The Central Board of Indirect Taxes and Customs (CBIC) has rolled out an Automated Return Scrutiny Module (ARSM) for GST returns. The ARSM is a non-intrusive means of compliance verification that allows tax officers to scrutinize GST returns of Centre Administered Taxpayers (CATs) selected on the basis of data analytics and risks identified by the system. The ARSM was launched in May 2023 and is currently being used to scrutinize GST returns for FY 2019-20. The ARSM has been designed to be us..
What is Form GSTR-4 Annual? Form GSTR-4 (Annual) is annual return which is required to be filed by taxpayers who have opted for composition levy u/s 10 of CGST Act. The purpose of the return is to provide details of inward supplies, import of services, inward supplies attracting reverse charge and outward supplies, along with the tax liabilities declared in form CMP-08. Due date of filing of GSTR-4 Annual? Due date of filing of GSTR-4 Annual for any Financial year is 30th April of ne..
What is Form GSTR-4? Form GSTR-4 is a return which is required to be filed by taxpayers who have opted for composition levy u/s 10 of CGST Act for every quarter. This form was applicable from July-Sep 2017 till Jan-Mar 2019 and filed on quarterly frequency. The purpose of the return is to provide details of inward supplies, import of services, inward supplies attracting reverse charge and outward supplies along with details of advances paid and adjusted. Due date of filing of ..
What is Form GSTR-9? Form GSTR-9 is Annual return that is required to be filed by Regular taxpayers [Including SEZ unit/SEZ developer for each financial year. The purpose of this return is to provide details of all purchases, sales, Input tax credit, payments, demands, refunds made during the complete financial year. Due date of filing of GSTR-9? Due date of filing of GSTR-9 for any financial year is 31st December of the next FY. Illustration For FY 2022-23 the due da..
What is Form GSTR-10? Form GSTR-10 is final return which is required to be filed by Regular taxpayers [Including SEZ unit/SEZ developer whose GST registration has been cancelled. The purpose of the return is to provide details of ITC involved in closing stock [ including inputs and capital goods] which is required to be reversed/paid back. Due date of filing of GSTR-10? Due date of filing of GSTR-10 is 3 months from the date of effective date of cancellation of registration or date o..
Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It has replaced several indirect taxes like Value Added Tax (VAT), Service Tax, Central Excise Duty, and Customs Duty. GST is a self-assessment tax, and every registered taxpayer has to file monthly or quarterly returns based on their turnover. The GST return filing process has been made easy and convenient with the introduction of an online portal. In this article, we will discuss h..
Introduction Dealers who have registered for GST are required to submit monthly and quarterly returns. These returns are essential to collect data from authorized dealers and forward it to the ITC. Taxpayers file several types of GST returns annually, but this blog will focus on GSTR-1 and GSTR-3B. This article will explore the differences between the two. What is a GST return? A company's sales, purchases, output tax, and input tax paid on purchases are all reported in its GST retu..
What is GST-ITC-04? Form GST-ITC-04 is the Quarterly return filed by the Manufacturer to take credit of Tax paid on goods purchased and sent to Job-work. Details to be disclosed in return Goods sent for Job-work and received back Details of Quantity and description of goods Mode whether Goods are returned back to Principle or Sent to another Job worker for further work or Directly sold out to customer from Job-workers place Who is Job-worker? Section 2(68) of the C..
Introduction The GST Composition Scheme was created to make GST payment easy for MSME businesses and simplify GST return filing. Small taxpayers can avoid time-consuming GST processes by paying GST at a fixed rate of turnover. Any taxpayer with a turnover of less than Rs. 1.5 crore may opt for this scheme. The taxpayer should submit GSTR 4A under the composition scheme and file GST return online. What is a composition scheme? The GST composition plan is a method of tax payment available..
Introduction GST has made the tax return filing procedure simple by merging the information about the products and services of the sellers and customers under one head. The GST Council and the Finance Ministry developed the GSTN (Goods and Services Tax Network), a system where taxpayers are required to record all information on invoices, purchases, sales, dates, and locations. This provides a convenient platform for GST-registered taxpayers to connect and file the GST return form, claim ITC, ..
