Namaskar!

Are you aware of changes coming in GST which can probably block your ITC for the FY 2019-20 or E -Way Bill generation from the 20th of October?

With 1 day left for the changes to come into action, make sure to complete all formalities!

Wondering what it is about?

Blocking of E Way Bill

According to the new directives, if your aggregate turnover is more than 5 crore during the preceding FY and GSTR 3B is pending for two or more months in any cycle, your E-Way Bill generation facility will be blocked.

If you haven't completed the GSTR 3B for August and September, it is time to get that done right away.

What's happening after the 20th of October?

Not Allowed to Claim ITC for FY 2019-20

Another important law that you must remember where it has been specified that entities which do not claim ITC including RCM entitlement of 2019-20 till the 20th of October, will not get the benefits of the input tax credit.

There are other things also that you should not forget.

Provisional Claim of 110% ITC

Businesses were allowed to enjoy the input tax credit on a provisional basis between the months of February to August 2020 because of the COVID-19 situation in the country. However, the department also notified that the restrictions should be applied by taxpayers for the cumulative months in the GSTR 3B for the month of September 2020.

Reverse ITC of your vendor dues for the period on or before 31st March 2020.

If you have not yet paid your vendor dues as of 31 March 2020, but have claimed your bill's input tax credit, reverse it, otherwise, the money will have to be returned with a penalty.

If you are also one of those who have not yet furnished the details, make sure to do that TODAY!

If you are facing issues in filing the details or are confused about any particular part of the notifications, Feel free to Contact Us, and we will make sure to guide you through the process!!!