Welcome to the September 20 edition of Monthly GST bulletin and this video covers all the GST updates, info and news that took place during the previous month of Aug 20. All the GST Notifications issued by CBIC during August 20 are explained in this video.
This Bulletin has Five Segments and to navigate easily , the time slots that is the reference points in this video are mentioned for the help.
GST Monthly News at 0:50 mins
GST Notifications Segment at 05:29 mins
GST Announcements at 08:44 mins
GST Due Dates for Sep 20 at 12:20 mins
GST Collections Update at 13:21 mins
GST Notifications Issued in August 20
During this month CBIC has issued 3 notifications of central tax in Sep 2020. Lets have a look on each of them one by one
N No. 64/2020 CT dated 31-08-20 at 5:42 mins
This notification came as a last minute breather as the last date of filing of GSTR 4 for FY 19-20 has been extended from 31st August 20 to 31st October 20.
GST 4 is the annual return to be filed by dealers registered under compostion scheme.
N No. 63/2020 CT dated 25.08.20 at 6:18 mins
Section 50 of CGST Act which is regarding interest on delayed payment of tax has been amended through this notification and now interest shall be charged on Net Liability baisis.
Interest now would not be payable on the tax portion which is paid through Electronic Credit Ledger.
It is to be paid only on the tax portion that is paid only by Electronic Cash Ledger. Which means tax not adjusted from Credit Ledger but paid through the pocket.
Notification No. 62/2020 dt 20.08.20 at 7:58 mins
Physical Verification of Place of Business would be done for GST Registration if Adhaar Authentication is not opted or not done within 15 days from submission of Part B of FORM GST REG-01.
If Adhar Authentication is done then GST Registration application shall be disposed off in 03 Working days
Otherwise it can take as long as 21 Days