GSTR-9C is a form that is required to be filed by certain taxpayers under the goods and services tax (GST) in India. It is a reconciliation statement that compares the values declared in the annual return (GSTR-9) with the audited financial statements of the taxpayer for the same period. Importance Of GSTR 9C Here are some key points explaining the importance of GSTR-9C: 1. Ensures compliance with GST laws GSTR-9C helps to ensure that the values declared in the annual retur..
Changes have been brought in by CBIC in the filing process of Form GSTR 3B vide Notification no. 14/2022 Central Tax dt. 5th July 2022 and Circular no. 170/02/2022-GST dt. 6th July 2022. The three major changes are: Introduction of table 3.1.1 for e-com transaction u/s 9(5) of the CGST Act, 2017; Reporting in table 3.2 made mandatory; and Reporting format changes in table 4. Updated Table 4 reporting process Form 3B Table 4 format as amended by the aforesaid notificat..
1. What is an annual return? Ans: Annual Return is a statement of return that is required to be filed annually by each registered person (except a few specified categories of persons) under GST giving summarized details of outward supply and taxes paid thereon, input tax credits claimed, taxes paid, and refund claimed in the financial year in respect of which such annual return is filed. It also includes the transactions pertaining to the said financial year in respect of which the effect has..
As per Rule 80 of the CGST Rules, 2017, every registered business is liable to file a GST Annual Return for each financial year on or before the 31st December of the following financial year. Accordingly, the last date of filing the GST Annual Return for FY 2021-22 is 31-Dec-2022 Form to be used to file GST annual return Form GSTR-9 to be used to file GST annual returns, the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers. The taxpayers are required ..
Introduction GSTR 9 is an annual return that has to be filed by all registered taxpayers under the Goods and Services Tax (GST) regime in India. It is a consolidated return that summarizes the details of all GST returns filed by the taxpayer during a financial year. It is an important form for taxpayers to file as it helps the government to keep track of the GST compliance of taxpayers. It also helps taxpayers to maintain accurate records of their GST transactions and ensure that they are ..
November 2022 GSTR 1 due date extended to 13th for taxpayer having principal place of business in districts of Chennai,Tiruvallur,Chengalpattu, Kancheepuram, Tiruvannamalai, Ranipet,Vellore, Villupuram, Cuddalore,Thiruvarur, Nagapattinam, Mayiladuthurai & Thanjavur in Tamil Nadu. Official copy of the notification has been mentioned below ..
Introduction The department has started issuing notices and requesting for information by comparing data disclosed in GSTR 9/9C Vs GSTR 3B. Together with this, considering the various changes in the GST law in the recent past, this article aims to provide clarity on the filing of annual returns (Form GSTR 9) and reconciliation statement (Form GSTR 9C) along with required reconciliations, best practices, advanced issues & solutions and tips as applicable for financial year (FY) 2021-22. ..
The Tamil Nadu GST Department has issued instructions in respect of procedures for initiation of action against non-filers of returns under the Tamil Nadu Goods and Service Tax Act, 2017 (TNGST Act). If the registered person fails to file returns under Section 39, even after the expiration of the time limit in the notice issued under Section 46, the proper officer shall proceed to assess the tax liability under Section 62 for the person. The powers for cancellation of registratio..
Following important changes have been made in Return Filing Process Taxpayers need to file previous tax periods GSTR-1 before filing current period GSTR-1 GSTR-1 for the current period need to be filed before filing GSTR-3B for the said tax period What is FORM GSTR-1? FORM GSTR-1 is a statement of outward supplies which is filed: On Quarterly basis by QRMP taxpayers On Monthly basis by other taxpayers When should you file FORM GSTR-1?* All taxpayers (o..
GSTR-1 and GSTR-3B return to be filed in the month of November is very vital as the taxpayers have the last opportunity to rectify their errors which were not considered at the time of filing the returns in the previous year for FY 2021-22. The government has notified an amendment to the Central Goods and Services Tax Act vide Notification No. 18/2022-Central Tax dated 28.09.2022 where they have appointed 01/10/2022 as the date on which provisions of sections 100 to 114, except clause (c) of ..
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