Due Date for Filing GSTR-9 and 9C of F.Y. 2019-20 Further Extended
The CBIC has extended the due date for filing GSTR-9 and 9C of F.Y. 2019-20 to 31st March, 2021. Earlier due date was 28th February, 2021.
GST Registration 2021: Basic Things You Should Know
According to the Rules of Goods and Services Tax, any business whose turnover falls above Rs. 40 lakhs (Rs 10 lakhs for special category states) have to register as a normal taxable person. To enroll this taxable person under GST is defined as the GST Registration.
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Services Provided by an Indian Firm to Foreign Firm as an Intermediary will be Liable to CGST+SGST Instead of IGST: Gujarat AAR
Ruling Sought for: M/s. Sagar Powertex Pvt. Ltd., Sagar House, Indian Red Cross Society, Nr. Old Vadaj Circle, Ashram Road, Ahmedabad -380013 having a GSTIN: 24AADCS0473P1Z3, is a company filed an application for Advance Ruling under Section 97 of CGST Act, 2017 and Section 97 of the GGST Act, 2017 in FORM GST ARA-01 discharging the fee of Rs. 5,000/- each under the CGST Act and the GGST Act.
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Important Advisory on GSTR-9 Annual Return by GSTN
The taxpayers are advised to ensure that values are reported upto two decimal places in the GSTR-9 offline utility. The error “Error! Invalid Summary payload” after uploading the JSON created from the Offline Utility of GSTR-9 is reported due to reporting values upto three decimal places instead of two decimals.
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Advisory on Annual Return (GSTR-9) Offline Utility
The taxpayers are advised to ensure that values are reported upto two decimal places in the GSTR-9 offline utility. The error “Error! Invalid Summary payload” after uploading the JSON created...
Latest GSTR9C-Offline Utility v1.7
Latest GSTR9C-Offline Utility v1.7 👉 The Goods and Services Tax Network (GSTN) has issued updated Offline Utility Tool (v1.7) for GSTR-9C on the GST Portal. 👉 Use the latest offline...
File your Annual Return along with Reconciliation statement GSTR-9C before February 28, 2021(Update)
Attention GST Taxpayers whose Aggregate Annual Turnover for the FY 19-20 is more than Rs. 5 crore! @cbic_india File your Annual Return along with Reconciliation statement GSTR-9C before February 28,...
Clarification regarding applicability of Dynamic Quick Response (QR) Code on B2C invoices
Central Board of Indirect Taxes and Customs (CBIC), GST Policy Wing vide Circular no. 146/02/2021-GST and F. No. CBEC-20/16/38/2020-GST dated 23rd February, 2021 has issued Clarification in respect of applicability...
CBIC notifies class of person to whom Aadhar authentication not applies
CBIC exempts certain classes of people from Aadhaar Authentication CBIC notifies vide Notification No. 03/2021-Central Tax dated 23rd February, 2021 that Aadhar authentication shall not apply to a person who...
Advisory on Reconciliation Statement (GSTR-9C )
Advisory on Reconciliation Statement (GSTR-9C ) 22/02/2021 GSTR-9C Reconciliation statement to be filed in Form GSTR-9C requires the tax rate wise declaration of transactions for the concerned financial year. In...
CBIC provides facilitation for exporters having IGST refund issues
The Central Board of Indirect Taxes and Customs (CBIC) has extended the time limit for sanction of pending IGST refunds in such cases where records have not been transmitted to...
Departmental GST Audit Process – Key Highlights
What is GST Audit? Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness...
Jodhpur: Fraudster Formed Fake Company in the Name of a Daily Wage Laborer. Investigation Reveals Bogus Billing of Rs. 24 Crore
Nainaram Meghwal, a daily wage laborer from Dungarpur, a small village near Roht in Pali, was turned into a diamond business worth Rs 23.80 crore by the GST fraud gang. Through a NREGA mate, fraudulent documents were obtained, then opened a fake company in his name and started GST theft and bogus billing.
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Is Your Export Refund Stuck due to Mismatch between GSTR-1 and GSTR-3B? Here is Big Relief Provided by the CBIC
The Central Board of Indirect Taxes & Customs (CBIC) has issued Circular No. 04/2021-Customs dated 16th February 2021 regarding extension of IGST Refund Circular for records not transmitted due to GSTR1 & GSTR3B mismatch error up-to 31.03.2021.
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How to register DSC with the GST Portal
How to register DSC with the GST Portal In order to register DSC at the GST Portal, emSigner utility needs to be installed. The utility can be downloaded from the...
Is Transporter required to maintain any Records of Services of Transportation under GST?
CBIC clarifies that a single truck owner-operator plying truck mostly between States, carrying the goods booked for my truck by an agent; aggregate value of service which provided exceeded twenty...
Tax Concept’s CA Heer Gajjar and CS Lalit Rajput Launches 23rd Edition of Weekly Taxation Newsletter. Readers Says This is Best Ever Edition
Tax Concept's CA Heer Gajjar and CS Lalit Rajput Launches 23rd Edition of Weekly Taxation Newsletter. Readers Says This is Best Ever Edition On 15th February, 2021, CA Heer Gajjar...
