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GST Credit is commonly known as Input Tax Credit (ITC), is the credit of ‘input tax’ paid by a person for the use of goods or services or both in the course or furtherance of business. ‘Input tax’ here means: Central GST, State GST, Integrated GST, Union Territory GST charged on supply of goods and/or services but […]
Income Tax Due Date Extension F.Y 18-19 last date for filing income tax return has been extended to 30th June 2020. For delayed income tax payment made till 30th June 2020, delayed payment on income tax will be reduced to 9% from 12%. No due date extension for TDS deposit, but delayed deposit of TDS […]
This is the first time businesses registered under the GST have to file an annual return, GSTR-9, and a reconciliation statement, GSTR-9C, after the tax was launched 2017 The GST Network (GSTN) on Sunday said around 92% of large taxpayers with a turnover of over ₹2 crore have filed annual returns for the 2017-18 fiscal. […]
The Central Board of Indirect Taxes & Customs (“CBIC”) has notified regarding exemption of duties of Customs against scrips issued under the 2% Additional ad hoc incentive for mobile phones vide Notification No 14/2020 – Customs dated February 14th, 2020 (“said Notification”). Notification No. 24/2015 – Customs dated April 8th, 2015 (“original Notification”) has been amended vide the said […]
The CBIC vide Order No. 01/2020 – GST dated February 07, 2020, which extends the time limit for submitting the declaration in Form GST Tran – 1, under Rule 117(1A) of the CGST Rules, 2017 for such class of registered person who could not submit the declaration by the due date on account of technical difficulties on the […]
Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.0 crore*. *CBIC has notified the increase to the threshold limit […]
GST is a trust based taxation regime wherein the registered dealer is required to self- assess his returns and determine tax liability. Audit has been defined in section 2(13) of the CGST Act, 2017 and it means the examination of records, returns and other documents maintained or furnished by the registered person under the GST Acts or the […]
Considering the difficulties being faced by taxpayers in filing GSTR-9 and GSTR-9C for FY 2017-18 it has been decided to extend the due dates in a staggered manner for different groups of States to 3rd, 5th and 7th February 2020 as under. Notifications will follow. Group 1: Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Puducherry, Telangana, Andhra […]
The CBIC vide Notification No. 07/2020 – Central Tax dated February 03, 2020, which notified the due dates for filing of monthly outward supply return i.e. GSTR – 3B for the period January 2020, February 2020 and March 2020, in the following manner as described in the below table:- Sr. No Particulars A registered person, whose principal […]
The CBIC vide Notification No. 06/2020 Central Tax dated February 03, 2020, which extends the time limit for furnishing of the Annual Return i.e. GSTR – 9 and GSTR – 9C, specified under section 44 of the said Act read with rule 80 of the CGST rules, 2017, electronically through the common portal, in respect of the […]