GST Return for September of a year is the last return period during which taxpayers can rectify any missing inputs or errors in the returns already filed during the previous financial year. These corrections are crucial for the correct closure of that particular financial year. It also forms an important checkpoint during the self-certification process, i.e, during filing the GSTR-9C. Therefore, filing September 2021 GST return is very significant and crucial. Read the article to learn more...
Despite the huge setback in 2020 due to lockdown citing the COVID-19 pandemic, majority of businesses have started opening up and have gained momentum again this year. If you are someone who is seeing rapid growth in your business and are wondering how it’s going to affect your GST Compliance, this article will help as a guide to everything you need to consider for efficient GST compliance in 2021...
Monthly/quarterly GST return filing requires a lot of time and attention. It is important that you, as a taxpayer, keep a tab on all the latest GST updates and file the GST returns timely following all the rules or else there are high chances that your GSTIN may possibly get cancelled. Read the article to know why your GSTIN can get cancelled…
Utility of GST data for lending is proven, especially when it comes to lending to small businesses. The availability of data over APIs, relevance, and authenticity of data source i.e. the GST system itself, makes it the best fit for large scale digital lending programs. Read the article and learn about the important points to note while using GST data.
PMT-04 is a GST form with which one can file ledger related grievances or complaints. If there’s any discrepancy in electronic liability ledger, electronic cash ledger or electronic credit ledger taxpayers can file FORM GST PMT-04.
Quarterly Return Monthly Payment or QRMP scheme under GST has been introduced to simplify compliance for taxpayers having turnover up to Rs. 5 crores. Recently, the government has introduced few QRMP Scheme updates for the taxpayers. Read the article to find out all the changes.
Unblocking a GSTIN for EWay Bill Generation in case of non-filing of GST Returns is going to be a major concern of the MSME sector in coming days as the rule of EWay Bill Generation blocking is now supposed to come into effect from 21st November 2019 as per Notification No. 36/2019 – Central Tax dated 20.08.2019.
A secure & comprehensive GST software is necessary to ease the filing hassles and but also to acquire data, reconcile, and for ITC claim etc. Here’s how a GST software can simplify your GST Compliance with 100% accuracy.
If you are someone who wants to start selling through e-commerce platforms and wondering if you need to register for GST then read this article it talks aboutGST Registration Requirement For E-commerce Vendors
Here are the new relief measures released by CBIC via latest notifications and circulars. These recent updates with regards to COVID-19 serve as relief measures and will prove to be beneficial for the taxpayers:
The GST Council in its last meeting pushed the e-invoicing mandate to 1st Oct 2020. Here are 5 key areas which need to be strategized considering the overall impact of e-invoicing on current practices, cost and efforts.
ESG Reporting in India | EGS - Environmental, Social and Governance. It is a business review of a company’s economic, environmental and social impacts, caused by everyday business operations and activities
The 4.0 Version which is right now in Beta Launch will soon be released on Playstore for user download. Main Features: Search GSTIN by Name | Search GSTIN by PAN | Create watchlist of frequently searched GSTINs | GST Updates and Notifications and much more with Peridot 4.0
On 13th Dec 2019, Government notified the e-invoicing rules, its applicability and date from when the notified rules will be effective. In all there were 5 notifications and a summary of notifications.
4 factors to consider while building credit models Using GST Data | GST Data based lending is gaining a lot of popularity | When we talk about digital-first, rather digital-only strategy, data is at the core
Auto-population of details from e-invoices into GSTR-1 is only a facility for the taxpayers and not final numbers from legal point of view. Read more about Auto-population of details from e-invoices into GSTR-1
Latest GST Updates You Need to Be Aware of before the year ends. These changes introduce radical changes and stringent controls in the process of GST cancellation, ITC claim, EWB validity and GSTR 1 filing etc.
