GSTR

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Very Important Point To Keep in Mind While Availing Self- Assessed ITC From GSTR-2A

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 …

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Professionals Are Questioning The Authority Of GSTN After Issuance Of Advisory For GSTR-2B

GSTN has issued advisory on GSTR-2B for the month of April 2022 on 15th May 2022. To read the advisory, Please Click Here In this advisory, GSTN has advised taxpayers to avail ITC as per GSTR-2A on self assessment basis till the technical team is resolving the issue of missing entries in GSTR-2B. After this …

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Breaking: GSTN Issues Advisory on GSTR-2B For April 2022

1.) It has been noticed that in a few cases, certain records are not reflected in the GSTR-2B statement for the period of April 2022. However, such records are visible in GSTR-2A of such recipients. 2.) The technical team is working to resolve this issue for the impacted taxpayers and generate fresh GSTR-2B at the …

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Read What Professionals Are Saying About Non-Availability Of GSTR-2B

GSTR-2B for April 2022 is showing data till the month of March 2022. i.e. Data for April 2022 are missing in April 2022 GSTR-2B. This is due to technical glitch in the GST Portal. So, read what professionals are saying about non-availability of GSTR-2B: CA Bimal Jain has tweeted that “When Taxpayers liable to pay …

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GST

GST mismatch: Govt contractor was fined 77,37,499 after commercial taxes department noticed discrepancies in the GST returns..

A government contractor was fined 77,37,499 after commercial taxes department noticed discrepancies in the GST returns filed by the trader and the government. The government contractor under Theni 2 division of Madurai zone of commercial taxes department had filed his GSTR-3B form but the sales figures in his form did not match with the sales figures on GSTR-07 form …

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Rajasthan Government’s Most Important Circular On GST Return Filing

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 …

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ITR filing to bank KYC: Complete these 8 important tasks by March 31, otherwise you will have a lot of trouble from next month

The current financial year 2021-22 is about to end in a few days. With the end of this financial year, the deadlines of many works are also going to end. These also include some financial work. If you do not complete these works by March 31, then you may have to face trouble. These tasks …

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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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Latest Income Tax & GST Weekly Due Dates, Notifications / Press Info, Case Laws, etc

Latest Income Tax & GST Weekly Due Dates, Notifications / Press Info, Case Laws, etc

Dear Readers, We are delighted to share our 67th E-Newsletter “Weekly Taxation Newsletter” dated 15th March, 2022 from 08th March, 2022 to 14th March, 2022 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, …

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Auditing officers lose adjudicating notice power under GST system

Assessees have got some relief as only jurisdictional tax officers would now be able to adjudicate notices issued under the goods and services tax (GST) system. The power to adjudicate these notices have been taken away from auditing and investigating officers under the GST system, according to a circular issued by the Central Board of Indirect Taxes and Customs …

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GST UPDATE

Latest GST News, Information, Notifications & Announcements [Period 07/03/22 to 13/03/22]

1. GSTN enhances GST Registration Application user interface: User Interface (UI) with respect to the address fields in the Registration Application GST REG-01 has been enhanced as follows:- Incorporation of a map tile along with a drag and drop facility of address pinhead on to the exact location of the applicant’s address. Once selected, the …

Latest GST News, Information, Notifications & Announcements [Period 07/03/22 to 13/03/22] Read More »

Kerala FM Announced the launch of a mobile application ‘Lucky Bill Scheme’ for uploading GST invoices

GST App: ‘Lucky Bill Scheme’– Kerala Finance Minister KN Balagopal, during Budget, has announced the launch of a mobile application ‘Lucky Bill Scheme’ for uploading GST invoices. He has further stated about this application that, this is an important step in order to tackle GST Evasion from the root level and also attractive prizes will …

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Latest Income Tax & GST Weekly Due Dates, Notifications / Press Info, Case Laws, etc

Latest Income Tax & GST Weekly Due Dates, Notifications / Press Info, Case Laws, etc

Dear Readers,We are delighted to share our 66th E-Newsletter “Weekly Taxation Newsletter” dated 08th March, 2022 from 01st March, 2022 to 07th March, 2022 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, Case …

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Weekly Corporate Compliance Calendar for March, 2022 [Period 01/03/22 to 07/03/22]

Weekly Corporate Compliance Calendar for March, 2022 [Period 01/03/22 to 07/03/22]

1. SEBI UPDATES: [Sl.  Particulars  Link  1  Adjudication Order in respect of 13 entities in the matter of IPO of Channel Nine Entertainment Ltd  Click Here  2  Takeover – Eveready Industries Limited  Click Here  3  Adjudication order in respect of ABN Global Securities Private Limited in the matter of dealing in Illiquid Stock Options at …

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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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Corporate Compliance Calendar for March, 2022

ABOUT ARTICLE:  This article contains various Compliance requirements for the Month of March, 2022 under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.  If you think compliance is expensive, try non‐ …

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GST Department Issues Notice For Interest Payment On Late Fees Paid in GSTR-3B

GST Department Issues Notice For Interest Payment On Late Fees Paid in GSTR-3B

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, …

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Latest GST News, Information, Notifications & Announcements [Period 28/02/22 to 06/03/22]

GSTN Issues Advisory On Auto- Population Of E-invoice Details Into GSTR-1

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). …

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GST Alert! Tax department asks taxpayers to complete this pending work

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 …

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Proposed Changes in GST in Budget 2022

Proposed Changes in GST in Budget 2022

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 …

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Alert: Be Careful While Filing GSTR-1 And GSTR-3B

Alert: Be Careful While Filing GSTR-1 And GSTR-3B

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 …

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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

Alert For Taxpayers Who Are Under QRMP Scheme in GST

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 …

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Proposed Changes in GST in Budget 2022

Very Good News For GST Taxpayers. Know Details Here

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 …

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Advisory on Revamped Search HSN Code Functionality

GSTN Issues Advisory on Revamped Search HSN Code Functionality

A revamped & enhanced version of Search HSN Functionality has been launched on the GST Portal. Advisory on Revamped Search HSN Code Functionality The Search HSN functionality was earlier given as a measure of facilitation to the taxpayer to search the Technical Description of any particular HSN code of any goods and/or service used in the Trade, …

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New GST Update: Implementation of Rule-59(6), as amended, on GST Portal

1. As per Notification No. 35/2021 – Central Tax dated 24th September 2021, clause (a) of the sub-rule (6) of Rule 59 of CGST Rules, 2017 was amended. By way of this amendment, for the words “for preceding two months”, the words “for the preceding month” were substituted with effect from 1st January 2022. This …

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Statutory Tax Compliance Tracker – for January, 2022

Corporate Compliance Calendar for January, 2022

1. Compliance requirement under Income Tax act, 1961   Sl.   Compliance Particulars   Due Dates   1 Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 for previous month. 07.01.2022 2. Due date for deposit of TDS for the period October 2021 to December 2021 when Assessing Officer has permitted quarterly deposit …

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