One Year of GST Rollout – A learning / Nightmare or Success? When the clock ticked 00.00 hours on the night of 30th June 2017, India has rolled out one of the major reforms, tax reform to be specific for rationalization of taxes known as “Goods and Service Tax” by subsuming about 40 plus […]
GST Tip – 463 : What we can understand is that hardly 50% of the taxpayers have filed GSTR -1 and if enforcement is undertaken immediately it means that about 50% of the taxpayers will receive notices and at the same time many of the taxpayers have to reverse the ITC with interest if matching […]
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 – Onemonthly Return:All taxpayers excluding a few exceptions like composition dealer shall file one monthly return. Return […]
The due dates for the return filing have been extended yet again. The last date for filing for most of them is 31st Dec 2017. Bue again due to the representation of the trade and industry the government has extended the due dates again. The due date for filing of Form GSTR – 1 for […]
All registered taxpayers have to file GSTR – 3B by 20th of August for the transactions related to the month of July 2017. The return is a summary return, unlike the other GST Returns which are to be filed at the transaction level. For more details on the impact visit my blog page – https://indiagstdotin.wordpress.com/2017/08/02/are-we-ready-for-the-game/
As per the Final Returns, in GSTR – 1, HSN wise Summary has to be shown for the outwards supplies for the month along with the Unit of Measure, Quantity supplied, total value, taxable value along with the tax amounts for CGST, SGST/ UT GST, IGST and Cess in Table 12.
As per the latest GST Returns, In Table 11 B of GSTR – 1, tax invoice issued during the return filing period will be shown for which advances have been received in the previous months. It will be grouped by rate wise for the interstate and intrastate supplies.
As per the latest GST Returns, In Table 11 A of GSTR – 1, advances received from the customers have to be shown rate wise for the interstate and intrastate grouped by the tax rate. Taxes on these will be added to be output tax liability.
As per the GST Returns Final Formats, in Table 9 of the GSTR – 1, all the debit notes, credit notes, refund vouchers issued for the supplies made for the earlier period has to be shown here. The documents for the B2B and B2C will be shown here.