The Indicative list of Parameters introduced by CBIC vide Instruction No. 02/2022-GST dated 22.3.2022 in Standard Operating Procedure (SOP) for Scrutiny of returns u/s 61 of CGST Act read with Rule 99 of CGST Rules for F.Y. 2017-18 and F.Y. 2018-19 are enumerated hereunder: (The list is indicative and the proper officer may include additional risk parameters in the selection of returns for Scrutiny.) S. No Parameter Description of Pa..
Central Board of Indirect Tax (CBIT) has said in a recent notice that GSTR-2B portal for April 2022 is now available for users. The notification also mentioned that input tax credit (ITC) gets auto populated in GSTR-3B from GSTR-2B only if the taxpayer has not saved any data in GSTR-3B for the tax period. ..
The due date for filing FORM GSTR-3B for the month of April, 2022 has been extended till 24th May, 2022 (Refer notification No. 05/2022-Central Tax dated 17.05.2022, as attached below) ..
Now CBIC directs Infosys to sort glitch in generation of April 2022 GSTR-2B. Proposal for extension of due date being considered! ..
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 earliest. 3. In the interim, affected taxpayers interested in filing GSTR-3B are requested to file the return on self-assessment basis using GSTR-2A. Inconvenience cau..
GSTR-1 enhancements & improvements 1. The statement of outward supplies in FORM GSTR-1 is to be furnished by all normal taxpayers on a monthly or quarterly basis, as applicable. Quarterly GSTR-1 filers have also been provided with an optional Invoice Furnishing Facility (IFF) for reporting their outward supplies to registered persons (B2B supplies) in the first two months of the quarter. Continuous enhancements & technology improvements in GSTR-1/IFF have been made from time to time t..
What is GST Return? A GST return is a document to be filed by all registered entities containing the details pertaining to the sales, incomes, expenses, and purchases that a taxpayer must file with the tax authorities. Who Should File the GST Return? As per the Goods and Service Tax Act and Rules thereon, all the registered entities are mandated to file the GST Return. However, the registered business entities with Annual Aggregate Turnover of Rs 5 Crores are compulsorily to file 2 m..
Generation of e-invoice is mandatory for certain classes 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 and reporting the same on the Invoice Registration Portal (IRP). Invoices reported successfully on the IRP are given a unique Invoice Reference Number (IRN). The documents (invoices, debit notes, credit notes) reported on the IRP are then transmitted electronically to ..
i. 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). Invoices reported successfully on the IRP are given a unique Invoice Reference Number (IRN). The documents (invoices, debit notes, credit notes) reported on t..
Introduction It has been 4.5 years since GST has been implemented. Since then, many changes were seen by way of notifications, circulars & advance rulings. The annual return is one of the major aspects of GST law. The basic understanding of the adjustments, reconciliations that are to be performed while filing an annual return and reconciliation statement (GSTR 9 & GSTR 9C resp.) are covered in this article. We have covered the basics, along with some advanced issues and solu..
Since implementation of GST, the claim of input tax credit has witnessed multiple amendments with Government’s intention to allow less and recover more and restricting the claim only if the invoices/debit notes are uploaded by the suppliers in GSTR-1. Through this write-up, we intend to cover the intricacies of claim of ITC from practical and accounting perspective working a ready reference for your business. A. Legal Position upto 31.12.2021 A legal history with respect to claim of ..
For seeing an illustration of interest computation in GSTR-3B by the system with sample values & screenshots, click here 1. The new functionality of interest calculator in GSTR-3B is now live on the GST Poral. 2. This functionality will facilitate & assist the taxpayers in doing self-assessment. This functionality will arrive at the system computed interest on the basis of the tax liability values declared by the taxpayers, along with the details about the period to ..
Section 16 of the CGST Act, 2017 pre-budget status Section 16(1) of the CGST Act, 2017 is quoted below Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger o..
Effective 1st January 2022, Section 16(2)(aa) has been inserted in CGST Act,2021 in CFST Act, 2017. This clause (aa) reads as under- [(aa) the details of the invoice or debit note referred to in clause (a) has been furnished by the supplier in the statement of outward supplies and such details have been communicated to the recipient of such invoice or debit note in the manner specified under section 37;] Section 37 reads as Every registered person, other than an Input..
Facility for auto-computation of Interest for GSTR 3B 1. Introduction As a facilitation measure for taxpayers and for assisting the taxpayers in doing a correct self-assessment, a new functionality of interest calculator is being released in GSTR-3B. This functionality shall assist the taxpayers to arrive at the system computed interest on the basis of the tax liability values declared by the taxpayers. The interest applicable, if any, on the tax liability declared in the GSTR-3B of ..
Arjuna (Fictional Character): Krishna, why there is huge cry among the taxpayers due to insertion of explanation to sec 75(12) stating that tax declared in GSTR 1 will be considered as "self-assessed tax" for the purpose of sec 75(12) even though not included in GSTR 3B effective from 1st January 2022? Krishna (Fictional Character): Arjuna, the CBIC have inserted strict barriers on claiming of Input Tax Credit only to the extent of ITC reflected in GSTR-2B based on GSTR 1 filed by t..
Procedure for recovery for Mismatch in GSTR 3B and GSTR 1 Returns Central Government introduced amendment to Section 75 (12) of the CGST Rules, 2017 by inserting an explanation thereby paving way for recovery of self-assessed tax without having to resort to proceedings u/s 73 or Sec 74 of the Act. The explanation defines "self-assessed tax" to include the tax payable in respect of details of outward supplies in Form GSTR 1, but not included in GSTR 3B. There was apprehensions ..
1. As per the GST Council decision to notify "Restaurant Service" under section 9(5) of the CGST Act, 2017 along with other services notified earlier such as motor cabs, accommodation and housekeeping services wherein the tax on such supplies would be paid by electronic commerce operator if such supplies made through it, Notification No. 17/2021-Central Tax (Rate) and 17/2021-Integrated Tax (Rate) dated 18.11.2021 have been issued. Accordingly, the tax on supplies of restaura..
Arjuna (Fictional Character): Krishna, what are the changes notified by government in filing GSTR-1 and GSTR-3B from 1st January 2022? Krishna (Fictional Character): Arjuna, Earlier taxpayers (Supplier) were not able to file GSTR-1 or use the IFF on the GST portal if they had pending GSTR-3B filings for the past two months (monthly filer) or for the last quarter (quarterly filer) as per CGST Rule 59(6). From 1st January 2022, taxpayers cannot file GSTR-1 if the preceding month’s GSTR-3B..
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 of TDS under section 192, section 194A, ..