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The traders dealing in the textile business got relief from the hike of Goods and Services Tax. The GST council has decided to put the provision, to increase the rates of tax on specific garments, on hold for some time. The council said that they have decided to keep the GST rate fixed to 5% on the garments costing below INR 10,000. The council had previously given indications that they might remove the 5% tax slab for garments and charge a tax at the rate of 12% instead.
Knitwear Club finance secretary Harish Kairpal said that the traders of the club were thankful to the council for making the decision. He said that the hike would have destroyed the manufacturers who were already struggling with the drop in demands from both domestic and international markets. He also urged the government to introduce the required reforms for the manufacturers to face the recession.
Atul Saggar, general secretary of Apparel Manufacturers Association of Ludhiana, said that the decision taken by the council was a big relief for the manufacturers as the 7% hike in the taxes would have increased the cost at a time where they already are facing a shortage of orders.
Sukhvinder Singh, a garment manufacturer, and a member of the Ludhiana Business Forum said, “The currently applicable GST of 5% on certain fabrics and garments costing up to Rs 1,000 is already non- refundable, and when the same rate is into force for more than three years now, why did the government want to change it now. The stand taken by GST council meeting is really appreciable, as the hike of 7% GST would have definitely hit the garment industry hard, and our already low sales would have dropped further had the new rate of 12% GST been imposed on us.”
A taxpayer may be having liquidity issues and as such, not be in a position to make further investments in tax saving instruments. For such taxpayers, there are certain expenditures, which are also eligible for a tax deduction in the financial year 2019-20.
For a taxpayer in India, March is a critical period for ensuring that due taxes have been paid as well as to check that investments, if required, for tax savings have been done. As any delay or shortfall in payment of taxes would result in levy of interest when the tax is paid later on. Not availing of any eligible deductions (sections 80C, 80D etc.), would result in tax, which could have been saved, being paid to the government
In some cases, the taxpayer may be having liquidity issues and as such, not be in a position to make further investments in tax saving instruments. Such taxpayers need not get disheartened as certain expenditures, which they may have incurred and which are also eligible for tax deduction while computing the tax payable to the government can be claimed. In this context, listed below are such expenses which are eligible for tax relief:
1. Children’s education and hostel allowance and tuition fees: Section 10(14) and Section 80C
Any special allowance towards education of children as well as hostel expenditure (generally referred to as Children Education Allowance & Hostel Allowance) granted to an employee by his/her employer is allowed as an exemption under section 10(14) of the Income-tax Act, 1961. The exemption for children’s education allowance and hostel expenditure allowance is restricted to Rs 100 per month and Rs 300 per month, respectively, up to a maximum of two children. Also, section 80C of the Act provides that tuition fees paid to any university, college, school or other educational institution situated in India, for the purpose of full-time education of any two children of the employee is eligible for deduction. Any individual taxpayer (salaried and non-salaried both) can avail of this deduction, if any tuition fee as described above is paid for their children. However, the amount allowable as tuition fees does not include payment in the nature of development fees or donation or capitation fees or payment of similar nature. Further, the deduction is not available if payment is made to a foreign educational institution.
It needs to be noted that children education allowance is different from tuition fees. Children education allowance is available as a deduction only if it forms part of the salary component and the taxpayer has actually incurred expenses towards education of his children. The amount of allowances deductible is Rs 100 per month per child, up to two children. However, in case of tuition fees, it is allowable on the basis of actual expenditure incurred for education of children for maximum up to Rs 1.5 lakh under section 80C, even though the same may not form part of the salary component of taxpayer.
2. Leave Travel Allowance: Section 10(5)
Family vacations or planned destination travelling has become more frequent. Section 10(5) of the Act grants deduction towards the leave travel allowance based on provision of the proof of travel and related expenditure, which are further subject to certain conditions. This deduction can be availed only in respect of maximum two journeys within India in a block of four calendar years. The current block now is 2018-21, which a taxpayer should be aware of. Remember, you must submit the proofs to your employer before March 31, 2020 to be eligible to claim this deduction for FY2019-20
If the travel expenditure related proofs are not submitted to your employer, then you will not be able to claim exemption at the time of filing your income tax return (ITR).
