GSTR-9

Screenshot_2022-06-22-19-58-39-89_4251af1b5b11394b318ec35cda6368c8-5e3dcfbf

Breaking: These Taxpayers Are Not Required To File GST Annual Return For FY 2021-22

Vide Notification No. 10/2022- Central Tax Dated 5th July 2022, the CBIC has exempted taxpayers having aggregate turnover upto Rs. 2 Crore in the Financial Year 2021-22 from filing GST Annual Return for the said Financial Year. Notification states: In exercise of the powers conferred by the first proviso to section 44 of the Central …

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Breaking: CBIC Issues SOP For Scrutiny Of Returns For F.Y. 2017-18 And F.Y. 2018-19

Breaking: CBIC Issues SOP For Scrutiny Of Returns For F.Y. 2017-18 And F.Y. 2018-19

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 …

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Issue SCN Under GST in Time Bound Manner: Delhi Government

Issue SCN Under GST in Time Bound Manner: Delhi Government

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE & TAXES (POLICY BRANCH) VYAPAR BHAWAN, I.P.ESTATE, NEW DELHI-110002 No. F. 3(409)/GST/policy/2021/1054-1058 Dated: 04/03/2022 To, (i) All Special/Additional/Joint Commissioners (ii) All Ward In charges Subject- Issuance of SCNs in time bound manner- regarding. The Instruction No. 02/2021-22/GST-Investigational regarding issuance of SCNs in time bound manner …

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GST System mistake in calculating late fee, now giving notice of dues to businessmen

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 …

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Latest GST News, Information, Notifications & Announcements

Latest GST News, Information, Notifications & Announcements [Period 13/12/21 to 19/12/21]

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 …

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GST PORTAL UPDATES

Latest GST News, Information, Notifications & Announcements [Period 06/12/21 to 12/12/21]

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 …

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GSTR-9

Annual Return in GSTR-9 for FY 2020-21 is Now Live

GSTR-9 for FY 2020-21 has been enabled on the GST portal.  In case GSTR-9C (Reconciliation statement and Certification) is required to be filed, the same shall be enabled on the dashboard post filing of GSTR-9. Taxpayers with AATO upto Rs. 5 crores are not required to file the reconciliation statement in Form GSTR-9C for FY …

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CBIC

CBIC Issues Notifications to Notify GSTR-9 and GSTR-9C for the Financial Year 2020-21

Notification No. 29/2021-Central Tax Dated 30th July 2021: Notify section 110 and 111 of the Finance Act, 2021 w.e.f. 01.08.2021. Download Notification: Please Click Here Notification No. 30/2021-Central Tax Dated 30th July 2021: Amend Rule 80 of the CGST Rules, 2017 and notify Form GSTR 9 and 9C for FY 2020-21. Rule 80 provides for …

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GST

Learn! How to Make Voluntary Payment in GST through Form GST DRC-03

Form GST DRC-03 is used to make voluntary payment in GST when we are making any payment through Annual Return (GSTR-9)/ Reconciliation Statement (GSTR-9C)/ payment in response to any notice etc. There are some FAQs prescribed by the GSTN which are as under: 1. What is the facility for Payment on Voluntary Basis? Payment on …

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GST

A Thread on 25 Problems in GST

CA Harshil Sheth tweeted about 25 current problems in GST: ITC restrictions in 36(4) and 16(2)(aa).  ITC Denial of utilizing u/r 86B.  ITC reversal due to 180 days Non-payment.  No ITC allowed for CG in Export refund.  No ITC allowed for CG & Services in Inverted duty refund.  Whole return filling Mechanism.  Non Effective GST …

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GST WEEKLY UPDATE

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 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 …

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Important Advisory on GSTR-9 Annual Return by GSTN

The taxpayers are advised to ensure that values are reported upto two decimal places in the GSTR-9 offline utility. The error “Error! Invalid Summary payload” after uploading the JSON created from the Offline Utility of GSTR-9 is reported due to reporting values upto three decimal places instead of two decimals.

Advisory on Annual Return (GSTR-9)

Advisory on Annual Return (GSTR-9) Offline Utility

The taxpayers are advised to ensure that values are reported upto two decimal places in the GSTR-9 offline utility. The error “Error! Invalid Summary payload” after uploading the JSON created from the Offline Utility of GSTR-9 is reported due to reporting values upto three decimal places instead of two decimals. Thanking you, Team GSTN

Changes in GST Rates From 1st January 2022:

Advisory on Reconciliation Statement (GSTR-9C )

22/02/2021 GSTR-9C Reconciliation statement to be filed in Form GSTR-9C requires the tax rate wise declaration of transactions for the concerned financial year. In the said form, tax amount pertaining to tax rates 1%, 1.5% and 7.5% in section III (table 9 and 11) and section V may be made in row/ under label ‘Others’ …

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GST Return and Type of GST Return

GST Return and Type of GST Return

A return is a document including details of income which a taxpayer is
required to file with the tax authorities. This can help tax authorities to
calculate tax liability.
Under GST, a registered dealer has to file GST returns that include:
• Purchases
• Sales
• Output GST (On sales)
• Input tax credit (GST paid on purchases)
To file GST returns sales and purchase invoices are required. In the GST
regime any Regular business has to file two monthly returns and one annual
return. This amounts to 26 returns in a year.
The number of GST filings vary for Quarterly GSTR-1 filers. The number of
GST filings online for them is 17 in a year.
There are separate returns required to be filed by special cases such
as Composition dealers whose number of GST filings is 5 in a year.