Frequently asked questions on QRMP scheme
Frequently asked questions on QRMP scheme Q 1: What is QRMP scheme? What are its benefit? A: Quarterly Return, Monthly Payment of Taxes (QRMP) Scheme is a scheme to simplify...
Have you Reconciled Your Books with GST Returns? If Not, This News is For You!
Department has issued below circular prescribing Standard Operating Procedure (SOP) to be followed in case of suspension of GST Registration due to discrepancy between “GST payable and actual GST paid”. To protect yourself from this type of notice or suspension of registration, please reconcile your books with all GST Returns and pay short-fall in tax with interest. Remember that if you have not filed your GSTR-9/9C for relevant year, the details as available in GSTR-1/ GSTR-3B/ GSTR-2A will be final.
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2 GST Frauds Worth Rs. 445 Crore in Only 5 Days
It is apparent from the investigation conducted till date, that Shri Surender Kumar Gupta, Director of M/s. Mystic Exim Pvt. Ltd., M/s. Landmark Traders Pvt. Ltd. and Controller of M/s. JKM Impex forged documents to show receipt of goods in his above mentioned companies/firms from multiple fictitious/non-existent entities, which never existed at their given addresses. The entities of Shri Surender Kumar Gupta had further passed on the fake ITC to multiple exporter firms, who had further encashed such ITC through fraudulent IGST refunds.
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Attention: Proposed Amendments in the CGST Act, 2017 in the Budget 2021-22 for which Strong Representation is Required Immediately
(1.) Insertion of Sub-section (12) in Section 75: As per the proposed amendment in section 75, if any registered person uploaded invoices in GSTR-1 and forget to amend/ remove them/ upload credit note issued against that invoice till the specified date but paid tax as per net output, then this will be deemed as self-assessment tax and recovery provisions will enforced on that registered person without any show cause notice.
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Four More States Complete Ease of Doing Business Reforms, Get Additional Borrowing Permission of Rs. 5,034 Crore
Four More States Complete Ease of Doing Business Reforms, Get Additional Borrowing Permission of Rs. 5,034 Crore Four more States namely, Assam, Haryana, Himachal Pradesh and Punjab have undertaken “Ease...
Analysis of Proposed Amendments in Union Budget 2021-22
The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament today, which is the first budget of this new decade and also a digital one in the backdrop of unprecedented COVID-19 crisis. Laying a vision for Aatma Nirbhar Bharat, she said this is an expression of 130 crore Indians who have full confidence in their capabilities and skills. She said that Budget proposals will further strengthen the Sankalp of Nation First, Doubling Farmer’s Income, Strong Infrastructure, Healthy India, Good Governance, Opportunities for youth, Education for All, Women Empowerment, and Inclusive Development among others.
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Generating Challan for First and Second Month of Quarter in QRMP Scheme
There are two methods for generating and paying challan under QRMP Scheme. First is Self Assessment Method (SAM) and Second is Fixed Sum Method (FSM); FSM is also called as 35% Challan Method.
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Budget 2021: Alarming Situation for Taxpayers Registered under GST
With the insertion of Clause(aa) in Section 16(2) of the CGST Act by the Finance Act, 2021, now it is clear that Input Tax Credit (ITC) claimed on the basis of invoices which are not uploaded by the supplier in his GSTR-1, is required to be reversed and tax/interest/penalty has to be paid under section 73(5) of the CGST Act.
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Vivad se Vishwas Scheme further extended till 28.02.2021
The government again extended the deadline for settling tax disputes under the Vivad se Vishwas scheme without paying any interest and penalty by the month to February 28, 2021, from 31st January, 2020. The earlier deadline was...
No Major Relief to GST Sector: Key Highlights of Union Budget 2021
(1.) ITR filing exemption to citizens aged 75 years and above (only if income from pension and interest).
(2.) New period for re-opening of assessment for transparent tax system : Reopening of assessment period reduced from 6 years to 3 years except in the cases where tax evasion is 50 lakh or more (re-opening of assessment period is 10 years in these cases).
(3.) Constitution of Dispute Resolution Committee (for taxpayers having taxable income of 50 lakh and above and disputed income is 10 lakh).
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Good news: GST collection of Rs 1.20 lakh crore for the first time
GST collection of Rs 1.20 lakh crore has been done in January, which is the highest since the Goods and Services Tax (GST) was implemented. Of this, CGST is Rs...
Don’t Forget to Avail the Benefit of QRMP Scheme in GST before 31 January, 2021
Government has launched Quarterly Return Monthly Payment (QRMP) Scheme in GST in order to accomplish the target of Ease of Compliance and Ease of Doing Business. To avail the benefit of this scheme, government has notified due dates, after which we can avail this scheme in next quarter. So, for the quarter January- March, 2020, the due date to opt QRMP Scheme is 31st January, 2021.
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Reconciliation Between Books and GST Portal and Adjustments in GSTR-9 Annual Return
As we know that Reconciliation is most important part of GST. Without Reconciliation between Books and Portal, we can not determine how much tax is required to be paid/ how much ITC is required to be claimed in next year’s returns. Reconciliation also enable us to make proper adjustments in relevant tables of GSTR-9. To ease our Reconciliation process, I have prepared two examples which will guide us about how to reconcile books with GST Portal and also how to make relevant adjustments in GSTR-9.
