We are delighted to share our 79th E-Newsletter “Weekly Taxation Newsletter” dated 21st June, 2022 from 13st June, 2022 to 20th June, 2022 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, Case Laws, …
GSTN issued advisory w.r.t. availing ITC as per law and GSTR-2B: The Goods and Services Tax Network (“GSTN”) has issued an Advisory dated June 18, 2022 regarding availing Input Tax Credit (“ITC”) as per law and GSTR-2B. For some of the taxpayers, there was an issue in relation to duplicate entries in GSTR-2B which has since been …
Various new functionalities are implemented on the GST Portal, from time to time, for GST stakeholders. These functionalities pertain to different modules such as Registration, Returns, Advance Ruling, Payment, Refund and other miscellaneous topics. Various webinars are also conducted as well informational videos prepared on these functionalities and posted on GSTNs dedicated YouTube channel for …
Module wise new functionalities deployed on the GST Portal for taxpayers Read More »
GST WEEKLY UPDATE :9/2022-23 (29.05.2022) CBIC waives GSTR-4 Late Fee: The CBIC has waived the late fee for GSTR-4 till 30th June 2022. GSTR-4 is a GST Return that has to be filed by a composition dealer. A dealer opting for the composition scheme is required to furnish only 1 return which is GSTR 4 once …
1. Compliance requirement under Income Tax act, 1961 Sl. Compliance Particulars Due Dates 1 Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 for previous month (May, 2022). 07.06.2022 2. Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of April, 2022 …
Statutory Tax Compliance Tracker – for JUNE, 2022 Read More »
The Goods and Service Tax Network (GSTN) vide a notification dated 02nd May, 2022 has enabled the functionality of Annual Aggregate Turnover (AATO) for the FY 2021-22 on taxpayers’ dashboards. Turnover, in common parlance, is the total volume of a business. The term ‘aggregate turnover’ has been defined in GST law as under: “aggregate turnover” …
GST: Annual Aggregate Turnover (AATO) Functionality is live Read More »
We are delighted to share our 75th E-Newsletter “Weekly Taxation Newsletter” dated 23rd May, 2022 from 15th May, 2022 to 22nd May, 2022 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, Case Laws, …
Suo moto cancellation of GST registration means cancellation of registration under GST laws by the tax officer on his motion. However, the provisions of Section 29(2) of the CGST Act mandate that the officer provides his reasons for initiating such suo moto cancellation of registration. Condition to be satisfied for suo moto cancellation of GST …
CBIC extends Due Date for filing GST PMT-06: The Central Board of Indirect Taxes and Customs (CBIC) has extended the due date for filing of GST PMT-06 till 27th May 2022. 2. CBIC extends Due Date for filing of GSTR-3B: Due the technical glitches in the Goods and Services Tax Network (GSTN), the Central …
COMPLIANCE MANUAL FOR PRIVATE LIMITED COMPANIES Quick E – Referencer !! Vol. 01/2022 Private Limited Companies in India are the most common type of legal entity that is preferred by millions of Indian Entrepreneurs and are governed by the Companies Act, 2013 under the Ministry of Corporate Affairs, widely known as MCA. The liability of …
GSTN Clarification On Incomplete GSTR-2B of April-2022: Regarding the incomplete GSTR-2B of April-2022, the GSTN clarified the following: It has been noticed that in a few cases, certain records are not reflected in the GSTR-2B statement for the period of April 2022. However, such records are visible in GSTR-2A of such recipients. The technical team …
Cryptocurrency Prices Today May 7: Bitcoin down, Ethereum biggest loser- Cryptocurrencies traded in the red early today on May 7. The global crypto market-cap is $1.65 trillion, a 0.92 percent decrease over the last day. The total crypto market volume over the last 24 hours is $93.61 billion, which makes a 17.85 percent decrease. The …
The Gujarat High Court has struck down a portion of a GST notification mandating the deduction of a one-third of the value of land towards construction services, deeming it “arbitrary”. The ad hoc deduction of one-third towards value of land in case of construction services has been a subject of debate and impacts homebuyers severely …
About Article: This article contains various Compliance requirements for the Month of May, 2022 under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. If you think compliance is expensive, try non‐ …
Background Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on quarterly basis while return in Form GSTR-4 is required to be filed on annual basis after end of a financial year. Reason of Negative Liability in GSTR-4 The liability of the complete year is required to be declared in …
GSTN issued advisory to composition taxpayers under GST Read More »
![Latest GST News, Information, Notifications & Announcements [Period 14/03/22 to 20/03/22]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2022/03/135617-gst-1.jpg?fit=850%2C478&ssl=1)
1. The Goods and Services Tax Network (GSTN) has issued an advisory to the composition taxpayers under the GST regime.: • Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on quarterly basis while return in Form GSTR-4 is required to be filed on annual basis after end of a …