3. Deduction in respect of interest on loan taken for residential house property: (Section 80C, Section 80EE and Section 80EEA)
With the high cost of real estate, a lot of people opt for home loans in order to purchase a house property in their names. Special provision has been carved out for certain first-time homebuyers, wherein the interest component of the equated monthly installments (EMIs) for such a loan can be claimed as a deduction. As per Section 80EE of the Act, an individual taxpayer is allowed a deduction up to a limit of Rs 50,000 for interest paid on a loan taken from a financial institution, sanctioned during the period April 1, 2016 to March 31, 2017 (loan amount not to exceed Rs 35 lakh) for acquisition of a residential house whose value does not exceed Rs 50 lakh. Further, any taxpayer who is not eligible to claim the benefit under Section 80EE of the Act can opt for claiming such benefit under Section 80EEA wherein an individual taxpayer is allowed a deduction up to a limit of Rs 1.5 lakh being paid as interest on a loan taken from a financial institution, sanctioned during the period April 1, 2019 to March 31, 2020 for acquisition of a residential house whose value does not exceed Rs 45 lakh. It is pertinent to note that the above mentioned deductions would not be available to the taxpayer if he owns any other residential house property on the date of sanction of the loan. Moreover, the principal component of the installment can be availed as a deduction under section 80C of the Act and the interest is allowable as a deduction up to Rs 2 lakh in case of self-occupied property
4. Deduction in respect of interest on loan taken for residential house property: (Section 80C, Section 80EE and Section 80EEA)
A deduction every employee should avail the benefit of is the contribution made by the employer under section 80CCD(2) to the notified pension scheme which is not covered within the overall cap of Rs 1.5 lakh for cumulative deductions under sections 80C, 80CCC and 80CCD(1). Under Section 80CCD(2), an employee can get deduction in respect of employer’s contribution towards his National Pension Scheme (NPS) account up to a limit of 10 per cent of his salary. For this purpose, salary includes dearness allowance, if the terms of employment so provide, but excludes all other allowances and perquisites.
The deduction under Section 80CCD(2) of the Act is in addition to the cumulative deduction available under section 80C, where the overall limit is Rs 1.5 lakh, and 80CCD(1B) which is Rs 50,000.
5. House Rent Allowance: Section 10(13A)
House Rent Allowance (HRA) forms a part of the salary in most cases. Many employees who do not own residential house property or stay away from their own residential house property, can avail of the deduction of HRA based on the actual rent paid by them. With respect to HRA, Section 10(13A) of the Act provides for an exemption of least of the following amounts: (i) 40 per cent/50 per cent (in case of metropolitan cities) of the salary amount; (ii) Actual amount received as HRA; (iii) Amount of rent exceeding 10 per cent of the salary
The employee/taxpayer would have to provide the necessary rent receipts/rent agreements and other details to the employer in order to enable the employer to compute the exemption amount. Even if rent receipts are not submitted to the employer, you can claim the tax benefit on rent paid at the time of filing ITR.
6. Employees’ Provident Fund (EPF)
EPF is one of the deductions which is mandatorily made from the salary of most employees and as such, need to be considered while computing the eligible tax deductions. Employees’ contribution towards a recognised provident fund, which is deducted from their salary on a monthly basis, shall be allowable as a deduction under the overall limit of Rs 1.5 lakh under section 80C. No deduction shall be allowable under section 80C with respect to any employees’ contribution towards an unrecognised provident fund.
7. Standard deduction on Salary
The other deduction, which is mandatorily available, is the standard deduction up to Rs 50,000 for all salaried employees. This deduction is considered by the employer while computing tax liability of each employee. This deduction is available at the time of filing ITR. However, while planning your taxes for FY 2019-20, you must consider standard deduction as well to compute your total tax liability.
The government releases the GST return forms details which are mandated to be filed according to the due dates under GST mentioned in the attached notification. The submission and uploading of the returns are totally online. We have mentioned all the GST return filing due dates along with their respective associated GST forms such as GSTR 1, GSTR 3B, GSTR 4, GSTR 5, GSTR 6, GSTR 7, GSTR 8, GSTR 9, GSTR 9A, GSTR 9C in FY 2017-18, FY 2018-19 and FY 2019-20, etc.
