Vide Circular No. 170/02/2022- GST, Dated 6th July 2022, the CBIC has issued clarifications on mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/ blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B and statement in FORM GSTR-1. Circular is as under: The process of return filing …
It may be noted that 6% tax rate has been added in the item details section of all the tables of form GSTR-1, except HSN table 12. In case your outward supplies attracts 6% tax rate, you are required to upload the details against 6% tax rate in the item details section. In respect to …
GSTN has posted an advisory on 15th May 2022 that GSTR-2B for April 2022 is not showing the invoices related to April 2022. Technical team is working on it. But as a temporary measure, taxpayers can avail ITC from GSTR-2A as per self-assessment basis. Points to Keep in Mind While Availing ITC From GSTR-2A As …
Very Important Point To Keep in Mind While Availing Self- Assessed ITC From GSTR-2A Read More »
Today (i.e. 11th May 2022) is the due date for filing GSTR-1 return for the month of April 2022. If a taxpayer will not file GSTR-1 return for the said period by today, then corresponding ITC will not be available to the buyer in his GSTR-2B.
GST Portal has posted an update that: A new tax rate of 6% IGST or 3% CGST+ 3% SGST has been introduced on certain goods vide Notification No. 02/2022 dated 31st March 2022. Changes are being made on the GST portal to include this rate in GSTR-1. As a temporary measure, taxpayers who have to …
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 …
Vide Instruction No. 02/2022- GST, Dated 22nd March 2022, CBIC has issued SOP for scrutiny of returns for F.Y. 2017-18 and F.Y. 2018-19. Let us tell you that Section 61 of the CGST Act and Rule 99 of the CGST Rules are dealing with scrutiny of returns. Section 61 of CGST Act (1) The proper …
Breaking: CBIC Issues SOP For Scrutiny Of Returns For F.Y. 2017-18 And F.Y. 2018-19 Read More »
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GSTN portal has posted an update that: Generation of e-invoice is mandatory for certain class of taxpayers, as notified by the Government. These taxpayers are required to prepare & issue their e-invoices by reporting their invoice data in the prescribed format (e-invoice schema in FORM GST INV-01) and reporting the same on the Invoice Registration Portal (IRP). …
GSTN Issues Advisory On Auto- Population Of E-invoice Details Into GSTR-1 Read More »
Proposed changes in GST in Budget 2022 1.) A new clause to Section 16(2) of CGST Act, 2017 is inserted to provide that Input tax Credit with respect to a supply can be availed only if such credit is not restricted by the GSTR 2A/2B returns. Further, Section 16(4) of CGST Act 2017, is amended …
The government is tightening the screws on taxpayers who are reporting turnover in GSTR-1 but not paying tax through GSTR-3B or claiming more input tax credit as available in GSTR-2A/ 2B. In this series, the government has now incorporated the facility in GST portal to view individual month difference and cumulative difference in output tax …
Alert: Be Careful While Filing GSTR-1 And GSTR-3B Read More »
Due to a new exploit of GST Network (GSTN), businessmen are facing new problems. GSTN made a mistake in calculating the late fee charged from the traders in the past. Now he is demanding arrears by sending notices to the businessmen. In the last few days, lakhs of traders have received this notice. Not only …
GST System mistake in calculating late fee, now giving notice of dues to businessmen Read More »
Attention Taxpayers who are under QRMP Scheme in GST. Today is the last date to file your GSTR-1 Return for the quarter October, 2021 to December, 2021. If you will not file your GSTR-1 return for the said quarter today, then corresponding ITC will not be available to buyers in their GSTR-2B as per section …
Alert For Taxpayers Who Are Under QRMP Scheme in GST Read More »
The GST department is going to take strict action on those people who make mistakes in giving their tax information. GST authorities can take direct recovery action from January 1 against businesses that show excess sales in their monthly returns GSTR-1 but report under-reports while making tax payments in GSTR-3B. Fake billing will be curbed …
Alert: Difference in GSTR-1 And GSTR-3B May Become Costly From New Year Read More »
1. Clarifications Regarding E-commerce Operators Liable To Pay GST On Restaurant Services: CBIC clarified that the e-commerce operators are liable to pay GST on restaurant services. The GST Council in its 45th meeting held on 17th September, 2021 recommended to notify‚ ‘Restaurant Service’ under section 9(5) of the CGST Act, 2017. Accordingly, the tax on …
New Functionalities On GST Portal: Registration: – A functionality has been introduced for taxpayers to withdraw their application for cancellation of registration, filled in Form REG-16 Effective date of Suspension will be displayed on Portal. Refunds, Registration, Returns and Payment: – Earlier companies were mandatorily required to use DSC on the GST Portal now the facility of using …
A revamped & enhanced version of GSTR-1/IFF is being made available on the GST Portal to improve the taxpayer experience. These enhancements, would enable the Saving of the GSTR-1 details on the GST Portal efficient and user friendly. Further, changes are being implemented incrementally in a gradual manner, to leverage the familiarity of taxpayer so …
GSTR-1 dashboard is now improved and more user-friendly.
Ref.: TC/GST/21-22/1 Date: 09.11.2021 To, The Central Board of Indirect Taxes and Customs, North Block, New Delhi- 110001 Sub.: Request for extension of due dates for filing GSTR-1/ IFF for the month of October 2021 due to festivals like Dhanteras, Deepawali and Chhath Puja. Respected Madam/ Sir, Tax Concept is a well known platform formed …
With TallyPrime, you can file GSTR-1 in three easy ways: by generating JSON from TallyPrime, by using the GST Offline tool, or by filing directly on the GST portal. GSTR-1 includes the details of all outward supplies made in a given period. TallyPrime exports GSTR-1 returns in the latest format compatible with latest version of validation …
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 Please Click on News Heading to Read Full News Note: Only TC VIP Users can Access It For New User- More information, Please Visit GST Non-filers of 1 Monthly GST Return to be Barred from Filing GSTR-1 from Next Year Businesses that default on filing summary return …
Business Concept’s Daily E-News Letter- 20th September 2021. Only for TC VIP Users Read More »
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 provide that ITC of only invoices/ debit notes is allowed which are uploaded by the supplier in his GSTR-1/ IFF and are communicated to the …
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 allowed to file GSTR-1, if he has not file GSTR-3B for the preceding month (previous month). Because of this amendment, a taxpayer will not be able …
Read! Who Will Not be Able to File GSTR-1 From Next Year Read More »
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 in filing Form GST ITC-04: Now, Form GST ITC-04 to be filed as under: Once in 6 months, whose annual aggregate turnover is above Rs. …
11 Decisions of GST Council Which Every Professional Should Read Read More »
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. From 1st September 2021, the above rule shall get enabled on the GST Portal. The situations are explained below: As per the advisory issued at …
GST Insights: Important Developments in Law at GST Portal Read More »
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 not be allowed to furnish the details of outward supplies of goods or services or both under section 37 in FORM GSTR-1, if he has …
GSTN Issues Update on Implementation of Rule 59(6) of the CGST Rules on GST Portal Read More »
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 they are facing issues in adding the required HSN details in table -12 and filing of statement of outward supplies in form GSTR-1 of July …
GSTN issues advisory, as attached in picture, on filing of GSTR-1 return:
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 details given below: Webinar Topic New functionalities related to Returns, Ledgers and Payments deployed on GST Portal Language of webinar Hindi Tamil English Marathi Date …
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 taxpayer under QRMP Scheme can declare their liability through optional IFF for Month 1 and Month 2 of a quarter & Form GSTR-1 for …