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GST WEEKLY UPDATE : 52/2022-23 (26.03.2023) 1. Advisory for the taxpayer wishing to register as “One Person Company” in GST dt. 21/03/2023: 2. HSN Code Reporting in e-Invoice on IRPs Portal dt. 22/03/2023: As per Notification no. 78/2020 – Central Tax dated 15th October 2020. As per the above-said notification, it is now mandatory for …
1.The Government vide Notification No. 14/2022 – Central Tax dated 05th July, 2022 has notified few changes in Table 4 of Form GSTR-3B for enabling taxpayers to report correct information regarding ITC availed, ITC reversal and ineligible ITC in Table 4 of GSTR-3B. According to the changes, the net ITC is to be reported in …
Very Important GST Update: Big! Changes in GSTR-3B (GST Press Release Analysis) Read More »
1.The Government vide Notification No. 14/2022 – Central Tax dated 05th July, 2022 has notified few changes in Table 4 of Form GSTR-3B for enabling taxpayers to report correct information regarding ITC availed, ITC reversal and ineligible ITC in Table 4 of GSTR-3B. According to the changes, the net ITC is to be reported in …
Introduction of Negative Values in Table 4 of GSTR-3B Read More »
GST return is a document containing details of all income/sales and/or expenses/purchases that a GST-registered taxpayer (every GSTIN) is required to file with the tax administrative authorities. This is used by tax authorities to calculate net tax liability. Under GST, a registered dealer has to file GST returns that broadly include: PurchasesSalesOutput GST (On sales)Input …
How to file GST returns using GSTR-3B; Check step-by-step guide Read More »
Taxation department, Punjab, on Monday arrested four persons from Jalandhar for alleged ₹48-crore goods and services tax (GST) fraud. creating bogus ITCs, these persons were passing on the same bogus ITC to other than end taxpayers, who adjusted their tax payment liabilities with this bogus ITC rather than paying the same on their own. The …
4 arrested for GST fraud worth ₹48, bogus ITC to other than end taxpayers Read More »
Recently, a functionality of “Automated Drop Proceedings” of GSTINs suspended due to non-filing of returns has been implemented on the GST Portal. This functionality is available for the taxpayers who have filed their pending returns i.e. 6 monthly or 2 Quarterly returns. Note: This functionality is applicable to the taxpayers whose GSTINs have been suspended after 1st …
Attention, GST Taxpayers who are under QRMP Scheme and having Principal Place of Business in State Group 2!
According to Hon’ble Supreme Court’s directive filing of TRAN forms was made available for aggrieved taxpayers during 01.10.2022 to 30.11.2022. It has been observed that, in the process of filing TRAN forms, few taxpayers have submitted their forms on the portal but did not finally File it within the specified time. After submitting the Tran Forms, only filing was to …
GSTN Very Important Advisory on taxpayers facing issue in filing GSTR-3B Read More »
Clarification to deal with difference in Input Tax Credit (ITC) availed inFORM GSTR-3B as compared to that detailed in FORM GSTR-2A for FY 2017-18 and2018-19– reg. Section 16 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as “CGST Act”) provides for eligibility and conditions for availing Input Tax Credit (ITC). During the initial period …
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 …
In the case of M/S New Nalbandh Traders vs State Of Gujarat, the Gujarat High Court has held that: On the perusal of the aforesaid provisions, it can be said that there is a specific mechanism for reversing the credit in the case of a discrepancy in the ITC availed by the recipient, against the …
Official GST Portal has posted an update that: For some of the taxpayers, there was an issue in relation to duplicate entries in GSTR2B which has since been fixed and correct GSTR2B has been generated. In this regard, taxpayers while filing GSTR3B are advised to check and ensure that the value of ITC they are …
GST Portal Update: Availing ITC As Per Law And GSTR-2B Read More »
The monthly tax payment form GSTR-3B is all set to be amended to check fraudulent Input Tax Credit (ITC) claims and speedy disposal of genuine cases. An official said that this could be considered in the meeting of the GST Council to be held next month. The revised form will provide clarity to the taxpayer …
Big Breaking: Government Plans To Amend GSTR-3B To Stop Bogus ITC Claims Read More »
Official account of GSTN Portal, GST Tech has tweeted that: GSTR2B is now available for April 2022 It may be noted that only if the taxpayer, the Input Tax Credit (ITC) gets auto populated in GSTR3B from GSTR2B has not saved any data in GSTR3B for that tax period. 2.) The auto population of ITC …
Vide Notification No. 05/2022- Central Tax Dated 17th May 2022, the CBIC has extended due date for filing GSTR-3B of April 2022 to 24th May 2022.
CBIC has tweeted on 17th May 2022 that: A technical glitch has been reported by Infosys in generation of April 2022 GSTR-2B & auto-population of GSTR-3B on portal. Infosys has been directed by Govt for early resolution. Technical team is working to provide GSTR-2B & correct auto-populated GSTR-3B at the earliest. (1/2) Considering the difficulties …
Breaking: Government Proposes To Extend April 2022 GSTR-3B Due Date Read More »
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 »
Rajasthan Government has issued a circular on 5th April 2022, in which the government said that: It has come to the notice that in some instances, the taxpayers have not disclosed ineligible ITC in GSTR-3B on account of IGST paid on inward interstate supply and import supplies which might have culminated in short transfer of …
Rajasthan Government’s Most Important Circular On GST Return Filing Read More »
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 »
A GST stakeholder Suresh Patel has tweeted that My client received interest due notice for 2017-18 for nil gstr3b. But paid late fee. Interest is calculated on late fee. Is interest is applicable on late fee too? Under Gst act? He tagged official twitter handle of GSTN in his tweet. Replying to Suresh Patel’s tweet, …
GST Department Issues Notice For Interest Payment On Late Fees Paid in GSTR-3B Read More »
Attention GST Taxpayers whose Aggregate Annual Turnover for the FY 20-21 is more than Rs. 5 crore! File your Annual Return in Form GSTR-9 along with self certified Reconciliation statement in GSTR-9C before February 28, 2022. Attention GST Taxpayers whose aggregate annual turnover for the FY 20-21 is more than Rs. 2 crore! File Annual …
GST Alert! Tax department asks taxpayers to complete this pending work 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 »
Attention GST Taxpayers who are not under QRMP Scheme. Today is the last date to file your monthly GSTR-3B Return for the month of December, 2021. Late filing of GSTR-3B return will attract late fees and interest.
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 »
Good news for GST taxpayers is that government is launching interest calculator in GSTR-3B Return very soon which will calculate accurate head-wise interest on late payment of tax. Return filing will be easy because we have to not calculate interest. According to government, this functionality will arrive at the system computed interest on the basis …
Very Good News For GST Taxpayers. Know Details Here Read More »
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Latest GST News, Information, Notifications & Announcements 1. CHANGES IN HSN CODES AS PER HS-2022 w.e.f 01.01.2022: The WCO has announced the New (Seventh) edition of HSN – HS-2022 w.e.f 01.01.2022. India being party to HS Convention will also align its First Schedule of Customs Tariff Act with HS-2022. The necessary changes required were already …
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 …