GST Calendar of Return Filing Due Dates in March 2020
The government announces GST return filing due dates from time to time in order to maintain taxation in line with respective clearance. Also, the main effort is to alert the taxpayers regarding the GST return filing due dates is to make them neglect any penalty or interest. Here we are offering GST due dates calendar for March 2020 for all the registered taxpayers under indirect tax regime to make them aware of the time period as of when to get their GST return filing done on time.
As GSTR 1 & GSTR 3B is to be filed every month, there is a greater need of getting regular updates/notification based on the GST due dates calendar for avoiding any interest and penalty. Also, there is GST CMP 08 for the composition scheme dealers but it has to be filed every quarter lowering down the need for regular updates on GST due date filing calendar.
GST Return Form Name
Filing Period
Due Dates in March 2020
GSTR 7
Monthly
10th March
GSTR 8
Monthly
10th March
GSTR 1 (T.O. more than 1.5 Crore)
Monthly
11th March
GSTR 6
Monthly
13th March
GSTR 3B
Monthly
INR 5 Crore or More Annual T.O. in the Previous Year – 20th March 2020 for All States/UTs
Less Than INR 5 Crore Annual T.O. in the Previous Year
22nd March 2020 – Chhattisgarh, Madhya Pradesh, Maharashtra, Gujarat, Daman and Diu, Dadra & Nagar Haveli, Karnataka, Goa, Lakshadweep, Kerala, Tamil Nadu, Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh
24th March 2020 – Jammu and Kashmir, Laddakh, Arunachal Pradesh, Punjab, Himachal Pradesh, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and Odisha
GSTR 5
Monthly
20th March
GSTR 5A
Monthly
20th March
Note:
“Extension of due dates for FORM GSTR-3B, GSTR 7 and GSTR 1 for the month of July 2019 to January 2020 till 24th March 2020 for registered persons having principal place of business in the Union territory of Ladakh.” Read Official Press Release
GST Return 1 Due Date (T.O. More Than INR 1.5 Crore)
Period (Monthly)
Last Dates
March 2020
11th April 2020
February 2020
11th March 2020
January 2020
11th February 2020
December 2019
11th January 2020
November 2019
11th December 2019
October 2019
11th November 2019
September 2019
11th October 2019
August 2019
11th September 2019
July 2019
11th August 2019 | Note: “The due date extended till 20th September 2019 for notified districts of Bihar, Gujarat, Karnataka, Kerala, Maharashtra, Odisha, Uttarakhand and also for registered persons whose principal place of business is in J&K.” Notification Here
39th GST Council Meeting – “The requirement of furnishing FORM GSTR-1 for 2019-20 to be waived for taxpayers who could not opt for availing the option of special composition scheme under notification No. 2/2019-Central Tax (Rate) dated 07.03.2019 by filing FORM CMP-02. Extension of due dates for FORM GSTR-1 for the month of July 2019 to January 2020 till 24th March 2020 for registered persons having principal place of business in the Union territory of Ladakh. “Read Official Press Release
The due date of the GSTR 1 form extended till 31st December 2019 for notified districts of Assam, Manipur or Tripura for registered persons. Read Notification
38th GST Council Meeting Important Update: “A taxpayer who has not filed GSTR 1 since July 2017 to November 2019 will not be penalized if they file GSTR 1 by 17th January 2020 (Read Notification). E-way bill for taxpayers who have not filed their FORM GSTR-1 for two tax periods shall be blocked.” Read Press Release & Notification
“Seeks to extend the due date till 20th December 2019 for furnishing of return in FORM GSTR-1 for registered persons in Jammu and Kashmir having aggregate turnover more than 1.5 crore rupees for the month of October 2019.” Read Notification
“Seeks to extend the due date for furnishing of return in FORM GSTR-1 for registered persons in Jammu and Kashmir having aggregate turnover more than 1.5 crore rupees for the months of July 2019 to September 2019 till 20th December 2019”. Read Notification
“The late fee shall be completely waived in case of GSTR-1 for the time period of months/quarters July 2017 to September 2018, which are furnished after 22nd December 2018 but on or before 31st March 2019”
“All the newly migrated taxpayers, a due date extended for furnishing GSTR-1 for the time period of quarterly July 2017 to December 2018 respectively till 31st March 2019”
The filing of GSTR-2 and GSTR-3 has been suspended by the Committee of Officers, which will resume after 30th June 2018. The detailed schedule shall be updated accordingly. The further months of filing for GSTR-1 and GSTR 3B are also decided to be filed till for 6 more months as announced by the GST council meeting.
