The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. The GST Council has made the following recommendations: 1. Levy of Compensation Cess to be extended beyond the ..
The 39th GST Council meeting will be held on the 14th March 2020, at Vigyan Bhawan, New Delhi. Taxpayers and practitioners have huge expectations from the meeting as the meeting is being held just two weeks before the last date of filing Annual Returns for FY 18-19 and the implementation of the New Return System. Below are some expectations from the 39th GST Council Meeting: 1. Deferment and relaxation of e-Invoicing under GST : The GST Council in its 35th GST Council Meeting ann..
Taxpayers are required to select their business activity only once, as - Manufacturer, wholesaler/Distributor/Retailer, service providers & others post login based on highest turnover amongst them. You can change the same later. ..
1. Due dates for Compliances under GST 31-03-2021- GSTR 9 - Annual Return for FY 19-20 by ALL registered persons having an aggregate turnover of more than Rs. 2 Crores or opted to file Annual Return 31-03-2021- GSTR-9C - Reconciliation Statement between Annual Return and Audited Financial Statements - FY 19-20 by registered persons whose Annual Turnover is above Rs. 5 Cores. For Annual turnover in excess of Rs. 2 crore but less than 5 crore, it is optional. GSTR-3B - Month..
The topic of QRMP has been a lot in trend regarding whether this scheme is beneficial to the taxpayers or not. There has been a dilemma whether the small taxpayers were more satisfied with earlier compliances of GSTR 1/3B or with this new QRMP Scheme. So, let us understand the whole scheme and then decide what should be done. What is QRMP Scheme? Quarterly Return Filing and Monthly Payment of Taxes (QRMP) is the scheme for small businesses that have an annual aggregate turnover of up..
In their continuous endeavour to uproot fake billing operations, officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi (East) achieved yet another success when investigations led to unearthing of a massive network of fictitious firms to generate and avail fake Input Tax Credit (ITC) of Goods and Services Tax (GST). The network of fictitious companies was being operated by one Shri Naresh Dhoundiyal in connivance with one Shri Devender Kumar Goyal, who is a Charted Accountant b..
1. Changes in format of GSTR-1 Return 2. Changes in number of digit of HSN Code to be reported ..
Annual Return is a form where any assessee is required to fill it with department annually but assessee has also given chances to correct the output tax liability and input tax through filing of form annual return GSTR-9. Annual Return GSTR-9 is not sufficient if we have filled and reversed the INPUT Tax and shown additional output liability. The assessee is required to further fill DRC-03 online where assessee is also required to verify DRC-03 through DSC or EVC code. DRC-03 is used for b..
In the ongoing drive to counter the menace of fake billing operators, information from analytics tool NETRA (Network Exploration Tool for Revenue Augmentation), was developed by the officers of Central Goods and Service Tax (CGST) Commissionerate, Delhi East to unearth a network of fictitious firms used to generate and pass on fake Input Tax Credit (ITC) of Goods and Service Tax (GST). Investigation revealed that the multilayered network was being operated by one Shri Nihaluddin who has ..
GSTR-2B Is Month-Wise Auto Drafted Statement For Regular Taxpayers Introduced On August 2020 And Can Be Generated From 12th September 2020 Onwards. This GSTR-2B Generated Report In A Manner That Allows Taxpayers To Reconcile ITC With Their Own Books Of Accounts And Records. Although Taxpayers Struggling To Reconcile The B2B Generated Data With Their Book Data. Here We Introduce “GSTR 2B Matching Utility (AI Version)” For To Match Your ITC Data With GSTR 2B/2A Data. This Match..
The Gurugram Zonal Unit of Directorate General of GST Intelligence has arrested a person, namely Mr. Pradeep Jain, resident of Muzaffarnagar, UP who is Director of M/s PSR Metals Pvt Ltd, Muzaffarnagar. An investigation was conducted against M/s PSR Metals Pvt Ltd located at Khasra No 362/2, Near Begrajpur Industrial Area, Village HussainpurBopada, Muzaffarnagar, UP-251001 by way of visits conducted at the registered address of the said company. During the investigation, Mr. Pradeep Jain, Dir..
Revenues for the month of February 2021 , 7% higher than the GST revenues in the same month last year The gross GST revenue collected in the month of February 2021 is ₹ 1,13,143 crore of which CGST is ₹ 21,092 crore, SGST is ₹ 27,273 crore, IGST is ₹ 55,253 crore (including ₹ 24,382 crore collected on import of goods) and Cess is ₹ 9,525 crore (including ₹ 660 crore collected on import of goods). The government has settled ₹ 22,398 crore to CGST and ..