Tag: GST
GSTR 9 & 9C for FY 2019-20 | GST Audit Turnover
GSTR 9 is the Annual Return form to be filed by the regular taxpayer registered under GST. It contains the detailed summary of outward supply, taxes paid thereon, input tax credits claimed, taxes paid and refund claimed in the financial year. Types of Return filed annually under GST- GSTR 9 (filed by individual who file […]
Read moreMaharashtra GST department to issue their own Circulars, will not adopt CBIC Circulars
A recent circular issued by Department of GST in Maharashtra clearly indicates that the state will have a last say on applicability of a circular issued by the Central Board of Indirect Taxes and Customs (CBIC). A circular issued on 12 January 2021 by the Office of the Commissioner of State Tax, Maharashtra, says that […]
Read moree-Invoicing under GST: QR Codes | A Mandatory Replicator of e-Invoice Data
e-Invoice has implemented on large enterprises having an annual turnover of INR 500 Crores and above. As per GST Notification 70/2020-Central Tax ,dated: 30-09-2020, the mandate has begun from October 1st 2020 and as per GST Notification 88/2020-Central Tax ,dated: 10-11-2020, the mandate will also apply for all businesses having an annual aggregated turnover of […]
Read moreGSTN Advisory on Auto-population of e-invoice details into GSTR-1
GSTN: From 1-10-2020, certain notified taxpayers have been issuing invoices after obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). From 1-1-2021, the taxpayers with aggregate turnover above Rs. 100 Cr. had also started reporting invoices to IRP.Details from the reported e-invoices are being auto-populated in respective tables of GSTR-1. Update on the […]
Read moreGSTN issued FAQs on Aadhaar Authentication for Existing Taxpayers on GST Portal
1. Functionality for Aadhaar Authentication and e-KYC where Aadhaar is not available, has been deployed on GST Common Portal w.e.f. 6th January, 2021, for existing taxpayers. All taxpayers registered as Regular Taxpayers (including Casual Taxable person, SEZ Units/Developers), ISD and Composition taxpayers can do their Aadhaar Authentication or e-KYC on GST Portal. This is not […]
Read moreGST, Income Tax and Custom turnover showing different impossible now : Finance Secy
With GST collections picking up, data analysis across direct and indirect taxes to identify evaders is helping to improve efficiency for revenue collections. The tax department has identified 20,000-30,000 cases for turnover mismatch out of a total GST tax base of 1.2 crore and 7,000 companies have been acted upon over the last 1.5 months, […]
Read moreGSTN issued advisory on Invoice Furnishing Facility (IFF) for Taxpayers under QRMP Scheme
1. An Invoice Furnishing Facility (IFF) facility has been provided to taxpayers under QRMP Scheme (Quarterly filers of Form GSTR-1 and also of Form GSTR-3B returns), as per sub-rule (2) of Rule-59 of the CGST Rules, 2017. Taxpayers who have opted for quarterly filing frequency under the scheme can file their details of outward supplies (B2B invoices […]
Read more10 Newly added features on GST portal ; One Must know
CBIC always tries to make GST compliances easier and introduce few new things on the GST portal every month. From last one month or week so, many changes have been introduced and today we will go through all of them- 1. GSTR 2B Form GSTR 2B is generated every month, as per the GSTR 1 […]
Read moreGSTR-1 can’t be filed on non-filing of GSTR-3B : Notification No. 01/2021
Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No 01/2021 – Central Tax New Delhi, the 1st January, 2021 G.S.R……(E). – 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 […]
Read moreGST Collection hit a record high in December 2020
GST Collection: The gross GST revenue collected in the month of December 2020 is Rs 1,15,174 crore of which CGST is Rs 21,365 crore, SGST is Rs 27,804 crore, IGST is Rs 57,426 crore (including Rs 27,050 crore collected on import of goods) and Cess is Rs 8,579 crore (including Rs 971 crore collected on import of goods). The total number […]
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