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 »
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. …
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 »
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, …
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 …
All about Quarterly Returns with Monthly Payment (QRMP) Scheme Read More »
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 »
The GSTIN portal has released small write-ups on all information about GSTR 2B. It is provided to you for your reference. Source :- GSTIN
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 »
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 »
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 …
The Finance Act,2020 has introduced a new provision for Tax Collection at Source (TCS) u/s. 206C(1H) of the Income tax act,1961. This is w.e.f. 1st Oct 2020. As per this provision, Tax has to be Collected at source (TCS) in respect of Sale of Goods @ 0.1% on the consideration received on sale of such …
New provision – TCS on Goods Sold (Tax On Purchase) Read More »
In view of the Carona Pandamic, the due date for conducting Annual General Meeting in respect of Companies governed by Companies Act 2013 has been deemed to have been extended for a further period of 3 months (till 31st Dec 2020). Accordingly, since all the Registrars are empowered to provide this extension, all the Registrar …
Extension of time for Annual General Meeting for Companies Read More »
The last date for filing GSTR 4 returns (Annual return for Compounding dealers) extended to 31st Oct 2020.
CBDT provides one time relaxation for verification of electronically filed IT Returns for Assessment Yrs 2015-16 to 2019-20 which are pending due to non-filing of ITR-V form & processing of such returns. CBDT Circular No.13/2020 dt 13th July,2020 issued.
The cost inflation Index for the year 2020-21 has been notified. The relevant notification is reproduced below
