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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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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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FAQ – 16

Is it Mandatory to fill all the columns in Table 4 (Outward Supplies) ? How do I show data in Table 4 of the GSTR – 9 (Annual Return)? Yes, it is mandatory to fill all the columns of Table 4 if the same is reported in the monthly returns. The break up can be […]

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FAQ – 14

As a taxpayer, if I do not file the Annual return by the due date or on the due date, is there any late fee i need to file if i am filing it after the due date? Yes, a late fee is applicable and the provisions for the same are given in Section 47(2) […]

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FAQ – 13

Do I need to prepare the Annual Return before starting my GST Audit and filling of Form GSTR – 9C? Yes, the Annual Return has filled /to be taken as a base for preparing the reconciliation statement as it will give the final input tax credit availed, output tax liability for the period July 2017 […]

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FAQ – 12

  FAQ -12: My turnover during the period July 2017 to March 2018 is Rs 71.25 Lacs and basis of the Notification No 12/2017-Central Tax dated 28th June 2017, i have not shown HSN Codes on the Tax Invoice. In the Annual Return do i need to show the HSN Summary? The said notification is only for the purpose […]

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FAQ – 11

FAQ 11 : As a registered taxpayer which Annual Returns i have to file if i have migrated from Composition Scheme to Regular Scheme due to the increase in my turnover? Do i need to file Annual Return as Regular Tax Payer or Composition Tax Payer or both? Annual Returns for the Regular Scheme and Composition Scheme are to be filed by the […]

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FAQ – 9

Can a taxpayer take input tax credit after the due date of September month return or filing of Annual Return? No, you cannot take credit of the previous fiscal year after the due date of the September month return or filing of annual return whichever basis on the provisions of Sub-Section 4, Section 16 of […]

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GST Annual Return

Every registered taxpayer under GST has to file Annual Return by 31st December 2018 for the period July 2017 to March 2018. The same is notified wide Notification No. 39/2018 – Central Tax dated 4th September 2018  It is a summary return to be filed for the transactions which have taken during the above said […]

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Updates from GST – Notifications & circulars issued on 4th Sep 2018.

On 4th September 2018, 4 notifications related to central tax have been issued by CBIC and 5 circulars have been also issued to provide clarification on some aspects of e-waybill and refund processing in certain cases. Notifications issued Notification-39-2018-central_tax-English Notification-40-2018-central_tax-English Notification-41-2018-central_tax-English Notification-42-2018-central_tax-English Circulars issued Circular_No.57 Circular_No.58 Circular_No.59 Circular_No.60 Circular_No.61

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