Advisory on Reconciliation Statement

The tax rate wise declaration of transactions for the financial year concerned is required for the reconciliation statement to be filed under Form GSTR-9C. In that form, tax amounts relating to tax rates of 1 percent, 1.5 percent and 7.5 percent in Section III (Tables 9 and 11) and Section V can, where applicable, be rendered in line/ under the label ‘Others’ of the tables referred to.

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A Six-Month Deadline to Be A Challenge for Many to Adopt the New Rules of the RBI

The new norms of the RBI come at a time when there have been increased cases of cyber breaches, scams, and crimes. Mandatory guidelines provided by the RBI’s Master Direction on digital payment security are to have a robust governance structure and for digital payment of products and services, implementation of common minimum standards of security controls will be done. Different security frameworks are followed by banks concerning to which it will be difficult to implement the RBI’s Master Direction on digital payment security.

Six months are given to all the regulated entities to ensure compliance. According to the RBI, the guidelines are enabled for customers to use digital payment products in a regulated and safer manner. The guidelines can create an enhanced and enabling environment for the customers.

In the new rules, RBI has not asked to avail CERT-In empanelled vendors. There is no such reference in the new rules.

The RBI circular is issued for safety against card payments, external attacks, and online banking security protocols. It specifies a diverse set of applications on the digital platform. It includes cybersecurity norms and mandates from source code protection of third-party UPI apps.

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PAYMENT OF TAX BY FIXED SUM METHOD UNDER QRMP SCHEME

A taxpayer has two options available under QRMP Scheme w.e.f. 1st January 2021:

  • Fixed Sum Method- Portal can generate a pre-filled challan in Form GST PMT-06 based on his past record.
  • Self-Assessment Method- The Tax due is to be paid on actual supplies after deducting the Input Tax Credit available.

Under Fixed Sum Method, 35% challan can be generated, which has to be calculated on the basis of following situations:

  • If 35% amount of tax was paid and furnished on quarterly basis from Electronic cash ledger in GSTR 3B, in their preceding quarter; or
  • If 100% amount of tax was paid and furnished on monthly basis from Electronic cash ledger in GSTR 3B, in their immediately preceding quarter; or

In Q4 of 2020-21 for January and February, the auto-populated challan generated under 35% Challan would contain 100% of the tax liability discharged from Electronic Cash Ledger for the month of December, 2020.

There is no need to deposit any amount for the first two months, if:

  • Balance in Cash or Credit Electronic Ledger is sufficient for tax due for first or second month.
  • Tax liability is NIL.

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