The Special Economic Zones are deemed as foreign territory for trading operations and taxation purposes, i.e. any goods or services supplied to the SEZ shall be treated as Zero-Rated supply and attract 0% GST.
Form GST ITC-02A is a declaration of unutilized ITC transfer by a taxpayer for procurement of a separate registration within the same state or union territory. Here are the steps for both transferor and transferee in detail!
Once form RFD-01/01A is filed, an acknowledgement of the same is available on the GST Portal. This acknowledgement is called as RFD-02 which also serves as a response to RFD-01. Here is the detailed explanation of form RFD-02
If your GST Refund is stuck and is not getting processed or is rejected, there are a few steps you can take to raise a grievance for the same on the official grievance redressal portal. Here is the step by step process.
Once the GST Refund application is made, you can it to check its status. This blog covers the steps to track the GST Refund Application. There are three ways in which you can track your application status.
Merchant exports generate foreign exchange for the country like normal exports and are mainly engaged in the export of goods and not services. Here’s all about Merchant Exporters and their export process in the GST regime.
Despite several provisions, there have been many cases of fraudulent GST refunds and export frauds. Here we cover the reasons for export frauds and the proposed amendments issued by the government to curb export frauds.
Did you know that the condition of 10% provisional ITC rule will apply cumulatively for Feb to Aug 2020. And any cumulative adjustment for input tax credit for these months can be reported in 3B of Sept 2020. Read the full article for detailed conditions for ITC Claim with screenshots.
Since making revisions is not allowed, the government has set out some rules to make changes/amendments, and rectify the mistakes in GSTR 3B and GSTR 1 for the ease and convenience of the taxpayers. Read on…
When taxpayers pay excess GST in certain cases and the tax paid is more than the GST liability, they can claim their GST refund via a streamlined GST process. Here's a step by step guide to GST Refund:
To be taxable in the GST regime, the scrap does not have to pass the test of manufacture or mechanical process. Here's all about Scrap sales in GST, HSN Code and GST Rates of the Scrap material etc. Read on…
Form PMT-09 has been enabled on the GST Portal by the CBIC. All the registered taxpayers are eligible to file PMT-09 and use to rectify/shift ECL balance. It has been made live on 21 April, 2020. Read on…
Considering the present scenario in the country with COVID-19 outbreak, GSTN (Goods and Service Tax Network) has recently issued an updated advisory for taxpayers opting for Composition Scheme for the Financial for Year 2020-21.
We have been, hopefully, proactive in battling the virus, can we be equally so in taking care of the micro, small and medium businesses? In short, we need business ventilators in operation which will pump in funds to enhance staying power.
The Government of India has taken these measures and has implemented these changes in the view of the COVID-19 outbreak. Smt. Sitharaman made these announcements via video conferencing today i.e. on 24th March, 2020.
Know Your Supplier’ scheme that will enable every registered person to have some basic information about the suppliers with whom they conduct or propose to conduct business was introduced in the 39th GST Council Meeting that happened on March 14th. IRIS Peridot does the same for you.
As a concept, e-invoicing has many advantages to offer to all the participants – suppliers, recipients and the Government. It also opens up avenues to provide value-added solutions and services by using the highly standard, processable and recent invoice data.
Amendments in the Central Goods and Services Tax Act,2017 / Integrated Goods & Services Tax Act, 2017 /Union Territory Goods & Services Tax Act,2017. Amendments carried out through the Finance Bill, 2020 will come into effect on the date of its enactment.
IRIS Sapphire, the GST software from IRISGST, is a one-stop solution for all your GST Compliance. Built with features like auto-computation, smart and advanced reconciliation and robust insights and reports,
The 38th GST Council meeting was held on December 18, 2019, under the chairmanship of Union Finance Minister of India, Smt. Nirmala Sitharaman. Here are the preliminary highlights of the 38th GST Council Meeting:
The taxpayers and the GST authorities have had multiple encounters with such technical glitches, which has led to erroneous or missed filings. Thus, in order to address such issues on the GST portal, an IT-Grievance Redressal Mechanism was introduced in April 2018.
