In the next Good and service tax Council meeting, the Group of ministers are planning to review exemptions and an inverted duty structure. The interim report had made a few suggestions for removal, including hospital rooms with rent of more than Rs 5000 per day, services that are provided by regulators such as SEBI, RBI, […]
Recently, GSTN or the Goods and Service Tax Network has released an advisory on the “Auto-population of E-invoice Details into Form GSTR 1”, dated 30.11.2020. The main agenda of this advisory is to inform all the taxpayers who have been preparing and issuing invoices by generating IRN (Invoice Reference Number) from IRP (Invoice Registration Portal), […]
Recently, GSTN (Goods and Service Tax Network) has released an advisory on the “Online Filing of Application by the Taxpayer for Unblocking the Facility of E-Way Bill Generation facility”, dated 28.11.2020. Further, the term application means Form GST EWB 05. Moreover, this facility is available with only those whose EWB or E-way Bill generation facility […]
Suspicion of violation of GST norms by registered Start-ups These days the Union and State governments are seeking to consolidate the GST registration process for the new start-ups. The Authorities are set to reinforce the stringent legal measures on the newbie business entrants who wish to get online GST registration in India. Such harsh measures are being […]
Form GSTR 1 signifies a Monthly GST Return that is filed by a “Regular Dealer” regarding all the “Outward Supplies” made by him or her in a specific month or quarter. Recently, CBIC or Central Board of Indirect Taxes and Customs, by way of a Notification No 84/ 2020, dated 10.11.2020 had notified that the […]
Nowadays, the Central Government is working to overhaul the GST Return Filing System with an aim to offer some relief to those taxpayers who are earning an aggregated business turnover of less than Rs 5 crores. In this regard, CBIC by way of Circular No 20/01/08/2020 has released some notifications to prescribe a new scheme […]
Recently, CBIC[1] or the Central Board of Indirect Taxes and Customs by way of a Press Release, dated 09.10.2020, has extended due dates for filing GST Annual Return, i.e., GSTR 9 and GSTR 9C for the F.Y. 2018-2019 till 31.12.2020. Earlier, the due dates for filing GSTR 9 (Annual Return) and GSTR 9C (Reconciliation Statement) […]
Recently, CBIC (Central Board of Indirect Taxes and Customs) by way of Notification No 62/ 2020 had amended CGST Rules 2017 and declared a change in GST Registration Process. Further, the rules amended are known as Central Goods and Services Tax (Tenth Amendment) Rules 2020 and amendments made came into effect from 21.08.2020. Also, while […]
The term “Claim GST Refund” denotes a situation where the GST paid by the taxpayer is more than the actual GST liability and the taxpayer can ask the authorities to refund the difference back to him/her. Under GST Law, the process of claiming a refund is standardized in order to avoid confusion. Moreover, the process […]
The COVID- 19 pandemic and the series of lockdown have majorly disrupted the Indian Economy. As a result, the Government of India had announced several measures to tackle the situation of hassle, such as Food Security, Extension of Tax Deadlines, Extra Funds for Healthcare Services, etc. In the same manner, CBIC has waived off Late […]
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