Interest in non-filing of GSTR-8 by pre-approved e-commerce operators is waived by the govt.

GST: Interest on non-filing of GSTR-8 by pre-approved e-commerce operators is waived by the govt.

The interest rate on non-filing of GSTR-8 by certain e-commerce operators has been waived by the Central Board of Indirect Taxes and Customs (CBIC) under section 52 of the Central GST Act, 2017.

Section 52 of the CGST Act, 2017 allows e-Commerce operators to collect tax at source on taxable supplies made via them by other suppliers when the consideration for such goods is collected by them.

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Electronic commerce operators with the prescribed Goods and Services Tax Identification Numbers who were unable to file the statement under sub-section (4) of section 52 of the said Act by the due date due to a technical glitch on the portal but had deposited the tax collected under sub-section (1) of section 52 for the said month in the electronic cash ledger will not be charged interest, according to a notification issued on Tuesday.

“In exercise of the powers conferred by sub-section (1) of section 50 read with section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Government, on the recommendations of the Council, hereby notifies the rate of interest per annum to be ‘Nil’, for the class of registered persons mentioned in column (2) of the Table given below, who were required to furnish the statement in FORM GSTR-8, but failed to furnish the said statement,” according to the notification.

The Internal Revenue Service is urging taxpayers to file ITRs before the December 31 deadline.

The Internal Revenue Service is urging taxpayers to file ITRs before the December 31 deadline.

This year, the government created an e-filing system in an attempt to make submitting income tax returns (ITR) more user-friendly. The Income Tax Department has advised taxpayers to file their income tax returns (ITR) as soon as possible through their e-filing site, saying that the deadline for completing the ITR for assessment year 2021-22 is December 31.

To make the filing procedure easier, the income tax department has implemented an automated filing system, an annual information statement (AIS), and other measures. For the assessment year 2021-2022, the deadline to file an ITR is December 31, 2021.

Taxpayers who have not yet filed their ITRs must do so before the deadline, since failure to do so can result in a slew of consequences for all taxpayers.

The Central Board of Direct Taxes (CBDT) originally set the deadline for July 31, but it was pushed out to September 30 due to several technological issues reported by customers. The administration eventually agreed to extend the deadline for reporting ITRs until December 31.

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Meanwhile, according to a Ministry of Finance release, over three crore ITRs had been filed on the new e-filing platform of the Income Tax Department as of December 3.

Furthermore, the Income Tax Department has asked taxpayers to see their Form 26AS and Annual Information Statement (AIS) through the e-filing portal to verify the accuracy of TDS and Tax Payments and to take advantage of ITR pre-filling.

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“In the case of purchase and sale of stock or mutual funds, taxpayers should cross-check the data in the AIS statement with their bank passbook, interest certificate, Form 16 and capital gains statement from brokerages,” the ministry added.

The department’s ability to begin processing ITRs  and provide refunds depends on the department’s ability to conduct e-verification using Aadhar OTP and other means.

“It’s good to see that 2.69 crore returns have been e-verified, with more than 2.28 crore using an Aadhaar-based OTP,” the statement stated.

The Department has been sending out reminders to taxpayers via email, SMS, and social media campaigns, asking them to file their tax returns as soon as possible.

“All taxpayers who have not yet filed their Income Tax returns for the fiscal year 2021-22 are urged to do so as soon as possible to avoid the last-minute rush,” it added.

Compliance Burden Reduced for GST Taxpayers

Compliance Burden Reduced for GST Taxpayers

The Ministry of Finance announced additional GST (goods and services tax) relaxations on Sunday, which is welcome news. The Ministry of Finance announced on Twitter that taxpayers having an Annual Aggregate Turnover (AATO) of less than Rs 5 crore will not be required to file the reconciliation statement in Form GSTR-9C beginning in fiscal year (FY) 2020-21.

Taxpayers with an AATO of more over Rs 5 crore were also given assistance by the ministry. For FY 2021-21 and onwards, taxpayers with an AATO of more than Rs 5 crore can now self-certify the reconciliation statement in Form GSTR-9C instead of having it validated by a chartered or cost accountant.

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Meanwhile, taxpayers with an AATO of less than Rs 2 crore are no longer needed to file an Annual Return (Form GSTR-9) for the fiscal year 2021-21.

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The Ministry of Finance had previously announced on December 1 that GST revenue of Rs 1,31,526 crore collected in November was the second-highest since the implementation of GST, second only to that in April 2021, which related to year-end revenues and was higher than last month’s collection, which included the impact of quarterly returns.

According to the Ministry, this includes Central GST of Rs 23,978 crore, State GST of Rs 31,127 crore, International GST of Rs 66,815 crore, Rs 32,165 crore collected on goods imports, and Cess of Rs 9,606 crore (including Rs 653 crore collected on goods imports).