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.
The 39th GST Council meeting was held on Saturday, 14th March 2020 at New Delhi. Read here to know all the changes that will be implemented:
The simplifications notified in Form GSTR-9 and Form GSTR-9C effective only for FY 2017-18 and 2018-19. For FY 2017-18, the last date for filing GSTR-9 and GSTR-9C extended to 31st Jan 2020.
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.
The GST collection has started showing signs of recovery with the monthly collection crossing 1 lakh crore for 2 consecutive months.
The new returns shall introduce new and simplified forms GST Ret 1, Ret 2 and Ret 3 along with annexure form GST Anx 1 and Anx 2.
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.
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