February went by in a jiffy and March is already here! The third month of 2020 has already arrived. Are you keeping up with your personal goals or the hectic lifestyle has managed to overpower you? If it’s the latter, it is never too late to start over again!
Talking about goals, to simplify your business goals, IRIS GST is soon releasing the IRIS Onyx – a complete E-Invoicing solution for the taxpayers in India!
On the GST front, we are back to notify you with all the latest happenings and news updates.
Here’s an important news piece that may interest you – the due date to submit TRAN-01 for carrying forward the transitional credit has been extended to 31st March 2020. So, if you could not file earlier due to technical glitches, no worries, you still have a few good days left do the needful.
Also, did you know?
From March 1 onwards, a 28% Goods and Service Tax i.e. GST will be levied on all the lotteries. It has been imposed on all the state-run and authorised lotteries!
March is the month when we dedicate a day to womanhood on the 8th every year by celebrating “International Women’s Day”. We wish all the women and men reading this a very happy Women’s Day. It is all about equality.
We also extend our warm wishes for the festival of colours, Holi! Have a happy and a safe one!!
As we end this post, let us also remind you about the World Consumer Rights’ Day which is falling on the 15th of March. We are pleased to inform all our consumers about our Free App – IRIS Peridot which helps you to verify the correctness of a GSTIN by validating it with the GST system.
The compliance calendar for March:
The month of February is here, the cute little month of 29 days (Yes, it is the leap year), but with 5 weekends.
Starting this month, companies with an aggregate turnover of Rs. 100 crores or more will be able to opt-in for eInvoicing system, voluntarily.
Also, in order to optimize the filing process, the CBIC, in a historic move, has staggered GSTR 3B filing based on taxpayer’s aggregate turnover and place of business. Similarly, on account of technical difficulties faced by the Annual return filers, the GSTR 9 and GSTR 9C has been staggered into 3 groups, to be filed between 3-7 February 2020.
Furthermore, the Union Finance Minister of India, Smt. Nirmala Sitharaman presented the union
budget for the fiscal year 2020-21 on February 1, 2020.
In other news, 3 cases of Corona Virus have been confirmed in Kerala, while 2000 people have been moved in quarantine facilities. We urge you to wear masks and take necessary precautions to safeguard yourself from the epidemic.
For the rest, here is the compliance calendar for the month of February 2020:
IRIS GST wishes you a very happy and prosperous 2020.
It’s time to welcome not only the new year, but also the most awaited updates in the GST arena such as eInvoicing, New GST returns, etc.And probably bid farewell to GSTR 9/9A and GSTR 9C for the FY 2017-18.
The due date to file your Annual Return form GSTR 9/9A and Reconciliation statement GSTR 9C is January 31 st , 2020.
Also, the eInvoicing system is now available (on a voluntary basis) for taxpayers with an aggregate turnover of INR 500cr or more.
Furthermore, to help you keep up with your business resolutions and goals, IRIS GST shall soon
- IRIS Easyway Bill – a GST ready app tailor-made for the transporters
- IRIS Onyx – a complete eInvoicing solution for taxpayers in India
Inter-alia, the month of January is filled with festivities like Lohri, Pongal, Makar Sakranti, Vasant Panchami, etc. and of course the Republic Day.
IRIS GST puts forth warm wishes for the same.
For the rest, here is the compliance calendar for the month of January 2020:
It is the month of December, already!
While we wait eagerly for yet another year-end, and welcome the year 2020, here are the key highlights for the month of December
- The annual return forms GSTR 9 and GSTR 9C have been extended yet again, the new filing date for furnishing these forms are 31 December, 2019 for the FY 17-18 and 31st March, 2020 for the FY 18-19.
- Furthermore, forms GSTR 9 and GSTR 9C have been simplified to help taxpayers file their returns without any strife.
- E-invoicing system will be introduced on a trial basis from January 1, 2020 for businesses with a turnover exceeding Rs. 500 crores.
- The last date to incorporate FAStag for toll payment has been extended to December 15, 2019. After the given date, driver may have to pay double toll charges, in absence of proper FAStag.
Also, the month of December brings the festival of Christmas, and we wish your Secret Santa knows what exactly you are looking for. Also, we wish you a very Merry Christmas.
For the rest, here is the compliance calendar for the month of December:
With just one month to go for the year to end, we welcome the month of November.
Among the key highlights from the month of October, GST has released v0.3 of its New GSTR offline tool on a trial basis to help taxpayers familiarise with the functionalities of the tool. And in an attempt to control tax leakage, government has amended the rule 36 for ITC Claim. With the insertion of sub-rule (4) in Rule 36, the taxpayer’s ITC shall be capped at 20% if the details of the claimed ITC has not been uploaded by the supplier in their GSTR 1 (Eventually reflected in taxpayer’s GSTR 2A). This, on the contrary has left taxpayers in chaos.
Furthermore, hit by a major economic slowdown, major players in the auto sector saw a massive decline in their sales ranging from 2% to 37% (varying for companies), as compared to their sales in the festive season of Diwali last year.
