GST news today: CBIC has issued an alert for taxpayers, if you do not do this in two days, then you will be fined

0
285
Is GST applicable on the income earned from commission know everything about it
Is GST applicable on the income earned from commission know everything about it

If you are GST Taxpayers, then Central Board of Indirect Taxes & Customs has issued an alert for you. CBIC has informed by tweeting that you have only two days left to fill GSTR-3B Return for the month of December 2020.

If you are GST Taxpayers, then Central Board of Indirect Taxes & Customs has issued an alert for you. CBIC has informed by tweeting that you have only two days left to fill GSTR-3B Return for the month of December 2020. The last date for filing these returns is 20 January 2021. In this case, file your return as soon as possible so that you do not face any difficulty in the coming days. These returns will have to be filled by taxpayers whose annual turnover is more than Rs 5 crore in the financial year 2019-20.




Fill in the returns easily while sitting at home File Return easily from home

  • CBIC has also told the taxpayers how to fill the returns easily from home. Let’s know what the whole process is
  • First of all, you have to login on www.gst.gov.in
  • Here you have to select the service option
  • In the drop down you have to click on Return
  • Return dashboard will open in front of you
  • Here you have to choose the financial year and period for which the return has to be filled.
  • Here you will get the option of Monthly Return GSTR-3B, after selecting it, you have to submit tax.
  • If you file late returns, then you have to pay interest on late fees and tax amount.

6,000 crore 6,000 crores given to states

The Finance Ministry on Monday released the 12th installment of Rs 6,000 crore to the states to compensate for the reduction in their GST revenue compensation. So far, a total of Rs 72,000 crore has been released to the states under this facility. The central government has launched a special borrowing window for the states to meet the potential 1.10 lakh crore shortfall in Goods and Services Tax (GST) during the current financial year. Under this, compensation amount is being issued to the states every week.

6,000 Crore 12th Weekly Installment (6,000 crores 12th Installment)

The Finance Ministry said in its statement on Monday that it has released the 12th weekly installment of Rs 6,000 crore for GST revenue compensation . Of this, Rs 5,516.60 crore was released to 23 states. At the same time, three union territories with assembly worth Rs 483.40 crore were given to Delhi, Jammu and Kashmir and Puducherry. These states are also members of the GST Council. The ministry said that this amount has been borrowed at an interest rate of 4.43 per cent.

65 percent amount has been released (65 percent amount has been released)

At the same time, the Ministry has said that ’till now 65 percent amount of reduction in Estimated Revenue in GST has been released to States and Union Territories. Out of this amount, Rs 65,582.96 crore was released to the states and Rs 6,417.04 crore was released to the three union territories with assembly. Altogether, Rs 72,000 crore has been released as GST compensation in 12 installments so far. This amount has been received at 4.70 percent interest.

Explain that the Central Government had started a special loan facility in October 2020 to compensate for the reduction of about 1.10 lakh crore rupees in the revenue of the states due to the implementation of GST. Under this facility, the central government is compensating them by taking loans on behalf of states and union territories.

Also Read: Income Tax: IT returns have not been filled, then definitely read, what did CBDT say on the fine

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here