GST COLLECTION

Recent GST Updates and Amendments

1.Restriction on availing ITC – Rule 36(4)
➢ ITC can be availed only up to 105% of GSTR 2A, as against 110% earlier. Now, the
ceiling of 105% to be computed on invoices uploaded & returns furnished + invoices
furnished by quarterly taxpayer.
➢ Violation of the above could lead to suspension of registration
2.Restriction on use of ITC – Rule 86(B)
ITC in credit ledger can be used only to pay 99% of output tax liability. It is applicable to
taxpayers having monthly taxable supply exceeding Rs. 50 lacs.
Not applicable to the following taxpayers
➢ Paid Income tax exceeding Rs. One lac in each of the last two financial years
➢ Claimed refund of more than Rs. 1 lac on zero rated supplies or inverted duty
structure in the preceding financial year
➢ Discharged tax liability cumulatively in cash in excess of 1% in the current
financial year
➢ Govt. department, PSU, local authority or statutory body

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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Changes in GST Rates From 1st January 2022:

Government extends due date for filing GST annual return for FY19 till Dec 31

The government has extended the due date for filing GST Annual Return in FORM GSTR-9 and GSTR-9A and Reconciliation Statement in FORM GSTR-9C for Financial Year 2018-19 from 31st October to 31st December, 2020. Filing of Annual Return (FORM GSTR-9 and GSTR-9A) for 2018-19 is optional for taxpayers who had aggregate turnover below 2 crore …

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no outages in the Aadhaar – PAN/EPFO linking facility. All its services are stable and functioning fine.

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

CBDT and CBIC has Extended Due Dates for Various Returns/ Reports Due Dates Extended by the CBDT (1.) The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as …

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Tax Concept'

Tax Concept’s Letter to Hon’ble Prime Minister for Serious Issues Regarding GST

Tax Concept’s Letter to Hon’ble Prime Minister for Serious Issues Regarding GST Date : 11.10.2020 Ref.: TC/20-21/1 To, Hon’ble Prime Minister, Government of India, New Delhi Subject : To attract your kind attention on Serious Issues regarding GST Hon’ble Sir, GST was introduced in India to simplify the Indirect Tax Structure and to promote Ease …

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11 E-BOOKS ON GST OFFERED BY THE ICAI FOR FREE

11 E-BOOKS ON GST OFFERED BY THE ICAI FOR FREE

11 E-Books on GST offered by the ICAI for Free For enhancing knowledge of professionals and to keep them update, ICAI releases 11 E-Books on GST. ICAI President CA Sh. Atul Kumar Gupta’s some words on these books : The GST alongwith its challenges has brought in various benefits also like creation of National market …

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NOTIFICATIONS ISSUED BY THE CBIC

NOTIFICATIONS ISSUED BY THE CBIC ON 5th MAY, 2020

Notifications issued by the CBIC on 5th May, 2020 Notification No. 38/2020- Central Tax, Dated 05-05-2020 This Notification seeks to make fifth amendment (2020) to CGST Rules In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of …

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DEADLINE TO FILE INCOME TAX RETURNS FOR FY 2018-19 EXTENDED TILL 30 SEPTEMBER

DUE DATE FOR GSTR-9 (F.Y. 2018-19) FURTHER EXTENDED

Due Date for GSTR-9 Extended Notification No. 41/2020- Central Tax, Dated 5th May, 2020 In exercise of the powers conferred by sub-section (1) of section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with rule 80 of the Central …

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Updated CGST Rules by CBIC

UPDATED CGST RULES BY CBIC (UPDATED UP TO 3rd APRIL, 2020)

Updated CGST Rules by CBIC : After including all notifications till date, CBIC issues new updated version of CGST Rules, 2017 for the ease of learning for taxpayers and professionals. Note : This updated version of the CGST Rules is amended upto 3rd April, 2020. This has been prepared for convenience and easy reference of …

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RELAXATION IN TAXATION, MCA DUE TO COVID-19

INCOME TAX (1.) Extend last date for income tax returns for (FY 18-19) from 31st March, 2020 to 30th June, 2020. (2.) Aadhaar-PAN linking date to be extended from 31st March, 2020 to 30th June, 2020. (3.) Vivad se Vishwas scheme – no additional 10% amount, if payment made by June 30, 2020 (4.) Due …

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39th GST COUNCIL MEETING UPDATES ACCORDING TO SOURCES

> Interest will be charged on NET CASH LIABILITY. Amendment to be made retrospectively w.e.f. 01st July, 2017. > Late fees for GSTR-9 has been waived for 2 years (F.Y. 2017-18 and F.Y. 2018-19) for taxpayers with annual turnover less than Rs. 2 Crore. > Where registrations have been cancelled till 14.03.2020, application for revocation …

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COMPLIANCE REQUIREMENTS FOR MARCH, 2020

About Article : This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” If you think compliance is expensive, try non‐ compliance” COMPLIANCE REQUIREMENT UNDER THE INCOME TAX ACT, 1961 Income Tax Act, 1961     02.03.2020 Due date for furnishing of challan-cum-statement in respect of tax deducted under …

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