Filing NIL GST Returns for 6 months may lead to cancellation of your GST Registration. Read how…
Filing NIL GST Returns may cancel your GST Registration
GST
Goods and Services Tax
Input Tax Credit (ITC) Reversal for Non Payment to your suppliers
As per Section 16(2) Second & Third Proviso of CGST Act,2017 , if a Tax payer fails to pay the supplier of goods or services or both, within 180 days from the date of Invoice, the amount equivalent to the Input tax Credit (ITC) availed by the recipient shall be added to the output liability
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GST AMNESTY SCHEME 2021 , LATE FEE & OTHER RELAXATIONS
In order to help the Small Businesses and GST tax payers and also as per the decision taken at the 43rd GST Council meeting held on 28th May 2021, a new amnesty scheme for relaxation in return filing, late fees, etc., has been announced. Period of Applicabilty The Tax return periods from Jul 2017 to
GST AMNESTY SCHEME 2021 , LATE FEE & OTHER RELAXATIONS Read More »
Is it mandatory to start New invoice series for FY 2021-22 under GST?
There are lot of queries regaring the numbering of the Invoices at the Start of the Financial year under GST. Many people ask is it mandatory to start a new series of invoice numbering at the start of a Financial year under GST? The relevant Rule 46 of the CGST Act dones not mandate the
Is it mandatory to start New invoice series for FY 2021-22 under GST? Read More »
TDS Rates reminder
Due to Covid 19, the Government of India had provided concession in the rates of Tax Deducted at Source (TDS) in the form of reduction in TDS rates by 25%. (i.e.,) Where the regular TDS is 10%, it is sufficient if TDS is deducted @ 7.5%. This concession is available only till 31st March 2021.
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HSN / SAC Code New requirement w.e.f 01st April 2021
The New GST Notification No 78/2020 mandates taxpayers with aggregate turnover above 5 crores in a year to mention minimum of 6 digit HSN number in their invoices w.e.f 01.04.2021. Also in respect of certain chemicals as provided in Notification 90/2020 , 8 digit HSN code need to me mentioned. You can find the correct
HSN / SAC Code New requirement w.e.f 01st April 2021 Read More »
Advance tax payment due on 15th Mar 2021
The fourth instalment of Advance tax payment for the financial year 2020-21 falls due on 15th March 2021. You can check your advance tax liability using the below link provided by the Income-tax Department. https://www.incometaxindia.gov.in/Pages/tools/advance-tax-calculator.aspx Kindly note :- 1) In case if you have not paid / made short payments in the previous 3 instalments,
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All about Quarterly Returns with Monthly Payment (QRMP) Scheme
A new scheme for Small tax payers in GST has been introduced. The salient features of this scheme is provided below :- What is “Quarterly Returns with Monthly Payment (QRMP)” Scheme?QRMP scheme is for small taxpayers to file their FORM GSTR-1 and FORM GSTR-3B returns on quarterly basis while paying their tax dues monthly through
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IMPORTANT TASKS TO BE DONE WHILE FILING SEPTEMBER 2020 GST RETURNS
The following important tasks should be taken care/done while filing the September 2020 return which falls due on 20th October 2020. Correction of GSTR 1 for the FY 2019-20 If you have any corrections to be made in your GSTR 1 with regard to Tax Invoice, B2C sales, Export Sales, Debit/Credit Notes, etc., the same
IMPORTANT TASKS TO BE DONE WHILE FILING SEPTEMBER 2020 GST RETURNS Read More »
All about GSTR 2B
The GSTIN portal has released small write-ups on all information about GSTR 2B. It is provided to you for your reference. Source :- GSTIN
Companies & LLP Fresh Start Scheme deadline extended
The Ministry of Corporate affairs had earlier announced a scheme for Companies & LLP who are in default of filing their Annual Returns and other ROC returns. Under the scheme, there was a substantial reduction in the additional fees for late fees payable. These schemes were originally to end on 30th Sep 2020. Now due
Companies & LLP Fresh Start Scheme deadline extended Read More »
List of cases where GST Input Tax Credit cannot be availed
We all know Input Tax Credit (ITC) is available on all Inward Supplies under GST. But there are certain cases where Input Tax Credit (ITC) under GST cannot be claimed. Let us explore those cases. Sl. No Nature of Input Tax credit not allowed Exceptions 1 Input Tax Credit on Motor Vehicles , aircrafts &
List of cases where GST Input Tax Credit cannot be availed Read More »
Delinking of Credit Note/Debit Note from invoice, while reporting them in Form GSTR 1/GSTR 6 or filing Refund
Till now, original invoice number was mandatorily required to be quoted by the taxpayers, while reporting a Credit Note or Debit Note in Form GSTR-1 or Form GSTR-6. The taxpayers have now been provided with a facility on the GST Portal to: Report in their Form GSTR-1 or in Form GSTR-6, single credit note or
Last date for filing GSTR 4 extended
The last date for filing GSTR 4 returns (Annual return for Compounding dealers) extended to 31st Oct 2020.
Last date for filing GSTR 4 extended Read More »
Cost Inflation Index for the year 2020-21 notified
The cost inflation Index for the year 2020-21 has been notified. The relevant notification is reproduced below
Cost Inflation Index for the year 2020-21 notified Read More »