GSTR-1

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 as under for the kind reference of taxpayers and professionals: (1.) Waiver of interest and late fee to normal taxpayers (filing return on monthly or …

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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

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.

Extension of the due date of filing Application for Revocation of Cancellation of Registration

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).

Upcoming Changes in GSTR-1 You Must Know

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.

Amendment in AEO Programme; auto renewal of AEO T1 validity for continuous certification based on continuous compliance monitoring

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!

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 : Services >> Returns >> Opt-in for Quarterly Return However, the window will open on 5th December, 2020. Currently, the message as shown in below picture …

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NEW GST RETURNS: (QRMP) Quarterly Return Monthly Payment Scheme

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 on quarterly basis along with monthly payment of tax, with effect from 01.01.2021. Eligibility for the QRMP Scheme: In terms of notification No. 84/2020- Central …

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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 taxpayers have to prepare and issue their invoices by obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). Upon successful …

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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 as follows : GSTN has earlier introduced Form GSTR-2B, a static statement with details of ITC available for a tax period, for the benefit of …

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Indirect Tax Planning and Management

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 its related expenditure. Given below are few aspects to foster a robust Indirect Tax Planning and thereby benefiting the organization in terms of cost-saving and …

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GST COLLECTION

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 extended to 31st January, 2021 ITR Filing Due date of International Transactions Taxpayers for AY 20-21 extended to 31st January, 2021. ITR Filing Due Date …

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CBDT and CBIC has Extended Due Dates for Various Returns/ Reports

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 be withdrawn w.e.f. 1st Nov. 2020. However, facility to file NIL returns through OTP verification, shall be continued for all types of registered persons in …

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Upcoming GSTR-1 Due Dates for Quarterly and Monthly Regular Taxpayers

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 GSTR-1 by quarterly and monthly regular taxpayers under the GST Act. GSTR-1 Due Dates for quarterly regular taxpayers : Quarter Due Date October, 2020 – …

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