The CBDT issued a corrigendum to Circular No. 9/2020 dated April 27, 2020, which further clarifies the provisions of the Direct Tax Vivad Se Vishwas Act, 2020 and answered some of the questions of the act are as under:-
the complete circular can be accessed at: click hereWednesday, April 29, 2020
CBIC notifies Form GST PMT-09 with effect from April 21, 2020
The CBIC vide Notification No. 37/2020-Central Tax dated April 28, 2020, which notifies the Form PMT – 09 effective from April 21, 2020. Now the taxpayers can transfer the cash balance available under one head to another head of tax i.e. from CGST to SGST or interest or penalty or vice versa.
The Notification can be accessed at: click here
The Notification can be accessed at: click here
Monday, April 27, 2020
Advisory issued by GSTN Portal on filing of FORM GST PMT 09
Taxpayers deposit money using challan and the paid amount gets credited in the particular head in the Electronic Cash Ledger and the same can be utilized in settling liabilities of that head only. In case a taxpayer deposited any amount under a major head i.e. IGST, CGST, SGST/UTGST and Cess or minor head i.e. Tax, Interest, Penalty, Fee and Others, they can then utilize this amount for discharging their liabilities only under that major head and minor head. Sometimes, inadvertently, the taxpayer pays the amount under the wrong head and it cannot be used to discharge the liabilities which may be due in another head. In such cases, taxpayers can claim the refund of the amount which may have been deposited under the wrong head in GST by filing a refund application in FORM RFD-01 under the category “Excess balance in electronic cash ledger”. The process of filing a refund claim and its disbursement can sometimes lead to blockage of funds for the taxpayer.
Form GST PMT-09 is now available on GST portal and it enables a taxpayer to make intra-head or inter-head transfer of amount available in Electronic Cash Ledger. A taxpayer can file GST PMT 09 for transfer of any amount of tax, interest, penalty, fee or others available under one (major or minor) head to another (major or minor) head in the Electronic Cash Ledger. Form GST PMT 09 provides flexibility to taxpayers to make multiple transfers from more than one Major/Minor head to another Major/Minor head if the amount is available in the Electronic Cash Ledger. To file Form GST PMT-09 taxpayers are required to log in on GST portal with valid credentials and navigate to Services > Ledgers > Electronic Cash Ledger > File GST PMT-09 For Transfer of Amount option. After Form GST PMT-09 is filed:
Coronavirus impact | Govt mulls 6-month pause on GST payments for affected sectors
Amid the nationwide lockdown, the government may provide a six-month freeze on goods and services tax (GST) as relief for most affected industries, according to a report by The Economic Times. India is currently in a nationwide lockdown to contain the spread of COVID-19. That only essential items and services can be provided during this period has hurt several sectors.
The pause on GST payments might be extended to industries such as aviation and hospitality, and a lower rate might be set for the real estate sector, the report said. Moneycontrol could not independently verify the story.
There is also a recommendation to move to a cash-based method of calculating tax from the existing invoice-based system, The Economic Times reported. The Centre may also provide GST relief on sales for which payments have been received during the lockdown by treating them as bad debts, the report said.
The government is also considering liquidity relief measures for cash-strapped businesses, the report said. “There is a thinking that for these service sectors, the government should at least spare its dues,” a government official told ET. The government may also waive other statutory charges on a temporary basis, the report added. The GST Council will make the final decision on the recommendations, the report said.
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