Penalty of Rs 10,000 will also be imposed on those who don’t link both PAN-Aadhaar card within the deadline.
The deadline to link Aadhaar with PAN has been extended to 31st March 2020 by CBDT, announced the Income Tax Department. According to I-T department, over 30.75 crore Permanent Account Number (PAN) had been linked to Aadhaar till January 27, 2020.
The deadline to link Aadhaar with PAN has been extended to 31st March 2020 by CBDT, announced the Income Tax Department.According to I-T department, over 30.75 crore Permanent Account Number (PAN) had been linked to Aadhaar till January 27, 2020.
Earlier, As per the Central Board of Direct Taxes (CBDT) notification, it was defined that if you did not link your PAN Card with your Aadhaar card by December 30, 2019, your PAN Card will become invalid. However, as per the new rule, if the PAN card and Aadhar are not linked by the end of March 2020 then your PAN will become inoperative from April 1, 2020. Though the government is yet to define what it means by the term ‘inoperative’.
However, do you know how to link your PAN with Aadhaar? Here is a step by step guide which you can follow to link your PAN with Aadhaar. You can check your PAN Aadhaar link online status by visiting the income tax e-filing website www.incometaxindiaefiling.gov.in.If you are already filing tax returns, chances are there that your PAN is already linked with Aadhaar. If you haven’t done, then you need to link.
Here’s how to Link PAN -Aadhaar on Income tax’s website:
Step 2: Go to ‘Link Aadhaar’ option on the left side of the homepage
Step 3: Enter your PAN and Aadhaar number and your name as per AADHAAR
Step 4: Mark ‘I have the only year of birth in Aadhar card,’ if you have only the birth year on the Aadhaar
Step 5: Mark ‘I agree to validate my Aadhar details with UIDAI,’ if you agree to do so
Step 6: Enter the captcha code on your screen
Step 7: Click on ‘Link Aadhaar’ option to request linking of PAN and Aadhaar
Linking PAN with Aadhaar by sending an SMS
The PAN can be linked with the Aadhaar number by sending an SMS to 567678 or 56161 from the registered mobile number. In order to do so, you need to type UIDPAN and send it.
Finance Minister Nirmala Sitharaman, head of Goods and Services Tax (GST) Council, on Saturday announced that the GST Impact on mobile phones will be increased from the current rate of 12% to 18%. The rate is said to be applicable from April 1, 2020. The increase in rates is said to affect the country’s smartphone industry badly. The change will hit the market harder which is already facing a shortage of supplies from China because of the outbreak of Coronavirus.
Mobile phones and specified parts to attract 18% versus 12%. All other items, if there’s a need to calibrate the rates, to remove the inversion, we can take them up in future, examination of that can happen at a later time
GST for maintenance, repair and overhaul service providers in India has been lowered to 5% from 18% now, with provision of availing full input tax credit (ITC). . “This will assist in setting up of MRO services in the country,” the finance minister added. GST rate on handmade and machine-made matchsticks was also rationalised to 12% from present range of 5% and 18%.
“Increase of GST rate on mobile phones to 18%, arguably to correct the inverted duty structure, may lead to increase in prices,” said Pratik Jain, Partner and Leader Indirect Tax, PwC India
“Given the current economic scenario, perhaps an option to provide quicker refund of input tax credit (including on input services which is not allowed currently) could have been explored,”
1. Deferment of the new GST return system and e-invoicing
The implementation of the new GST return system has been postponed to 1st October 2020. Also, the implementation of e-invoicing and the QR code has been deferred to 1st October 2020.
The present return system (GSTR-1, GSTR-2A & GSTR-3B) will be continued until September 2020.
2. Changes in the GST rates
GST on mobile phones and specified parts was increased from 12% to 18%. This decision was taken to avoid difficulties due to the inverted duty structure.
