Attention GST Taxpayers Who are Under QRMP Scheme
Today is the last date to file GSTR-1 for the quarter July- September 2021 for taxpayers who are under QRMP scheme.
Business Concept’s Daily E-News Letter- 20th September 2021. Only for TC VIP Users
Business Concept's Daily E-News Letter- 20th September 2021 Please Click on News Heading to Read Full News Note: Only TC VIP Users can Access It For New User- More information,...
Must Read: Why Invoices in GSTR-1/ IFF are Now Most Important for Claiming ITC and to Avoid Paying Extra GST in Cash
GST Council, in its 45th meeting, has recommended that when Section 16(2)(aa) of the CGST Act will be notified, then Rule 36(4) of the CGST Rules will be amended to...
Read! Who Will Not be Able to File GSTR-1 From Next Year
GST Council in its 45th meeting, has recommended that Rule 59(6) of the CGST Rules 2017 to be amended w.e.f. 01.01.2022 to provide that a registered person shall not be...
11 Decisions of GST Council Which Every Professional Should Read
GST Council, in its yesterday's meeting, has taken many decisions relating to important aspects of GST. Here is the compilation of 11 decisions which every professional should read: (1.) Relaxation...
GST Insights: Important Developments in Law at GST Portal
Implementation of Rule-59(6) on GST Portal Rule-59(6) of CGST Rules, 2017, inserted vide Notification No. 1/2021 dated 1st January 2021, provides for restriction in filing of GSTR-1 in certain cases....
GSTN Issues Update on Implementation of Rule 59(6) of the CGST Rules on GST Portal
Rule-59(6) of CGST Rules, 2017; inserted vide Notification No. 1/2021 dated 1st January 2021, provides for restriction in filing of GSTR-1 in certain cases : a) a registered person shall...
GSTN Issues Advisory on Filing of GSTR-1 As Taxpayers Raised Issues for HSN Summary in GSTR-1
It has been reported by few taxpayers that HSN used by them for reporting in GSTR-1 is not available in the table 12 HSN drop-down. They have further stated that...
GSTN Issues Important Advisory on Filing of GSTR-1 Return
GSTN issues advisory, as attached in picture, on filing of GSTR-1 return:
GST Webinars on recent functionalities related to Returns, Ledgers and Payments deployed on GST Portal
GSTN has recently implemented certain new functionalities on the GST Portal related to Returns, Ledgers and Payments. For creating awareness amongst all the stakeholders, GSTN is holding webinars, as per...
GSTN Shares Insights on Important Changes Related to QRMP Scheme Implemented on the GST Portal for the Taxpayers
Few important changes related to QRMP Scheme implemented on the GST Portal for the taxpayers are as given below:A.Auto population of GSTR-3B liability from IFF and Form GSTR 1 : A...
Compilation of Reliefs Provided in GST Compliance as well as GST Payment in the Wake of Second Wave of COVID-19
As Indian businesses are severely affected from the second wave of COVID-19, the government has provided reliefs in GST compliance as well as payment. The compilation of these reliefs are...
Tax Concept’s Representation to Hon’ble Finance Minister and GST Council Seeking Clarification on Reporting of HSN Codes in Tax Invoices as well as in GSTR-1 w.e.f. 1st April 2021
When we refer relevant notifications, we can consider that above clarifications are not as per law. So, you are requested to please ask the GSTN to make necessary changes in the reporting of HSN Codes in GSTR-1 and not to issue any clarification which is not as per law.
Updates in Forms GSTR-1, GSTR-3B and Matching Offline Tool for Taxpayers in QRMP Scheme
With effect from 1st January, 2021, all taxpayers with Annual Aggregate Turnover up to Rs 5 Crore have been given an option to file their Form GSTR-1 Statement and Form GSTR-3B return on a quarterly basis. They also have an option to file B2B invoice details in Invoice Furnishing Facility (IFF) for months 1 and 2 (eg. Jan and Feb) of the quarter in order to pass on the credit, whereas the remaining invoices have to be declared in the Quarterly Form GSTR-1 of Month 3 (e.g. March).
Attention GST Taxpayers who are not under QRMP Scheme! Today is Last Date.
Attention GST Taxpayers who are not under QRMP Scheme! Today is the last date to file your GSTR-1 Return for the month of March, 2021.
Invoices Shown in IFF will not Reflect in Quarterly GSTR-1: GSTN
GSTN has replied to the query as under: Invoices reported in IFF for Jan or Feb 2021 will not be reflected in quarterly GSTR-1 from Jan-March 2021. Please refer Rule-59(3) of the CGST Rules.
Changes in GST from 1st April 2021 You Must Know
While taking ITC on purchases and other expenses, kindly verify that supplier has mentioned HSN/ SAC code in invoice as required. If HSN/ SAC Code is not mentioned in invoice, then ITC will not be available.
Upcoming Changes in GSTR-1 You Must Know
GSTN has recently twitted about some upcoming changes in GSTR-1 which are as under:
1. Column “Total Value” to be removed from Table-12 (HSN wise summary of outward supplies) of Form GSTR-1.
2. A new entry “Rate of Tax” to be inserted in place of Column “Total Value”. Thus, HSN code to be reported Rate Wise.
3. Changes in reporting of number of digit of HSN code as per Notification No. 78/2020- Central Tax and 79/2020- Central Tax Dated 15/10/2020.
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.
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.
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.
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.
GSTN Enabled Option for Opting Quarterly Filing of GST Returns under QRMP Scheme
Today, GSTN has enabled option for opting quarterly filing of GST returns under QRMP scheme. Payment will be monthly in this scheme. The said option can be navigated through :...
NEW GST RETURNS: (QRMP) Quarterly Return Monthly Payment Scheme
Introduction: GST Council in its 42nd meeting held on 05.10.2020, had recommended that registered person having aggregate turnover up to five (5) crore rupees may be allowed to furnish return...
Auto-population of E-invoice Details into GSTR-1
Auto-population of E-invoice Details into GSTR-1 GSTN has informed on 13th November 2020 that E-invoice details will be auto-populated in GSTR-1. The full text is as follows : Certain notified...
Auto-populated GSTR-3B from October 2020 Onwards
Auto-populated GSTR-3B from October 2020 Onwards GSTN has informed on 11th November 2020 that auto-populated GSTR-3B is now available on GSTN Portal from October 2020 onwards. The full text is...
Indirect Tax Planning and Management
Indirect Tax Planning and Management Planning for Indirect Taxes is an effective way to reduce Cash Payouts for taxes, avoid outflow for Penalties and Interests and to Prevent Litigations and...
Essential Point of Today’s Extensions 24.10.2020
Essential Point of Today's Extensions 24.10.2020 GSTR 9, 9C date for FY 2018-19 extended to 31st December, 2020. ITR Filing date for entities subject to tax audit for AY 20-21...
Withdrawal of EVC facility extended to companies for filing GSTR1 and GSTR3B
The facility to file GSTR 3B and GSTR-1 with the EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall...
Upcoming GSTR-1 Due Dates for Quarterly and Monthly Regular Taxpayers
Upcoming GSTR-1 Due Dates for Quarterly and Monthly Regular Taxpayers Vide Notification No. 74/2020- Central Tax and 75/2020- Central Tax (Dated 15.10.2020), the CBIC has prescribed due dates for filing...