On the sadder note, the capital city of India is struggling with dreadful pollution that has brought the whole city on hold. With the air quality deteriorated to hazardous level in Delhi, the odd-even rule has been issued. While Delhi’s Health Minister Satyendar Jain has advised the city’s residents to avoid outdoor physical activities, especially during morning and late evening hours.
In other news, India’s beloved DADA, Sourav Ganguly, has now donned the mantle of BCCI president, and we can’t just keep our calm.
For the rest, here is the compliance calendar for the month of November:
GST Compliance Calendar -October 2019
October, the month of festivals is here, with festivities like Navratri, Dusshera and Diwali soon to come, we pray you be blessed with peace and prosperity for all your endeavours.
Furthermore, the month of October brings about the new GST rate revisions as per the decisions taken in the 37th GST council Meeting in to action.
The GSTN portal has shifted to online refund process, providing seamless refund process and communication between the taxpayer and tax officer. The GSTN portal has also resolved few major issues faced by taxpayers while filings their returns.
For the rest, here is the compliance calendar for the month of October:
GST Compliance Calendar -September 2019
I just blinked an eye, and we are here in the month of half-yearly closing!
September; the month we all have been preparing for, since past many days, and the anxiety will not fade until it is over. With numbers churning, business pressure building and deadlines approaching, this is the second-most important event in an accountant’s life. And Bappa is here with the blessings!
While the new month brings new possibilities, many of us will not forget the 2 big losses of last month: Smt. Sushma Swaraj and Shri Arun Jaitley, both will be remembered for their exceptional work. We pay homage to both of them.
Looking forward to the 37th GST Council Meeting to be held on 20th September, big decisions awaited around rate cute in auto sector and addressing the issues of GST refunds.
We bring to you the September 2019 GST Compliance Calendar, however for taxpayers in Jammu and Kashmir and 58 flood affected districts across 7 states, the due dates for few forms have been extended:
September 20, 2019: Taxpayers in Jammu and Kashmir and 58 flood affected districts across 7 states, having turnover of more than Rs. 1.50 crores or opted to file monthly Return GSTR 1 for July 2019
September 20, 2019: Input Service Distributor registered in Jammu and Kashmir and 58 flood affected districts across 7 states for Form GSTR 6 for August 2019, GSTR 3B for July 2019, Gstr 7 for July 2019
For the rest, here is the September 2019 GST compliance Calendar:
GST Compliance Calendar -August 2019
Here comes the august August!
With Independence Day, Rakshabandhan and Janmashtami round the corner, indeed the month is august!
Amidst the social cacophony of charging GST of Rs. 442 for 2 bananas, there was some real work happening behind the scenes. GSTN released offline tool of new GST return two days back on July 30th.
From today, Kerala flood cess also comes in force.
The GST collection for the month of July has gone over Rs 1 trillion despite subdued CGST and SGST. With so much happening in and around, we are here to keep you on track for your GST filing.
Presenting the August 2019 GST Returns Filing Calendar for all those who are spending tiring days in preparing the reconciliation results and GSTR 9 for a timely filing.
Print. Pin. and Rest assured, you will not miss any deadline.
GST Compliance Calendar -July 2019
With the July month, we are standing at the completion of 2 years of GST. GST day, July 1, marks the successful completion of a tax regime as humongous as GST. While the last month saw few extensions, major of which was the GSTR 9 extension. From this month, we are looking forward to the more simplified New GST Return to replace the current one soon.
The rain gods are in their best mode with no immediate relief for sunny days!
The GSTN is fighting the battle of addressing industry concerns over high tax rates, states complaining of reduced GST revenues and numerous GST evasion cases identifying across the country. We on the other hand are fine-tuning our processes and product to give you a more seamless GST return filing experience.
With this, let me bring to you the July 2019 GST Filing calendar. Print the calendar and post it on your workdesks for a good reminder on filing days.
GST Compliance Calendar -June 2019
June is upon us! While we sail through this ‘median’ month of the year oscillating between the scorching heat and the promise of first rains, the GST taxpayers are busy preparing the monthly returns and reconciling for the big day: 30th June 2019 – the GSTR 9, GST annual return filing day. For many, this day would be the World Cup Final!
And with the government issuing notification on no extension on GSTR 9 filing due date, the month becomes all the more crucial.
We bring to you the June GST Filing Calendar to help you mark the big days in advance and prepare accordingly.
Print the calendar and stick on your walls as the D day is approaching!
GST Compliance Calendar -May 2019
With vacations around the corner, elections and IPL grabbing the entire attention and heat rising in the atmosphere, the GST taxpayers have yet again started with the GST filing preparation. They will be heads down getting ready to meet the filing deadlines of the month and preparing for the annual filing and reconciliation as well.
To help colleagues inside and outside the accounting, finance and compliance departments keep track of deadlines, check out the May GST filing calendar from IRISGST.
The calendar lists due dates for GSTR1, GSTR7, GSTR 8 and GSTR 3B. Print your own May GST Compliance Calendar to highlight dates you are watching.