HSN and SAC Codes Decoded: Your TaxReturnWala Guide to GST Compliance
In this comprehensive guide provided by TaxReturnWala.com, we will unlock the mystery of HSN and SAC codes, providing you with expert guidance to ensure GST compliance and avoid costly penalties. Understanding HSN Codes: The Global Language of Goods The Harmonised…
GST On Cloud Kitchens
Cloud Kitchens! Sounds different and innovative right? Well, cloud kitchens came into the limelight when the representations were sought by the GST council for a levy of the GST on the goods or services provided by the cloud kitchens or…
What Can Lead To Scrutiny Of Your GST Return?
Every GST-registered entity is required to file their GST return which is true and correct to facts with no misrepresentations. In case the GST department notices any sort of discrepancy in the filed returns, it may lead to the scrutiny…
How has GST applicability on renting of residential property changed?
The government has changed the scenario for the levy of goods and service tax on renting the residential property with effect from July 18, 2022. Earlier, GST was levied on the renting of commercial property. Recently, as per the Notification…
Uniformity In Return Assessment In Gst
The term “Assess” means computing the income of the Assess, determining the tax payable by him, and then following the procedure for collection and recovery of such tax. As per the provisions of section 2(11) of the CGST Act, the…
GST On Demo Products Used By A Merchant
Goods & Service Tax is levied on the supply of goods and services and as per the provisions of section 2(83) of the CGST Act, outward supply in relation to a taxable person means the supply of goods & services…
SCRUTINY OF GST RETURNS FOR FY 2017-18 & 2018-19
Now the GST Scrutiny shall soon become a routine thing very soon as the Central Board of Indirect Taxes and Customs (CBIC) has issued an instruction to Department on Standard Operating Procedure (SOP) on 22nd March 2022 for Scrutiny of…
How to create Challan in GST? Learn everything about challan and GST
To generate challan in GST, you need to know the steps to generate and use the GST Portal. The GST payments are available to do in online and offline portals. You will find step-by-step instructions to create a challenge in…
Everything about GST Challan Generation in 2021
Once the Input Tax Credit (ITC) is adjusted, the taxpayer needs to pay the balance GST amount to the Government. To complete the payment, the first one needs to do GST Challan generation from the official GST portal of the…
GST Challan Made Easy With This Guide
GST online payment via GST Challan payment made tax payment simple and improved transparency. Therefore, online payment of GST through the common site is properly processed. Accordingly, you may access three electronic ledgers to pay GST as a registered taxpayer….
No proposal from government for scrutiny of GST assessment in faceless mode
Surpassing old traditions with the new faceless e-assessment scheme, the government through its Union Budget 2019, bought context for a no-contact policy for Income taxpayers for their faceless tax assessment and scrutiny of their tax suits. The policy as read…
PAYMENT MECHANISM UNDER GST REGIME
GST is an indirect tax which got implemented by the Ministry of Finance in July 2017. It is a multi-stage tax system and comprehensive in nature. It replaced a pool of taxes such as Value Added Tax, Excise Duty, Service…
GST CHALLAN AND EVERYTHING YOU NEED TO KNOW
Filling a GST challan is as easy as filling out a response form at the convenience of your house. But firstly, WHAT IS A CHALLAN? Every individual, whether he/she is registered or not, makes a GST payment on behalf, is…
E-INVOICING AND ITS IMPACTS
E-Invoicing is a mechanism that reviews the Business to the Business statement to the GST system automatically for an easy filling of monthly returns. In the current system, invoices generated by different accounting software used by divergent. E-Invoice is a…
GST GUIDELINES FOR SMALL BUSINESS
There are many conspiring theories as to why the nationwide GST came into force but the most valid of them all being there was a necessity to implement one banner under which the taxes reached the government, in order to…
QRMP Scheme By GST System
QRMP Scheme By GST System – Coming as a breather to small taxpayers, the government of India decided to introduce the QRMP plan under the GST council. The Central Board of Indirect Taxes and Customs proposed a set of instructions…
Send a legal notice
Getting straight to arbitration, leaves no time for the aggrieved party to produce or attain perfect documentary evidence for any wrongdoing. Legal matters in India are all dealt with supportive documents and with reports of all preliminary actions taken by…
GST Audit for Manufacturing Entities
The government of India has a considerable view over forming favorable policies for the manufacturing sector. Usually, these entities are benefitted through government schemes and policies parked for them through the MSME recognition route. The manufacturing sector in India, like…
Filing GSTR 10: Final Return after GST Cancellation
The GST Council vide a notification issued directions for the filing of a final return using Form GSTR 10 by every taxpayer subject to exception whose GST registration has been canceled or surrendered. Filing of return in Form GSTR 10…
Highlights of 39th GST Council Meeting
With the introduction of the Goods & Services Tax Regime, the government has progressed towards implementing “One nation, One Market” by notifying one single indirect tax subsuming multiple indirect taxes. Classification of initiatives, measures, exemptions, and exceptions for specified persons…
Reverse Charge Mechanism under GST
Reverse Charge Mechanism under GST specifies for payment of tax by the recipient of goods & services rather than by the supplier of such services & goods to the government. Tax is implied under the Reverse Charge Mechanism only to…
Guidelines for New Return Dashboard
Under Goods & Services Tax regime, Taxpayers who are filing their monthly return i.e., GSTR-3B under Central Goods and Services Tax Act, 2017 (“CGST Act”) should note that with effect from 1st April 2020 new forms will be applicable during…
STAGGERED RETURN Filing of GSTR-3B
The finance ministry vides a Press Release altered the last dates of filing the GSTR-3B, the return form depicting the details of Sales made during a month in a summarized form. Earlier, the GST return filing system faced problems of…
How Small Businesses can benefit from E-Invoicing under GST
For the greatest benefits, businesses are to be placed in a range of technologies and digital solutions. They’ll be able to reap more rewards when they have much business to do with reduced cost and compliance efforts. Both the objects…
Circular Trading under Goods & Services Tax Act, 2017 (“GST”)
The term links to the share market for most of us. Practicing circular trading in shares, people tend to increase share price by planning a definite way of trading shares between a few people or companies involved. When these shares…
Blocking and Unblocking of E-Way Bills: GST
The persons registered in GST will now have to be more cautious in their GST compliances, as the Government of India (GOI) has brought an alarming policy for the negligence in compliance of the GST Act, Rules & Regulations. For…
Taxpayers to extra care for their tax payments with GST E-invoicing.
