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Change or Perish: New Year – New Resolutions in Business

The new year is around the corner, and we normally come across resolutions adopted by the people for the beginning. Now the same has intruded into the business, especially from the GST perspective. It is the time for the business to take resolution and then take it forward else the entrepreneur cannot reach his goals. […]

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Invoice Furnishing Facility (IFF) for Taxpayers under QRMP Scheme

An Invoice Furnishing Facility (IFF) facility has been provided to taxpayers under QRMP Scheme (Quarterly filers of Form GSTR-1 and also of Form GSTR-3B returns), as per sub-rule (2) of Rule-59 of the CGST Rules, 2017. Taxpayers who have opted for quarterly filing frequency under the scheme can file their details of outward supplies (B2B invoices only) […]

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Advisory on Auto population of details in Form GSTR-3B from Form GSTR 1 & 2B

System generated summary is a summary of FORM GSTR-3B which will be generated for every registered person based on the following: a. Liabilities in tables-3.1 & 3.2 of GSTR-3B, except Table-3.1 (d) pertaining to inward supplies liable to reverse charge, are computed on the basis of details of outward supplies as filed by you in […]

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Recommendations of the 42nd GST Council Meeting

The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of […]

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Synopsis of the GST Notifications & Instruction issued on 24th June 2020

No. 49/2020 – Central Tax Many provisions of the CGST Act 2017, has been amended in the Finance Bill 2020 and some of the same have been notified and the effective date is 30th Jun 2020. Section – 118 of Finance Act 2020:  This amendment eases the provision for claiming input tax credit on debit […]

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38th GST Council’s decisions regarding Law and Procedure related changes

The 38th meeting of the GST Council met under the Chairmanship of the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here today. The meeting was also attended by the Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur  besides Finance Ministers of States & UTs and senior officers of Ministry […]

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Extension of Due Dates for filing of FORM GSTR-1 and FORM GSTR-3B in certain cases

It has been observed that the number of taxpayers who have filed FORM GSTR-3B is substantially higher than the number of taxpayers who have furnished FORM GSTR-1. Non-furnishing of FORM GSTR-1 is liable to late fee and penalty as per the provisions of the GST law. In order to encourage taxpayers to furnish FORM GSTR-1, a one-time scheme to waive off […]

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One Year of GST Rollout – A learning / Nightmare or Success?

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 […]

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GST Tip 463

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 […]

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GST Council unveils new, simplified return filing process

The GST Council on Friday unveiled a new simplified return that would require a taxpayer to file only one return every month and set a period of six months for the transition to take place. “It will take about six month for GSTN to prepare for it so for that period the current arrangement of […]

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