Electronic Credit Reversal and Reclaimed Statement - In this article, we understand the significance of this new system, its impact on taxpayers, and the steps taken to ensure a seamless transition.
As per the Finance Act – 2021, a proposal was released to omit certification by CA by amending Section 35(5) of the CGST Act. In the 43rd GST Council Meeting, the finance ministry reaffirmed this suggestion for changes in furnishing the reconciliation statement GSTR 9C with self-certification instead of by CA/CMA. Read all the changes related to GSTR 9C self-certification here…
GSTR 9 is an annual return form that a regular taxpayer is required to file for his/her annual turnover. The form requires invoice details for inward and outward supplies as procured by the given business.
Form DRC-01B serves as an official communication from the GST authorities to taxpayers, indicating a discrepancy in the reported liability between their GSTR-1/ IFF and GSTR-3B returns.
Significance of harmonizing GSTR-1 and GSTR-3B, exploring why it is more prudent to strive for consistency rather than explain differences | Liability / Difference Appearing in R1 – R3B (DRC-01B)
One such proposal laid down to improve GST implementation is Reverse Charge Mechanism (RCM) with an aim to enhance tax compliance and coverage across organized, partly organized and unorganized sector in India.
Payment Voucher under Reverse Charge Mechanism in GST is a proof of transaction between taxpayer and unregistered supplier.
The provisions made under GST define a Casual Taxable Person as any individual who transacts goods and services occasionally while acting as a Principal, Agent or in any other capacity for the furtherance of the business, but does not possess any fixed place of business in the given taxable territory,
In India, GST is not applicable to any exports, which makes all the exports in India, Zero Rated Supplies. As per Section 16 of the IGST Act
The revenue department under GST have plans to introduce a faceless scrutiny of refunds to hasten the claim settlement process.
Goods and Service Tax Collection in India went up by 15.6% from a year ago to hit INR 1.06 trillion in March. GST Council has been working diligently towards a fairer taxation system and reduce tax evasion.
GSTIN is an abbreviation for Good and Service Tax Identification Number, which is a 15 digit, unique registration number given to every taxpayer registered under GST.
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