GSTR 1
Taxpayers can amend sales return form before GST payment
GST taxpayers can now amend Form GSTR-1 with Form GSTR-1A before tax payment, ensuring accurate GSTR-3B filing. Partners like Abhishek Jain from KPMG appreciate the revision option, anticipating mechanisms like GSTR-2B for credit reconciliation. BDO India's Maulik Manakiwala highlights industry consultation, simplifying GST law and compliance, with exemptions for small taxpayers from GSTR-9/9A filings.
GSTR-1 deadline has been extended today as recommended by GSTN due to difficulties in filing
GSTR-1 deadline: The last date to file GSTR-1 for March 2024 tax period was April 11, 2024, however GSTN has recommended to the Central Board of Indirect Taxes and Customs (CBIC) that the deadline to file GSTR-1 be extended by one day to April 12, 2024. However as of 1 pm on April 12, 2024 no circular or notification from CBIC has come in this regard.
GSTR-1 filing due date to be extended till Apr 12: GSTN
In a post on X (formerly Twitter), the GST Tech said the GSTN has noticed that taxpayers are facing difficulties in filing GSTR-1 intermittently since Wednesday due to technical issues leading to slow response on the portal.
Companies to submit bank details to GST officers within 30 days of registration to avoid suspension, says GSTN
"Taxpayers are therefore advised to promptly furnish their bank account details, who have not provided it so far if 30 days period is shortly going to expire to avoid disruption in business activities and the subsequent suspension of GSTIN," it said. GSTN further said that a new functionality is being developed as per which taxpayers whose registration is suspended for non-submission of bank account details would be intimated through Form REG-31.
What is the last date to file GST annual return and who should file it?
Goods and Services Tax (GST) annual return has to be filed by every GST registered individual whose annual turnover is over a specified limit. However for filing GST annual return, taxpayers have to file their monthly or quarterly GST return first. GST annual return has to be filed using GSTR 9 and GSTR9C if required.
Allow rectification of inadvertent, bonafide errors in GSTR forms, HC tells tax dept
"The department needs to avoid unwarranted litigation on such issues and make the system more assessee friendly. Such an approach would also foster the interest of revenue in the collection of taxes," the court said. The court permitted the petitioner company, Star Engineers (I) Pvt Ltd, which is engaged in designing and manufacturing electronic components for industrial purposes, to make necessary amendments or rectify the mistakes in its Form GSTR-1 either through online or manual means.
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Govt to mandate e-invoice for B2C transactions in 2-3 years
The Indian government is considering the mandatory implementation of electronic invoicing (e-invoice) for business-to-consumer (B2C) transactions within the next 2-3 years. Currently, businesses with a turnover of Rs 5 crore and above are required to generate e-invoices for business-to-business (B2B) sales and purchases.
It’s raining GST notices. Are you prepared?
Most notices seem to be based on assumptions and surmises. Taxpayers must be proactive in collating supporting documents and advancing appropriate justifications to defend the notices.
GST Amnesty Scheme: Only few days left to avail benefits; check extended deadline date
The GST Amnesty Scheme for GSTR 4, GSTR-9 and GSTR-10 for non-filers has been extended by the Central Board of Indirect Taxes and Customs (CBIC).
Businesses can apply for revocation of GST registration cancellation by June 30 after paying taxes, penalty
The Indian government is allowing businesses whose GST registrations have been cancelled due to non-filing of returns to apply for revocation by June 30, after paying any taxes, interest, and penalties. Measures have been introduced to provide relief for taxpayers who were previously only qualified for a 30-day application period to restore their registrations following cancellation orders.
Ease of GST compliance: Still a distant dream
GST compliances which were envisaged to be easier and less complex, have turned out to be a compliance nightmare with multiple and frequent changes in the tax returns and reporting requirements.
System error: How automated notices under GST is leading to proliferation of disputes and litigations
This has resulted in a significant spurt in the issue of show-cause notices on taxpayers without any intervention of the tax officers, but solely basis information available on the GSTN, automatically.
Amendment in GST return format: Why changes regarding ITC will increase complexity for taxpayers
In most companies, the accounting process of vendor invoices is structured in such a manner that the GST amount, which is ineligible for ITC, is not recorded separately rather the entire transaction amount is booked in the expense GL itself
Draft paper released on changes to GSTR-3B
The draft, approved by the GST Council in its 47th meeting held last month, has incorporated many recommendations by the industry such as auto population of values and streamlining process of input tax credit and IGST settlement, and allowing negative values.
GST: Is recovery proceeding justified for differences in outward supply in GSTR-1 vs. GSTR 3B
From January 2022 the difference between outward supply shown in GSTR-1 vs. GSTR-3B of the relevant period would be considered as self-assessment tax and the department may initiate recovery proceedings under Section 79 of the CGST Act.
Changes in GST: Here's what to expect from Jan 1
The government must combat bogus invoicing but while doing so it is pertinent to take care of taxpayers and compliance burden of the businesses.
Taxmen can directly start recovery for mismatch in sales in GSTR-1, 3B
The government had brought in this change as part of the Finance Act, passed by Parliament earlier this year. The Central Board of Indirect Taxes and Customs (CBIC) on December 21 notified January 1, 2022, as the date on which this provision unde GST law would come into effect.
From next year, non-filers of monthly GST return will be barred from filing GSTR-1
These moves would help prevent revenue leakage due to evasion of Goods and Services Tax (GST), which was launched on July 1, 2017.
Notices on mismatch between GSTR 2A & GSTR 3B: How to defend such cases?
The mechanism for matching of input tax credit as per GST law is designed to be carried out by combined filing of Forms GSTR-1, GSTR-2 and GSTR-3.
Late fee relief to non-filers of GST returns to help small business, add to revenue: Experts
The late fee for non-furnishing of GSTR-3B for July 2017 to April 2021 has been capped at Rs 500 per return for those taxpayers who did not have any tax liability.
Six digit HSN code in GST made mandatory from April 1
A taxpayer having turnover of upto Rs 5 crore in the preceding financial year is required to furnish 4 digits HSN code on B2B invoices.
Future of GST e-invoicing: India needs a dash of innovation and a sprinkle of radical thinking
India can lead developing nations into an era of digital transformation all it needs is some investment.
Upcoming changes in GSTN and its impact on the present GST return filing system
With a view to remedy the hardships faced by the taxpayers, the Government announced certain steps that are proposed to be taken to improve the overall compliance framework.
GST: Government should provide more relief to taxpayers to combat Covid-19 crisis
On the day of announcement of lockdown, most of these investigations were underway and have now been stalled as most lower level revenue authorities were operating on the conventional printed document model.
Cash flow to be further impacted as GST Council lowers eligible credit under ITC to 10%
The change has led to another set of compliance on a monthly basis i.e. check GSTR 2A if the credit claimed doesn’t exceed GSTR 2A by 10% and also determine the credit which are ‘eligible’ out of the GSTR 2A before applying this 10% rule.
New proposal to claim GST input credit may have significant impact on cash flow
This means going forward, it will be mandatory for the buyers to match the ITC claimed with the details uploaded by the vendors.
GSTR-9 is exceedingly complex. Things to consider in simplifying it
Taxpayers have shown preference for a simpler form of compliance. Instead they are saddled by a system that asks for intricate details of transactions.
Further extension the only solution for GST annual return & GST audit
One must accept the fact that delays in filing is not due to lethargy or non-compliance by the taxpayers. There are various clarifications, interpretations and technical issues involved.
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