Statutory Tax Compliance Tracker – for May, 2022 Compliance requirement under Income Tax act, 1961 Sl. Compliance Particulars Due Dates 1 Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 for previous month. 07.05.2022 2. Due date for issue of TDS Certificate for tax deducted under section 194-IA, …
Statutory Tax Compliance Tracker – for May, 2022 Read More »
Advisory to composition taxpayers- Background: Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on quarterly basis while return in Form GSTR-4 is required to be filed on annual basis after end of a financial year. Reason of Negative Liability in GSTR-4: The liability of the complete year is required …
GSTN Issues Important Advisory to composition taxpayers Read More »
Big update on GSTR-1 return is that “submit” button has been replaced with “proceed to file/ summary” Now you don’t required to generate GSTR-1 summary and then submit it before filing. You just have to click on “proceed to file/ summary button” and the return will be ready for filing. This is a good step …
A government contractor was fined 77,37,499 after commercial taxes department noticed discrepancies in the GST returns filed by the trader and the government. The government contractor under Theni 2 division of Madurai zone of commercial taxes department had filed his GSTR-3B form but the sales figures in his form did not match with the sales figures on GSTR-07 form …
GST WEEKLY UPDATE :4/2022-23 (24.04.2022) Clarification in respect of refund of tax specified in section 77(1) of the UPSGST Act and section 19(1) of the IGST Act: Regarding the issues in respect of refund of tax wrongfully paid as specified in section 77(1) of the Uttar Pradesh Goods and Services Tax Act, 2017 (hereinafter referred …
The Central Board of Indirect Taxes and Customs has identified 35,000 GST returns pertaining to fiscal 2017-18 to scrutinise for discrepancies and mismatches on liability, input tax credit and such, a senior tax official told BloombergQuint. The cases were selected for scrutiny based on “specific risk parameters” as directed in a department notice in March. …
CBIC has identified 35,000 GST returns to mismatches on liability, input tax credit Read More »
2- Factor Authentication for e-Way Bill and e- Invoice System: To enhance the security of e-Way Bill/e-Invoice System, NIC is introducing 2- Factor Authentication for logging in to e-Way Bill/e-Invoice system. In addition to username and password, OTP will also be authenticated for login. There are 3 different ways of receiving the OTP. You may …
Attention: Taxpayers with AATO in excess of Rs 20 Crore are also required to generate e-invoice for their outward supplies w.e.f. 1st April, 2022. Read more The e-invoicing system now applies to more businesses via the CBIC’s CGST notification 01/2022 dated 24th February 2022. Indian businesses with an annual aggregate turnover of more than Rs.20 …
Weekly Taxation Newsletter Period: 30.03.2022 to 10.04.2022 Weekly Taxation Newsletter Let’s Build Something Together Upcoming Due Dates WeeklyDepartmental updates Important Notifications & Circulars Important Case-laws International Taxation Corner (ITC) Knowledge bucket for NRI Brain Bites- Do you Know?
GST WEEKLY UPDATE :2/2022-23 GSTN enabled new functionality for filing of application of advance ruling, appeal, etc. by unregistered persons: The Goods and Services Tax Network (“GSTN”) has enabled new functionality to facilitate the filing of application of advance ruling, appeal, etc. by unregistered persons on the GST portal. 2. New Functionalities made available for …
About Article / Compliance Tracker: This article contains various Compliance requirements for the Month of April, 2022 under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. Compliance Requirement Under 1. Income …
Due dates and corporate compliance calendar for April 2022 Read More »
Attention GST Taxpayers who are not under QRMP Scheme! File your GSTR-1 Return for the month of March, 2022 before April 11, 2022. Attention E-commerce Operators who are required to collect tax at source (TCS) under GST! File your GSTR-8 Return for the month of March, 2022 before April 10th, 2022. Attention GST Taxpayers who …
Attention GST Taxpayers who are not under QRMP Scheme! Read More »
Latest GST News, Information, Notifications & Announcements [Period 28/03/22 to 03/04/22] Government (CBIC) has issued detailed guidelines for Return Scrutiny under GST for FY 2017-18 and 2018-19: Such scrutiny of Returns would be in time bound manner. Some indicative list of parameters for scrutiny have been given in the guidelines as below: Difference in Tax …
Latest GST News, Information, Notifications & Announcements Read More »
March is about to end. The new financial year will start from 1st April and with this there are many such big rules in which changes are taking place. The changes in the rules from April 1 will directly affect your pocket. From this day the rules of GST are also changing. In fact, the …
GST: New system will be implemented from 1st April! direct impact on companies Read More »