Updates on GST Return Filing System for Small Taxpayers

The Central Government is looking to overhaul the return filing system with a view to providing some relief to taxpayers with aggregate turnover under GST less than Rs. 5 crores. In this regard, it has released certain notifications to lay down a new scheme of return filing for such taxpayers. We have tried to summarize the changes/options in simple terms below.


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GSTR 9A Annual Return Form for Composition Tax Payers

The GSTR 9A is an annual GST composition return form that has to be mandatorily filed by composition scheme taxpayers. The GSTR 9A form constitutes consolidated details of SGST, CGST and IGST paid during a given financial year. It constitutes all quarterly returns filed by the composition scheme holders (dealers/vendors) during a particular financial year. Each quarterly return must further reflect all sub-tax categories i.e CGST, SGST and IGST.


Details of Aadhaar Authentication Process for GST Registration

The GST Council in its 39th meeting held on March 14, 2020 approved operationalization of Aadhaar authentication for new taxpayers. The implementation of the same was postponed keeping the lockdown on account of COVID pandemic in view.

As per the notification of the Central Board of Indirect Taxes and Customs (CBIC) Aadhaar authentication for GST registration has become operational with effect from August 21, 2020. Aadhaar authentication for new registration is expected to substantially enhance ease of doing businesses for genuine businesses. A person opting for Aadhaar authentication for New GST registration would get it within three working days, if no notice is issued and would not need to wait for physical verification.


GST Implications for Import of Software

As per the IGST law, import of services under GST applies when the trade occurs in inter-state. It also applies when the consumer receives the services from a person residing outside India. Those importing services on a regular basis shall enhance the impact of GST on their business, as GST applies to imported services. However, in this article we will focus on issues like import of software and whether software is considered as service or goods and tax implications of import of software.


Treatment and Taxability of Slump Sale under GST

What is Slump Sale?

  • Slump sale is a sale of an undertaking as a going concern. As per section 2(42C) of Income-tax Act 1961, ‘slump sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales.
  • The main elements of a slump sale are:
    1. Sale of undertaking;
    2. As a going concern;
    3. For a lump sum condensation; and
    4. No separate value is assigned to individual assets and liabilities.


Key Highlights of 40th GST Council Meeting 1

The 40th GST Council meeting was held on 12th June, 2020 Friday. It was chaired by Finance Minister Nirmala Sitharaman. Taking into consideration the critical situation in the country in the wake of pandemic Covid-19 and expectations of hard hit MSME sector of the country, the meeting recommended further relief in GST Compliance burden. Let us discuss the key highlights of the major recommendations of the council.

Financial Management