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Synopsis of Notifications Issued on 30th July 2021

Notification No. 29/2021 – Central Tax As part of ease of doing business, in the Finance Bill 2021, the GST Audit has been scrapped and Annul Returns are being simplified with self-certification of the taxpayer only. The same has been made effective from 1st August 2021. Notification No. 30/2021 – Central Tax As per the […]

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Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4

Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4 Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4 Instances have come to notice where taxpayers are reporting negative liability appearing in their GSTR-4Background: Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on quarterly basis while […]

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New Buzz in the World of Compliances: KYC

The world has seen a lot of changes through centuries and business also. Today, we have grown from a localized world to a globalized world; it can be dubbed as e-village. The business can acquire any materials or components, or services from any corner of the globe and sell to any customer across the globe. […]

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GIST of Notifications issued on 1st May 2021

GIST of Notifications issued on 1st May 2021 Due to the ongoing second wave of the Covid – 19 pandemic, there are a lot of restrictions imposed on the business and common person to curtail the spread of the virus. As a  part of lockdowns or restrictions, the trade and industry cannot run the business […]

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Changes in the e-invoice Validations Architecture

e-invoicing is implemented in India from 1st Oct 2020 for taxpayers having turnover above ₹ 500 crores and now the threshold has been reduced to ₹ 50 crores from 1st April 2021. The pace at which the Indian businesses have adopted is remarkable and all the credits to NIC for putting in place robust infrastructure which as […]

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Check list for filing of Returns by QRMP Taxpayers

In order to address the challenges faced by the small taxpayers who constitute to the majority of the taxpayers, the Government has launched, Quarterly Return Monthly Payment of Taxes Scheme has been launched applicable from 1st of Jan 2021. As per the 37th GST Council Minutes there were about 60 Lakhs taxpayers below ₹ 5 crores, which […]

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Major Changes in GST Portal

For providing better user experience and new features are being added on the GST portal from time to time by the GSTN. Some of the important feature added on the GSTN portal are listed below Same Jurisdictional Authority in case of an applicant files a new application where it is canceled previously. Applicants who are […]

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Five Commandments – GST for Year Closing

We are in the world of New Normal due to the ongoing pandemic globally. Pandemic has resulted in disruptions and business strategy changes based on consumer preferences and budget allocations. The organizations have started the new financial years on 1st April 2020 in the lockdown period. None of the organizations have prepared or able to scale […]

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GST Revenue collection for March’ 21 sets new record

The gross GST revenue collected in the month of March 2021 is at a record of ₹ 1,23,902 crore of which CGST is ₹ 22,973 crore, SGST is ₹ 29,329 crore, IGST is ₹ 62,842 crore (including ₹ 31,097 crore collected on import of goods) and Cess is ₹ 8,757 crore (including ₹ 935 crore collected on import of goods). The government has […]

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System Changes form 1st April 2021 for Businesses

The new financial year starts tomorrow, and there are many activities to be done as per year ending for the organization. Apart from those year-ending activities, some changes must be done from 1st April 2021 with respective compliances from GST, Income Tax & MCA purposes. These changes are statutory for some and for some in […]

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