GST E-invoicing – Reforms in Goods & Services Tax Act, 2016(“GST”) are progressing in stages and with e-invoicing, the changes are brought to effect digitalization and simplification of the process. Earlier, tax on bills was subjected to State-specific rules and…
Undervaluation of Goods In Transit, is it the new market trend?
Since the inception of GST in India, several measures were taken to prevent tax evasion. The Union Finance Minister Nirmala Sitaraman once stated for the link of a specialized directorate with the Central Board of Indirect taxes and Customs (CBIC)…
Obtained New GST Number – What to do next?
The looming question for every entrepreneur today is ‘I have just obtained New GST Number for business, Now! What’s the next step should I initiate for?’ It’s a hard task for a layman to keep up with all ups…
GST Exemptions on Supplies to Food and Agricultural Organizations (FAO)
The Food & Agriculture Organization, in short, FAO, of the United Nations (UN) is an agency, specially empowered to deal with the world problem of hunger. Efforts of this organization are directed individually and collectively for creation, discussion and for…
GST Concession on Motor Vehicles Cars for Persons with Disability (PwDs)
Disability is not just a problem with health or any attribute of any individual, but it reflects the problems an individual faces in interaction with his fellow beings and while living in society. People living with disabilities have to bear…
GST on RWA on Subscription/ Contribution Received from its Members
After long negotiations made in house, the Finance Ministry and the GST Council have come up with clarifications on several issues raised in past for levy of GST on payments received by RWA (Residential Welfare Associations) from its members. RWA…
New GST Registration after Cancellation
To consolidate the majority of indirect taxes and simplify tax imposition on goods and services in India, GST was wholeheartedly accepted. With constant changes and improvements in rules made every year in GST, the Government tried to leverage the way…
GST Reconciliation Issues & Errors
With the uploading of returns till completion of the audit process, assessees are required to keep pace with changing demands of authorities through GST common portal. While Filing returns, the taxpayer is required to reconcile the values of supplies and…
GST Audit for Small Assesses to be Desk-Based.
After due extensions given, the GST Annual return this year was expected to be filed before 1st July 2019. Initiation of the audit procedure in GST was also expected to begin on completion of the taxpayer’s annual return filling. But,…
Applicability of GST on Priority Sector Lending Certificate
Only a few goods and services are left to be brought under the ambit of GST. The recent inclusion of the Priority Sector Lending Certificate (PSLC) in GST has been made by the Central Board of Indirect Taxes (“CBIC”) for…
Filling of GSTR 9C – GST Annual Return filling ( Turnover Above 2 crore )
GSTR 9C is a supportive return filed with GSTR 9 for the reconciliation of information submitted by the taxpayer in its annual return with the figures of GST stated in his Audited financial statements. GSTR-9C has to be filed by…
GST ANNUAL RETURN FILLING – GSTR 9
GSTR 9 is an Annual GST Return form to be filed by every taxpayer including SEZ units and SEZ developers registered under GST. It specifies a summarised view of all the GST returns (monthly/quarterly) filed within the financial year by…
Filling of GSTR Annual Return for Composition Dealers operators – GSTR 9A
A composition dealer registered under the CGST Act has to mandatory file quarterly GST returns for all inward and outward supplies made during the year. Like indicated norms for a normal taxpayer for filing annual returns, any person opting for…
Who will pay the GST when a vendor gives services to a company?
The GST law implies a levy of tax on all taxable supplies made within a specified period by the taxpayer. For Intrastate supply of goods and services both CGST and SGST is to be charged while for Inter-state supply, IGST…
Is it compulsory to fill out the GST return
Is it compulsory to fill out the GST return every month with no sale done in an e-Commerce business? Yes, in normal course if you are a registered applicant of GST for e-commerce business then you have to compulsorily file…
Will GST help in curbing black money?
This is the question which is hovering over mind of each and every person in the country. Well there is no straight answer to that question but let’s see the measures being introduced in Goods and Services Tax to tackle…
GST has been a Developmental step Globally, Will it help India too?
Goods and Services Tax or its substitute Value Added Tax, Conceptually a destination based tax on consumption of Goods and Services has been a global phenomenon for way too long now, We can trace it back to Year “1954” when…
Eater of Black Money: Goods and Service Tax (GST)
Black money is one of the most serious question of the Country.Goods And Service Tax being the game changer, it is expected and presumed by the expert that after rolling Out of Goods And Service Tax, the question of Black…