All types of matches have been rationalised to a single GST rate of 12%. Till now, the handmade ones were taxed at 5% and the rest was taxed at 18%.
GST on Maintenance, Repair and Overhaul (MRO) service in respect to aircraft was reduced from 18% to 5% with full ITC.
All these rate changes will come into effect from 01 April 2020.
3. Interest on delayed payments
Now, the interest for delayed GST payment will be calculated on the net tax liability. This amendment will apply retrospectively from 1st July 2017.
4. Extension of GSTR-9 and 9C
The GSTR-9 & 9C deadline is extended to 30 June 2020 for FY 2018-19. Also, the turnover limit will be increased from Rs 2 crore to Rs 5 crore for mandatory annual return filing. Hence, filing GSTR-9C is optional for the taxpayers having the turnover less than Rs 5 crore.
The taxpayers with an aggregate annual turnover of less than Rs 2 crore in FY 2017-18 and FY 2018-19 will not pay any late fee for delayed filing of GSTR-9.
5. Know your supplier
A new scheme called ‘Know your Supplier’ has been introduced so that the taxpayers are informed about the basic details of the suppliers with whom they transact or propose to conduct business.
6. Waiver and extension of due dates
The GSTR-1 for 2019-20 will be waived for certain taxpayers who could not opt for the special composition scheme (notification No. 2/2019-Central Tax (Rate) dated 7th March 2019) by filing Form CMP-02.
The due date of Form GSTR-3B for July 2019 to January 2020 is extended till 24th March 2020 for taxpayers with a principal place of business in the Union Territory of Ladakh. Also, a similar extension is recommended for Form GSTR-1 and Form GSTR-7.
7. Amendment to revocation of cancellation
Taxpayers who have cancelled their GST registration till 14th March 2020 can file an application for revocation of cancellation of registration. The window to fill this application is available till 30th June 2020. The extension is a one-time measurement to facilitate those who want to continue conducting the business.
8. Other decisions
Infosys Chairman, Mr Nandan Nilekani to present progress updates about the GST IT systems at the next three GST Council meetings.
The time limit for finalisation of the e-Wallet scheme for consumers is extended till 31st March 2021.
A special GST procedure was prescribed during the CIRP period for the GST registered corporates who are undergoing insolvency/resolution procedure under IBC Code, 2016.
A transition plan is laid down till 31st May 2020 for the taxpayers belonging to Dadra and Nagar Haveli & Daman and Diu, due to the merger in January 2020.
Refund claims will now be processed in bulk for the benefit of the exporters.
Present IGST and cess exemptions on the imports made under the AA/EPCG/EOU schemes will continue up to 31st March 2021.
1) A decision to defer the applicability of the e-invoicing system
The preparation of e-invoicing seems sub-par, and the GST Council may consider extending the date of implementing the e-invoicing system by three months. It is said that it may be made applicable from 1st July 2020 as against the earlier date of 1st April 2020. With more time at its hands, GSTN may be able to provide improved solutions as well.
2) Rolling out the new GST return system in April 2020
As per the latest development on 7th March 2020, taxpayers are facing many technical difficulties on the GST portal. These have led the GSTN to give Infosys a fortnight to fix them. Given that the government wants to fix the present GST return system sooner, it seems to be looking to stabilise the present system ending in March 2020.
Moreover, the annual GST returns filing facility will be on focus till 31st March 2020. On the other hand, the CBIC and tax officers are increasingly concerned about the number of tax evasions and are looking into the means for its prevention. All these have led to the speculations that the new GST return system might be pushed further by a month or two.
3) The anomaly of the interest charged on delayed GST payment to see an end
The applicability of interest charge is now on the net liability, as opposed to gross liability, but applies prospectively. Many tax professionals and small taxpayers are dissatisfied with the move, requesting the government to make this a retrospective change since July 2017.
4) Relaxing the penal consequences for the notices related to FY 2017-18 and FY 2018-19
There have been multiple instances where the GST notices have been sent out for wrongful tax credit claims and non-payment of interest on delayed GST payment. In some cases, the extended due dates in the previous periods have not been considered while sending out the notices. Considering that the first two years of GST was mostly not stable for taxpayers, giving them relaxations will help them bear less damage. Hence, any penalty or late fees reduction will help them prepare for better compliance in future periods.
