Goods and Service Tax

IEC details need to be confirmed every year to keep it remain active
Export Incentives
CA. Sachin Jindal

IEC details need to be confirmed every year to keep it remain active

In the recent Notification No. 28/2015-2020 dated 12th February 2021, DGFT make it mandatory for all IEC holders to ensure that the details in its IEC is updated electronically every year, during April – June Period. In case where there are no changes in IEC details same are also needs to be confirmed online.

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Auto-population of e-invoice in GSTR-1
GST Returns
CA. Sachin Jindal

Auto-population of e-invoice in GSTR-1

With effect from 1-10-2020, certain notified taxpayers started issuing invoices after obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). From 1-1-2021, the taxpayers with aggregate turnover above ₹ 100 Cr. during preceding Financial Year also started generating invoice IRN from IRP portal.

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Aadhar Authentication or e-KYC for existing GST Registrations
GST Registration
CA. Kapil Mittal

Aadhar Authentication or e-KYC for existing GST Registrations

With effect from 6th January, 2021, functionality of “Aadhaar Authentication” and “e-KYC”, where Aadhar Number is not available, has been implemented for existing taxpayers. Therefore, all existing taxpayers are required to complete “Aadhaar Authentication” or “e-KYC”.

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GSTR-1/2A/2B/4A/6A
GST Returns
CA. Kapil Mittal

Auto population of E-Invoice details in GSTR-1/2A/2B/4A/6A

1. Who is required to  Generate E-invoice? Wide Notification No. 13/2020–Central Tax dated 21st March, 2020, amended from time to time, every registered person who had aggregate turnover in excess of INR 500 Crores during any preceding Financial year from 2017-18 onwards is required to generate e-invoice w.e.f. 1st October, 2020. Further, every registered person having aggregate turnover in excess of INR 100 Crores during any preceding Financial year from 2017-18 onwards is required to generate e-invoice w.e.f. 1st January, 2021. Registered Person for Einvoice When to Start Registered person having aggregate turnover in excess of INR 500 Crores 1st

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gst portal
Goods and Service Tax
CA. Sachin Jindal

Online communication on GST portal | Facility between Supplier and Recipient

To ease this communication, the GST system has added a new Facility of “Communication Between Taxpayers” on the GST portal. This facility will enable a taxpayer (whether supplier or recipient) to send a message to another registered person (whether supplier or recipient) through the GST portal itself. Counterparty can send his reply using the same feature. This facility is available for all registered persons except those registered under TDS, TCS and Non-resident Tax payers (NRTP).

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Quarterly Return and Monthly Payment (QRMP)
GST Returns
CA. Sachin Jindal

Quarterly Return and Monthly Payment |QRMP Scheme

In this article we will discuss, about QRMP scheme issued by the Central Board of Indirect Taxes & Customs (CBIC) under Goods and Services Tax (GST) which help small taxpayers whose turnover upto Rs.5 crores. The QRMP scheme provides to the taxpayers to file a return GSTR-3B on a quarterly basis and pay tax every month.

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