Pre-GST CENVAT credit available till June-end revised

The Delhi High Court on Tuesday allowed taxpayers registered under Goods and Services Tax (GST) to claim accumulated CENVAT credit from pre-GST regime till June 30, 2020, and noted that the benefit of transitional credit will be applicable for three years (since launch of GST on July 1, 2017) which is the period mentioned in the limitation Act.

Under the GST Act, taxpayers were allowed to carry forward input tax credits from excise and service tax regime by filing TRAN-1 form. Although the original deadline expired in September, 2017 the government granted several extensions till December 27, 2017. Further, taxpayers who couldn’t file the claim due to technical glitch in the system were allowed to do so till March 31, 2020.

CBIC further extends the due date for filing Annual Return for F.Y 2018-19 till September 30, 2020

CBIC vide Notification No. 41/2020 – Central Tax Dated May 05, 2020 which further extends the time limit for furnishing of the Annual Return i.e. Form GSTR-9, specified under section 44 of the CGST Act, 2017 read with rule 80 of the CGST Rules, 2017, electronically through the common portal, for the Financial Year 2018-2019 till September 30, 2020.

The notification can be accessed at:click here

CBIC further extends the validity of E-Way Bill till May 31, 2020

CBIC vide Notification No. 40/2020 – Central Tax Dated May 05, 2020, has further extends the validity of E-Way Bill till May 31, 2020, for those E-Way bills which has been generated under rule 138 of the CGST Rules, 2017 on or before March 24, 2020, and its period of validity expire’s during the period March 20, 2020 to April 15, 2020.

COVID-19 impact: States see sharp erosion in GST collections for April

The COVID-19 outbreak and nationwide lockdown is severely denting the revenue collections of states pushing them to look at possible revenue earning measures including phased opening of liquor vends and pan and gutka shops in the first phase of relaxations for restarting economic activity post lockdown.

The delay is because the government deferred allowed delayed filing of GSTR 3B returns for 15 days from the due date of April 20 to ease compliance burden on taxpayers during lockdown. The worst hit seems to be states such as Delhi, West Bengal, Assam, Andhra Pradesh that are reporting fall in April GST collections to the tune of 90 per cent.

West Bengal is also facing serious fall in tax collections as lockdown has completely stopped service sector activity while manufacturing also remains suspended. GST collections have been badly hit in hilly states that depend largely on tourism and hospitality for revenue.