GST

GST Compliance Calendar July, 2021

GST Compliance Calendar: July, 2021

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Time & again various extensions have been provided to taxpayers to comply with filing of returns. GST Compliance for July, 2021 is as follows:

Extension of DUE DATES due to COVID-19

Extension of due dates due to COVID-19

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Many taxpayers have received financial help from their employers and well-wishers for meeting their expenses incurred for treatment of COVID-19. In order to ensure that no income tax liability arises on this account, it has been decided to provide income-tax exemption to the amount received by a taxpayer for medical treatment from employer or from any person for treatment of COVID-19 during FY 2019-20 and subsequent years.

Inspection, Search, Seizure and Arrest under GST

Inspection, Search, Seizure & Arrest under GST

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nspection, Search or Seizure can only be carried out when an officer, of the rank of Joint Commissioner or above, has reasons to believe the existence of any exceptional circumstances. In such cases the Joint Commissioner may authorise, in writing, any other officer to cause inspection, search and seizure. However, in case of arrests the same can be carried out only where the person is accused of offences specified for this purpose and the tax amount involved is more than specified limit. Further, the arrests under GST Act can be made only under authorisation from the Commissioner.

Various Types of Supply under GST

Various Types of Supply Under GST

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Article 366 of the Indian Constitution defines “goods and services tax” as any tax on supply of goods, or services or both except taxes on the supply of the alcoholic liquor for human consumption. The Central and State governments have simultaneous powers to levy GST on Intra-state supply. However, the Parliament alone have exclusive power to make laws with respect to levy of goods and services tax on Inter-state supply.

Know about the Relevance of Supply under GST

Know the Relevance of Supply under GST Laws

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GST is applicable at the time of supply of goods or services. The origin of goods or services is of no relevance for the purpose of liability to pay tax under GST. Supply is considered to be the main taxable event for charging of tax.