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Action to be taken before 31.03.2025_Part 2: Filing of Declaration by Transporter under GST_Annexure-V

Posted on: by: adminin: GST FilingLeave a reply

As the Financial year comes to end, there are many compliances which are to be done before 31.03.2025 to avoid any adverse consequences. One of such compliance is the declaration by the Goods Transport Agency in Annexure-V.

The GTA has undergone a drastic amendment with effect from 18th July, 2022. Earlier, the GST on GTA services was required to be paid by the service recipient under RCM. However, post amendment the GTA was given an option to pay GST under Forward Charge. To exercise the option of payment of GST under the forward charge method, GTA is required to file a declaration in form Annexure V.

The GTA may opt from either of following two options for payment of GST:
Payment of GST under Forward Charge Mechanism, i.e., GST shall be paid by the GTA on its own. The Recipient shall be eligible to claim the ITC on such service subject to Section 16 and 17 of CGST Act.
Payment of GST under Reverse Charge Mechanism, i.e., GST shall be paid by the service recipient under RCM and the recipient shall be entitled to claim the ITC of such GST.

If GTA opt for payment of GST under Forward charge then GST can be charged at either of the following Rates:
5%, No ITC of Inward supplies shall be available to the GTA;
12%, ITC of inward supplies shall be available to the GTA

Option can be opted by filing declaration in Annexure-V post login on GST portal. Such Annexure is to be filed before 31st March, 2025 for FY 2025-26.

Annexure-V

Action to be taken before 31.03.2025_Part 2: Filing of Declaration by Transporter under GST Annexure-V

Posted on: by: adminin: GST, GST FilingLeave a reply

As the Financial year comes to end, there are many compliances which are to be done before 31.03.2025 to avoid any adverse consequences. One of such compliance is the declaration by the Goods Transport Agency in Annexure-V.

The GTA has undergone a drastic amendment with effect from 18th July, 2022. Earlier, the GST on GTA services was required to be paid by the service recipient under RCM. However, post amendment the GTA was given an option to pay GST under Forward Charge. To exercise the option of payment of GST under the forward charge method, GTA is required to file a declaration in form Annexure V.

The GTA may opt from either of following two options for payment of GST:

  1. Payment of GST under Forward Charge Mechanism, i.e., GST shall be paid by the GTA on its own. The Recipient shall be eligible to claim the ITC on such service subject to Section 16 and 17 of CGST Act.
  2. Payment of GST under Reverse Charge Mechanism, i.e., GST shall be paid by the service recipient under RCM and the recipient shall be entitled to claim the ITC of such GST.

If GTA opt for payment of GST under Forward charge then GST can be charged at either of the following Rates:

  1. 5%, No ITC of Inward supplies shall be available to the GTA;
  2. 12%, ITC of inward supplies shall be available to the GTA

Option can be opted by filing declaration in Annexure-V post login on GST portal. Such annexure is to be filed before 31st March, 2025 for FY 2025-26.

Pending GSTR-9C

Action to be taken before 31.03.2025_Part 3: Filing of pending Form GSTR-9C (Reconciliation Statement) upto FY 2022-23

Posted on: by: adminin: GST FilingLeave a reply

Taxpayers with aggregate turnover of more than INR 5 Crores are required to file a reconciliation statement in Form GSTR-9C by 31st December of the following Financial Year. Any delay in filing of GSTR-9C shall attract late fee of INR 200 Per day.

However, GST Department has provided an amnesty scheme for filing of pending GSTR-9C upto FY 2022-23 without payment of Late Fees vide Notification No. 08/2025– Central Tax Dated 23rd January 2025. 

As per Clarification issued by CBIC vide Circular No. 246/03/2025-GST, late fee is computed in following manner on late filing of GSTR-9C:

Forms to be filed by the TaxpayerPeriod to be considered for computation of Late fee
Taxpayer is only required to file GSTR-9From the due date of filing of GSTR-9 till the date of filing of GSTR-9.
Taxpayer is required to furnish both GSTR-9 and GSTR-9CIf GSTR-9 and GSTR-9C are furnished on the same date: From the Due date of filing of annual return till the date of filing of GSTR-9.If GSTR-9C is furnished after the date of filing of GSTR-9: From the Due date of filing of annual return till the date of filing of GSTR-9C.

Under the Amnesty Scheme, waiver is granted on late filing of GSTR-9C from date of filing of GSTR-9 till the date of filing of GSTR-9C. However, for this purpose, all GSTR-9C (upto FY 2022-23) is required to be filed by 31st March, 2025.

So, if you are having any pending GSTR-9C, upto FY 2022-23, then this is the best opportunity to file the same without any late fee.

Form INC-20A

Important Compliance post Company Incorporation| Filing of Form INC-20A

Posted on: by: adminin: GST Filing, INCOME TAXLeave a reply

With effect from 2nd November, 2018, the RoC has notified a major form to be filed post incorporation of the Company. Evert Company with share capital is required to file a declaration with the RoC about intimation of commencement of business within 180 days.

Purpose 

INC-20A is a declaration filed by the directors to the RoC that the Company has commenced its business operations and the amount of share capital has been credited to the Company’s Bank Account.

Due date: within 180 days from the date of Incorporation of Company

Consequences of Non-compliances:

  1. Penalty on Company: INR 50,000/- on filing of INC 20A after 180 days;
  2. Penalty on Directors: Penalty of INR 1,000 per day during which default continues subject to maximum of INR 1,00,000.
  3. Company  strike off : if the  Registrar has reasonable grounds to believe that the company is not carrying on any business or operations even after 180 days of incorporation, the registrar may remove the name of the company from the Register of companies.

Conclusion 

Completing the form INC-20A is an essential requirement for legally initiating business operations. Neglecting to submit this form may result in penalties and  company strike off.