Due Date Compliance Calendar for the month of October 2022

Income Tax Due Date Compliance Calendar   Due Date Particulars 07.10.2022 Due date for deposit of tax deducted/collected for the month of September, 2022. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan Due date for deposit of TDS for the period J..

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Concept of Missing Invoice under New GST Returns

Can recipient take credit of invoice not uploaded by supplier in his GST Return. The answer to the said question is given in this article. I. Meaning of Missing invoices Under New GST Returns, suppliers is required to upload invoices of outward supplies, imports and inward supplies attracting reverse charge in Form GST Annx 1 up to 10th of the next month. This invoice will be posted continuously in the viewing facility of the recipient for the purpose of availing credit. However, m..

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GST Return : New GST Return System

The New GST Return System which was to be implemented from the 1st of April 2020 has now been deferred till September 2020 by the GST Council in it’s 39th meeting. This article presents a brief overview of the New GST Return Filing System, the introduction of SAHAJ and SUGAM, the payment of GST, etc. In the present scenario of GST, return filing is a lengthy and cumbersome procedure because of multiple return filing. There may be variations in returns related to the same period. (i.e. betw..

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39th GST Council meeting - Key Decisions

The GST Council in its 39th meeting held on 14th March 2020 at New Delhi discussed and approved: (i) certain amendments in the GST Law and procedures; (ii) Changes related to GST Rates; and (iii) Recommended IT Roadmap 1. Recommendations on IT Roadmap - A presentation was made by Mr. Nandan Nilekani on behalf of Infosys (IT implementation Partner) to the 39th GST Council on the issues being faced by Taxpayers in the GST System. Following were summary of the discussions  It was d..

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Due date to file GSTR 9 and 9C for FY 18-19 extended to 30th June

The 39th GST Council meeting was held today i.e. 14th March 2020 at Vigyan Bhawan, New Delhi. The meeting was chaired by the Finance Minister Nirmala Sitharaman. The GST Council in its 39th meeting announced that due date to file GSTR 9 and 9C for FY 18-19 will be extended till 30th June 2020. The council also made the following decisions in the 39th GST Council meeting:   1. Interest to be charged on net cash liability with effect from 1/07/2017 The FM in her budget speec..

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Steps to be taken before implementation of 'E-invoicing and new GST return'

Followed by our presentation on 'New GST return and E-invoicing' held on 07 Feb 2020, we would also like to highlight a few points regarding the e-invoicing and new GST return system which will help in taking appropriate steps for being ready on 1 April 2020 Unlike real time generation of e-way bill before movement of goods, taxpayers interact with Government portal only on need basis like filing of monthly/quarterly GST returns, refund application etc. However, with the introduction ..

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FAQs on New Return Dashboard in GST

1. What are the various Return Types?   Return Type When is it Selected? What are you supposed to do? Return Frequency Return Forms SAHAJ Aggregate turnover during preceding financial year is up to Rs. 5.00 Cr AND Taxpayer is making supplies only to consumers, (B2C) or/and Have inward supplies on which tax is payable on rever..

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Top 7 Queries on New GST return ANX-1

As we all realize that the New GST return filing system has now been made effective from October 1, 2019 for every one of the taxpayers who are having GST registration. As per the new GST return filing structure, there are now 3 new GST returns to be filed: - One the Normal GST return called FORM GST RET-1 together with the 2 annexures-   Structure GST ANX-1 return Structure GST ANX-2 return The New GST return filing system was introduced at the 35th GST chamber meeting. It ..

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GST - New Return Prototype

Goods and Services Tax Network (GSTN) has released a web-based prototype of the offline tool of new return system. These new GST Returns will replace GSTR-3B, GSTR-1. These newly proposed prototype are user-friendly and will provide all details such as invoice upload, upload of purchase register for matching with a system-created inward supplies. Frequency of Filling Newly Proposed Returns GST RET 2 and GST RET 3 are mainly for Smaller taxpayers. Features of New Return Prototype ..

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GST ANX-1 and ANX-2 of New Return Prototype

In this, we will see the new functionalities launch by the GSTN related to the new return as a demo to the taxpayer. The detailed analysis are: 1. What is this web portal all about? Web based Prototype of Offline Tool of New Return is an interactive demo or mock-up of the 'Offline Tools of New Return' to give stakeholders a feel of what the Tool will look like and to get their feedback on the same, before it goes live. It is an interactive prototype, which allows users to navi..

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All about the new GST Normal Return

Three proposed returns have been put in public domain and available for download on registered taxpayers that have an annual turnover of up to Rs 5 Crore have the option to file one of the three returns - Sahaj, Sugam and Normal. New GST returns would be implemented on a pilot basis from April 1, and will be made mandatory from July 1, according to a decision by GST Council. Periodicity of filing return will be deemed to be monthly for all taxpayers unless quarterly filing of the return i..

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Normal, Sahaj and Sugam - The all new GST return forms

The proposed GST returns Normal, Sugam and Sahaj have been released by the CBIC. Assessees with a turnover of up to Rs. 5 crores will have an option to choose from any of the three returns to file the quarterly returns. The returns will be available from 1st April 2019 and will become mandatory from July 2019 onwards. Normal GST Return or GST Ret- 1 (adsbygoogle = window.adsbygoogle || []).push({}); The normal return can be monthly or quarterly. Assessees opting for Normal Return..

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Key elements of new GST return

GST Council approves principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification GST Council today in its 27th meeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. The key elements of the new return design are as follows - One monthly Return: All taxpayers excluding a few exceptions like composition dealer shall file one monthly return. Return filin..

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