INDIRECT TAX UPDATES.
Dear all,
Your association SIMA is in receipt of a mail from IMC Chamber of Commerce & Industry regarding INDIRECT TAX UPDATES – September 2020.
As per the mail, the following important announcements has been complied by IMC Indirect Taxation Committee:
GOODS AND SERVICES TAX LAW
GST considerations while filing monthly GST returns for September 2020
The following actions are required to be taken in / before filing of returns for September 2020:
* The claim of Input Tax Credit (‘ITC’) in respect of inward supplies for which Tax Invoices were issued in Financial Year 2019-20;
* The claim of ITC on debit notes issued by the suppliers, whether in Financial Year 2019-20 or up to September 2020, in respect of inward supplies in Financial Year 2019-20;
* Issuance of Credit notes in respect of Tax Invoices issued during Financial Year 2019-20;
Rectification of errors or omission in returns pertaining to Financial Year 2019-20
* Final annual reversal or reclaim of ITC for the Financial Year 2019-20 under Rule 42(2) of CGST Rules, 2017.
FOR MORE DETAILS PLEASE CLICK HERE.
Thanking you,
With Regards,
For Silvassa Industries & Manufacturers Association
Narendra Trivedi
Secretary
