortfall. Read Press Release Here!

February 11, 2021

February 10, 2021

  • Team GSIN releases webinar on QRMP scheme: Furnishing of details in IFF and Deposit of tax in PMT-06 by taxpayer. To know more about QRMP scheme; please visit bit.ly/3oZgBU1 and for furnishing details in IFF and furnishing tax details PMT06; please visit bit.ly/3aMU7Rg

February 9, 2021

  • Feature to opt in for composition is ready for FY 2021-22 in the Dashboard of taxpayers at the Common GST Portal. The qualified taxpayers, who need to avail the composition scheme may choose for composition up to 31st March 2021.

February 4, 2021

  • CBDT issues refunds of over ₹1,85,409 crore to more than 1.81 crore taxpayers between 1st April, 2020 to 01st February, 2021. Income tax refunds of ₹64,966 crore have been issued in 1,78,62,798 cases & corporate tax refunds of ₹1,20,443 crore have been issued in 2,13,387 cases.

February 1, 2021

  • Finance Minister Smt. Nirmala Sitharamn presented its first ever digital Union Budget of 2021-2022.

  • Finance Minister announced various proposals in direct tax. Read Direct Tax Proposals Here!

  • CBDT further extends the date for filing of declarations under the Vivad Se Vishwas Act, 2020 to 28th February, 2021. Read Notification Here!

  • A disputed amount of ₹95,000 crore has been settled by about 1.20 lakh entities who opted for the Vivad Se Vishwas scheme to resolve long pending litigation issues with the Income Tax Department, Central Board of Direct Taxes

January 31, 2021

  • Finance Minister to present the Union Budget 2021-2022 on 1st Feb, 2021.

January 29, 2021

January 27, 2021

  • CBDT issues refunds of over ₹1,81,336 crore to more than 1.74 crore taxpayers between 1st April, 2020 to 25th January, 2021. Income tax refunds of ₹62,231 crore have been issued in 1,71,77,174 cases & corporate tax refunds of ₹1,19,105 crore have been issued in 2,12,506 cases.

January 20, 2021

  • CBDT issues refunds of over ₹1,76,217 crore to more than 1.65 crore taxpayers between 1st April, 2020 to 18th January, 2021. Income tax refunds of ₹58,631 crore have been issued in 1,62,39,742 cases & corporate tax refunds of ₹1,17,586 crore have been issued in 2,11,338 cases.

January 19, 2021

  • CBDT passes order under Section 19 of the Income Tax Act disposing off the representations for extension of due date for filing of Audit Report under Section 44AB in compliance with the order of Hon’ble Gujarat High Court dated 8th January, 2021. Read Order Here!

January 15, 2021

  • Here are the statistics of TARs filed. A total of 28.85 lakh Forms 3CA & 3CB were filed till 15th January, 2021(extended due datet) as against 28.26 lakh Forms 3CA & 3CB filed till 31st October, 2019 (extended due date). This includes 3.46 lakh Forms 3CA & 3CB filed on 15th January, 2021.

January 13, 2021

  • CBDT issues refunds of over ₹1,73,139 crore to more than 1.57 crore taxpayers between 1st April, 2020 to 11th January, 2021. Income tax refunds of ₹57,139 crore have been issued in 1,54,55,577 cases & corporate tax refunds of ₹1,15,999 crore have been issued in 2,10,150 cases.

January 12, 2021

  • CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets. Read Press Release Here!

  • CBDT notifies the Faceless Penalty Scheme, 2021. Notification in S.O.117(E) dated 12th January, 2021 notifying the Faceless Penalty Scheme, 2021 issued. Read Notification Here!

  • CBDT notifies Faceless Penalty Scheme, 2021. Read Notification here!

January 10, 2021

  • Total 5,38,36,939 Income Tax Returns have been filed till midnight of 10th January, 2021.

January 8, 2021

  • In view of new restrictions by UIDAI of a maximum of 5 OTP requests for a single Aadhaar within a span of 30 minutes, taxpayers are requested to give sufficient time before multiple submissions for Aadhaar OTP

January 7, 2021

  • TDS FVU version 7.0 related changes have been enabled in e-filing portal

January 6, 2021

  • CBDT issues refunds of over ₹1,64,016 crore to more than 1.41 crore taxpayers between 1st April, 2020 to 04th January, 2021. Income tax refunds of ₹53,070 crore have been issued in 1,38,85,044 cases & corporate tax refunds of ₹1,10,946 crore have been issued in 2,06,847 cases.

January 2, 2021

  • Taxpayers are advised to download & use the latest utilities(updated on 01.01.2021)from the efiling portal so that Section 234A & Section 234F interest/fee respectively are calculated correctly. The data from the saved XML/EXCEL utility can be imported into the new utility. If the user still experiences any issues, please write to Income Department at bit.ly/2YgCyk3.

January 1, 2021

  • CBDT issues press release for extension of due dates for filing Income-Tax Returns and Tax Audit Reports under the Income-tax Act, 1961 for AY 2020-21. Read the Press Release here!

  • Taxpayers were wrongly charged with late fees under Section 234F of Income Tax Act, 1961 despite of Income Tax Return filing extension.

  • Timeline before which UDIN are to updated with respect to the audit report and certificates uploaded from 27th April, 2020 extended up to 15th February, 2021. Kindly update to avoid invalidation.

  • CBDT has extended the due date for filing Income Tax Returns for the Assessment Year 2020-21. Accordingly the ITRs are modified to update the 234A interest & 234F Fee calculation and the same is available for download.

  • Extension in dates of settlement through Vivad se Vishwas Scheme. Read Press Release here!