GST

Procedure or Checklist: GSTR-9C

Every registered person whose turnover during a FY exceeds the prescribed limit of INR 2 crores shall get his/her accounts audited by a CA or a cost accountant. GSTR-9C is a statement of reconciliation between: The Annual Returns in GSTR-9 filed for a financial year The figures according to the taxpayer’s audited annual Financial Statements. It can be presumed to be similar to that of a tax audit report evolved… Read More »Procedure or Checklist: GSTR-9C

Analysis of GST Amensty Scheme & Relaxations in GST Return

As per 43rd GST Council meeting which was held on 28 May 2021, we are going to do analysis of GST Amensty Scheme & Relaxations in due dates of GST Returns. Today we will discuss GST Amensty Scheme and new due dates for Month of March, April and May 2021- Amnesty Scheme is for providing relief to taxpayers regarding late fee for pending returns: To provide relief to taxpayers ,late… Read More »Analysis of GST Amensty Scheme & Relaxations in GST Return

Impact of GST on Accounting & Financial Statements

GST has been introduced on 1st July 2017, India has moved towards a single indirect tax regime for goods & services with uniform accounting system under GST for entire country. Some provisions which have directly affected on accounting such as Works Contract, Composite Supply and many more. What is Dual model of Tax? All transaction of supply would be subject to 2 Levies (State and Union government) and levied is… Read More »Impact of GST on Accounting & Financial Statements

Important Points While Filing GSTR-1 From 01st May 2021 Onwards

Major Change in GST to be executed in GSTR 1 filed from 01st May 2021 onwards. 01st April 2021 marked the new change for imposition of 4 digit/6 digit /8 digit Harmonized System of Nomenclature (HSN)/ Services Accounting Code (SAC) codes. These are the important points need to be noted for the GSTR-1 for the month of April 2021 to be filed from 01st May 2021 onwards: GST returns need… Read More »Important Points While Filing GSTR-1 From 01st May 2021 Onwards

Option to choose between QRMP scheme and Monthly GSTR 3B

To lower the burden of tax compliance on MSME entities, Government has introduced QRMPs with effect from 01 Jan, 2021. QRMP is the new scheme launched by government, many GST registered entities are still have confusion about which scheme to opt in or opt out, as QRMP is optional scheme which can be opted by GST registered entity with Turnover upto INR 5 crores.  This article explains comparative analysis of… Read More »Option to choose between QRMP scheme and Monthly GSTR 3B

GST Circular – SOP on GST registration Cancellation for Anomalies in GSTR-3B

As per the Notification No 94/2020 – the amendment in Rule 21A of GST Rules, 2017 came to effect, which states that the GST officers can now suspend a GST Registration immediately if they found significant anomalies in GSTR3B Returns. A detailed Standard Operating Procedure (SOP) in this regard was issued by CBIC on 11th Feb 2021, vide Circular No: 145/01/2021-GST on 11th Feb 2021. As per the above Circular,… Read More »GST Circular – SOP on GST registration Cancellation for Anomalies in GSTR-3B

Input Tax Credit under GST Law- Is it a Vested Right?

A vested right counted as an absolute right over any asset which cannot be taken over without the consent of its owner. Nature of ITC under GST Law The CGST Act, 2017- Section 16 contains detailed provisions regarding eligibility & conditions for taking input tax credit. Section 16(1) is the elementary provision in the GST Law which confers the eligibility to claim ITC to every registered person. However, the eligibility… Read More »Input Tax Credit under GST Law- Is it a Vested Right?

Standard Procedure of GST Rule, When GST Registration get Suspension

The purpose of this Article is for the advice Standard Process of GST Rule, When GST Registration got Suspension. It cannot be denied that troubles come uninformed. That is exactly what can happen if GSTR-3B shows significant differences with GSTR 1 or GSTR 2A / GSTR 2B. Wondering how bad it can get? Well, as per Rule 21(2A) of CGST Rules 2017, a GST Officer has the authority to suspend… Read More »Standard Procedure of GST Rule, When GST Registration get Suspension

Procedure of TCS in GST Rule & Its Standard Compliance

The Union Budget 2021 has given an easy route to comply the TCS under GST Rule. TCS also known as Tax Collection at Source has similarities with TDS and also have distinctive features. TDS refers to tax deducted when recipient of goods/services makes some payments under a contract etc. TCS refers to tax which is collected by the e-commerce operator when a supplier supplies some goods or services through their… Read More »Procedure of TCS in GST Rule & Its Standard Compliance

Online Unblocking Of E-Way Bill

Few Days before the government has come up with a significant change with regards to the e-way bill generation facility on the web portal of e-way bill. E-way bill generation is blocked for taxpayers who have not filed their returns for the previous 02 consecutive months/quarters. Therefore, if a taxpayer has not filed GSTR-3B for two or more consecutive months, then he/she cannot generate e-way bills to do dispatches and… Read More »Online Unblocking Of E-Way Bill