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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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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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10 Points About Dynamic QR Code in GST

You can listen to the blog here Dynamic QR (Quick Reference) code is required to be shown on all Business to Customers Tax invoices issued by a registered taxable person whose turnover exceeds rupees five hundred crores during any of the last three financial years. Is there any difference between the QR code issued for […]

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Selection of Core Business Activity on GSTN Portal

Listen to the blog here GST has enabled a new feature on the GST portal. At the login time, the portal prompts the user to select the “Core Business Activity.” This is required for the department to understand the nature of the business carried out by the taxpayers. The portal prompts three options initially Manufacture […]

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Important changes applicable from 1st of April 2021 in GST

Do not have time to read, you can listen to the podcast here From 1st April 2021, some changes are being made in Goods and Service Tax which taxpayers have to follow and implement the same. e-invoice e-invoice is required to be issued by all registered taxpayers having turnover above rupees fifty crores for all B2B […]

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