When a taxpayer resets his GSTR 3B, the filings status of the form changes from “Submitted” to “Yet to be filed”. The facility also deletes all the entries posted in the electronic liability registers and reverses the ITC integrated with the electronic credit ledger.
Advance Authorisation Scheme (AAS) is a tax and duties neutralization scheme under the foreign trade policy (FTP). Under the scheme, an exporter can import duty-free goods (subject to export obligation) to be physically integrated with the export goods.
The supply goods and/or services is done under bond or LUT, without payment of IGST. In such scenario, the exporter can claim a GST refunds on export of the unutilized ITC available for CGST, SGST and IGST.
Understanding genuine hardship to taxpayers, CBIC has issued a Circular No. 110/29/2019 – GST dated 3rd October 2019, wherein it provided an option to re-file refund application if taxpayer has inadvertently filed NIL GST refund application.
The integration of GST EWay Bill with FASTag, envisaged in January 2019 with the revenue department setting up an officers committee to integrate e-way bill, FASTag and Delhi-Mumbai Industrial Corridor’s (DMIC’s) Logistics Data Bank (LDB) services, finally came into effect last week.
GST Appellate Tribunal (GSTAT) or simply the Appellate Tribunal is the second appeal forum under GST i.e. for any dissatisfactory order passed by the First Appellate Authorities, an application for revision of the same can be raised to the National Appellate Tribunal.
The Central Government amends the Central Goods and Services Tax Rules, 2017 to be called as Central Goods and Services Tax (Sixth Amendment) Rules, 2019 vide Notification No. 49/2019 – Central Tax dated 09-10-2019.
GSTR 3B is a monthly self-declaration form that a taxpayer is required to file on a monthly basis. Form GSTR 3b consists of summarized details of supplies made during the month along with the details of paid taxes, ITC claimed, purchases under reverse charge mechanism, etc.
The GST Network (GSTN) has incorporated an online GST refund process, as decided by the 37th GST Council. With this utility, taxpayers will easily be able to file for a refund via form RFD 01, which can further be processed online by the GST officers.
This new invoicing system is expected to be rolled out on a voluntary basis from January 2020 onwards. More information on the implementation model and final formats are anticipated to be released in the coming weeks.
A UIN or Unique Identification Number is a GST Exempt class under GST regime for specified person/organisations such as foreign diplomatic missions and embassies, who do not carry any outward transaction and thus are entitled to the refund of the tax paid on inward supplies.
First Appellate Authority (in this case). In order to make an appeal to the First Appellate Authority, a person has to file form GST APL 1 within 3 months (extendable up to 1 month) of the issuance of order.
The 37th GST council is likely to discuss the following issues in the upcoming meeting:Reduction of GST Rates in Auto Sector,Review return filings,ITC treatment in the healthcare sector,Review present Revenue Position,Single Authority Mechanism for Export Refunds.
In case of any legal disputes, wherein the person involved is not happy with the decision passed on by a lower court, the person can raise an application to the higher court for the cancellation or reversal of the same.
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,
The annual return is divided into 6 parts, Part I covers basic details while Part II is for outward supplies. Part III is important section covering ITC related reports in Table 6, Table 7 and Table 8.
GSTR 9 Annual Return preparation is round the corner. With due date extended twice from 31st December 2018 to 30th June 2019 and from 30th June 2019 to 31st August 2019, it is expected that this time there won’t be any extensions.
CBIC vide Circular No. 105/24/2019-GST dated June 28, 2019, has clarified that the treatment of tax in cases of secondary discounts or post-sales discount under GST regimes for the purpose of determination of the value of supply.
The first section relates to the comparison of credit availed on forward charge by the taxpayer with the credit available as per inward supply uploaded by the suppliers in GSTR 1, duly reflected in GSTR 2A.