5) GST rate structure change and rate hikes speculated
It was speculated in the previous GST Council meeting that the five slab structure would be brought down to three slabs by carrying out a major rate rejig. The 5% tax rate will be hiked up to a maximum of 9-10%, and the 12% tax rate will be removed.
The GST Council has set up a revenue augmentation committee to look into the possible solutions for increasing the GST collections. In addition to these, certain items that were exempted or nil rated may make a comeback under the tax net.
The GST Council has begun correcting the cases of inverted tax structure prevalent for certain items and sectors. In the 38th GST Council meeting, GST on woven and non-woven bags was increased from 12% to 18%. More items such as mobiles, textiles, solar modules, railway locomotives, fertilisers, steel utensils (whose output tax rate ranges between 5-12%) are expected to undergo the rate corrections. However, no major rate changes can be expected in the current scenario.
6) Miscellaneous expected
States will be pushing the centre to resolve the compensation matter, who are most likely to demand full compensation for the fiscal year. Hence, long deliberations are expected in the room. The GST Council will also be discussing the measures to strengthen and build a strong GST system against tax evasions.
The previous GST Council meeting was concluded on 18th December 2019 where an important decision was made to defer GSTR-9 and 9C for the first two years of GST. All eyes are on this GST Council meeting as addressing the taxpayers’ woes tops the agenda.
ITR stands for Income Tax Return and ITR 4 Sugam Form is for the taxpayers who are filing return under the presumptive income scheme in Section 44AD, Section 44ADA and Section 44AE of the Income Tax (IT) Act. If the turnover of the aforementioned business becomes more than Rs 2 crores then the taxpayer can’t file ITR-4.
Who can File the ITR 4 Sugam Form?
ITR 4 Sugam form can be filed by the individuals / HUFs / partnership firm(other than LLP) being a resident if :-
Total income does not exceed Rs. 50 lakh.
Assessee having business and profession income under section 44AD,44AE or ADA or or having interest income,family pension etc.
Having agricultural income upto Rs 5,000/-
Have single House property.
It must be noted that the freelancers involved in the above-mentioned profession can also choose this scheme only if their gross receipts are not more than Rs 50 lakhs.
Who can’t File the ITR 4 Form for AY 2020-21?
A person whose income from salary or house property or other sources is more than Rs 50 lakh cannot file ITR 4 Form for AY 2020-21. A person who is a director in a company or has invested in the unlisted equity shares or has any brought forward/ carry forward loss under house property income cannot file the ITR 4 for AY 2020-21.
What are the Major Changes Made in ITR 4 Sugam Form for AY 2020-21?
In Part A, ‘Nature of employment’ section has been deleted.
In Part A, passport details field has been added.
In part A “Are you filing return of income under Seventh proviso to section 139(1) (Not applicable in case of Firm) – (Tick) Yes No . If yes, please furnish following information Have you deposited amount or aggregate of amounts exceeding Rs. 1 Crore in one or more current account during the previous year? (Yes/No) Amount (Rs) (If Yes) Have you incurred expenditure of an amount or aggregate of amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person Amount (Rs) (If Yes) Have you incurred expenditure of amount or aggregate of amount exceeding Rs. 1 lakh on consumption of electricity during the previous year? (Yes/No) Amount (Rs) (If Yes) has been added
In part A “whether you are partner or not in a firm” has been inserted.
In Part A Details of partner in the firm (applicable in case of firm) has been inserted.
Under salary head details of employer is required to be filed in part B.
Under house property field of “Amount of rent which cannot be realized” has been added.
In other sources head” Deduction u/s. 57(iv) [in case of interest received u/s. 56(2)(viii)]” has been added.
In schedule BP” Changes in table of Gross Turnover or Gross Receipts relatable to presumptive income u/s. 44AE has been inserted.”
Column of Deduction u/s 80CCGhas been deleted now.
Column of Deduction u/s 80EEA, 80EEB has been inserted.
Schedule 80G has been deleted.
Financial particulars of the business has been deleted.
PARTICULARS OF CASH AND BANK TRANSACTIONS RELATING TO PRESUMPTIVE BUSINESS
