GST Returns Archives | Page 2 Of 3

GST Returns

File GSTR-3B Returns in staggered manner
GST Returns
CA. Sachin Jindal

Taxpayers Are Allowed to File GSTR-3B Returns in a Staggered Manner from Now On!

On 22nd January 2020, the Finance Ministry announced that taxpayers are now allowed to file GSTR-3B returns in a staggered manner. After taking the hassle of return filing into account, the Government has decided to ease the process for trade and industries. Hence they have introduced different measures. Here you are going to get a complete overview below. Therefore, go through the post now and understand all the changes that are going to come. Parameters for filing GSTR-3B Returns Before the release of the latest notification, every taxpayer used to have a deadline of the 20th of every month to

Read More »

Action against taxpayers fails to furnish GSTR-3B within Due Date

Standard Operating Procedure to be followed in case of non-filers of returns includes best judgement assessment by proper officer for nonfillnig of GSTR 3B with in due dates. Every taxpayer is liable to make payment of Goods and Service Tax (“GST”), alongwith filing of return in form GSTR-3B, on monthly basis by 20th of the following Month. If taxpayer fails to furnish GSTR-3B by such due date then he is mandatorily required to pay late fee of INR 20/INR 50 per day. GST Portal will auto-populate the penalty for late filing in GSTR-3B of following month. Further, if taxpayer fails

Read More »
CGST 7th Amendment Rules- Amendments in refund forms and GSTR-9
Blog
CA. Kapil Mittal

CGST 7th Amendment Rules- Amendments in refund forms and GSTR-9

Under Goods and Service Tax (“GST”), Annual return is required to be furnished in form GSTR-9 and Reconciliation statement and certificate is required to be furnished in form GSTR-9C. As these forms are getting filed for the first time and considering the various issues faced by taxpayers, due date of filing of GSTR-9 and GSTR-9C has been extended till 30th November, 2019 for FY 2017-18. Similarly, taxpayers are also facing various issues in filing of form GST RFD-01 (Application of Refund).  To resolve the issues faced by taxpayers, department has made various amendments in form GST RFD-01 and also liberalize

Read More »
GSTR-3B is not valid return
GST Returns
CA. Sachin Jindal

GSTR – 3B is ‘not a return’ under GST law | Applicability of GSTR 3B

Gujarat High Court rules that part of Press Release on last date for availing ITC for FY 2017-18 is illegal At the beginning of the GST-era, Form GSTR – 3B was introduced to taxpayers for ease of convenience in the initial phases and the filling of Forms GSTR – 2 and GSTR – 3 were deferred indefinitely.  Further, the GST law provides for the last date for availing ITC pertaining to previous financial year i.e., due date for filing return of September of the following financial year. The Central Government had issued a Press Release dated 18 October 2018 clarifying

Read More »
Transition Plan | New GST Return Implementation
Blog
CA. Sachin Jindal

Transition Plan | New GST Return Implementation

Implementation of new GST Return formats was finalized in 31st GST Council meeting and earlier it was decided to implement the same from April, 2019 onward on trial basis and from July, 2019 onwards on compulsory basis. However, implementation could not be made in such manner. Ministry of Finance has shared a transitional plan for implementation of such new gst return formats in phased manner vide press release dated 11th June, 2019 which is as follows: Month Phases of New GST Return format implementation May, 2019 A prototype of offline tool of new return format has been shared which looks

Read More »
Clarifications on filing of Annual Return
GST Returns
CA. Kapil Mittal

Clarifications on filing of Annual Return (FORM GSTR-9)

The last date for filing of Annual return in FORM GSTR-9 is 30th June 2019. The trade and industry have raised certain queries with respect to filing of this Annual return which are being clarified as follows: Information contained in FORM GSTR-2A as on 01.05.2019 shall be auto-populated in Table 8A of FORM GSTR-9. Input Tax Credit on inward supplies shall be declared from April 2018 to March 2019 in Table 8C of FORM GSTR-9. Particulars of the transactions for FY 2017-18 declared in returns between April 2018 to March 2019 shall be declared in Pt. V of FORM GSTR-9. Such particulars may contain details of amendments furnished

Read More »
Matching of ITC
Input Tax Credit
CA. Kapil Mittal

INPUT TAX CREDIT UNDER GST | MATCHING | REVERSAL | RECLAIM

Goods and Service Tax (“GST”) is a value addition based tax, i.e., tax should be paid on value added only and therefore, is it framed on two fundamental pillars, i.e., output tax liability and Input Tax Credit (“ITC”). With introduction of GST, government wanted to overcome all possible issues confronted by department and taxpayer in pre-GST regime. One of crucial issue was to check matching of Input Tax credit claimed by taxpayer, such as, under Service Tax, Central Excise or Value Added Tax (“VAT”) department was not able to verify correctness of ITC claimed by taxpayers without manual intervention. Considering

Read More »
Failure to File GST Return in Time Can Mean Interest On Entire Gross Tax Liability
Goods and Service Tax
CA. Sachin Jindal

Failure to File GST Return in Time Can Mean Interest On Entire Gross Tax Liability

Recently a major judgment was passed in the High Court regarding the payment of interest under section 50 of CGST Act, 2017. The highlights of the judgement were: Interest on Gross liability in case of late return filling: In case of late GST returns filling, liability to pay interest accrues on Gross tax liability Interest u/s 50(1) – The liability to pay interest under Section 50 (1) is self-imposed and also automatic, without any determination by any one Interest u/s 50(3) –  Whenever an undue or excess claim of ITC is made or whenever an undue or excess reduction in

Read More »
NEW GST Return
GST Returns
CA. Kapil Mittal

GST Returns | Normal | Sahaj | Sugam | All about New GST Returns

[toc] With effect from 1st April 2019, following new revised GST return formats are implemented. Below are the new GST return name and formats. 1. Proposed New GST Returns Monthly/Quarterly (NORMAL) return-Form GST RET-1 SAHAJ Return-Form GST RET-2 SUGAM Return-Form GST RET-3 2. Old GST Returns to be removed GSTR – 1 i.e. detail of outward supplies GSTR – 2A i.e Auto-populated detail of inwards supplies GSTR – 3B i.e summary return containing summary of Outward supplies, details of inputs for the purpose of depositing GST tax liabilities on monthly basis. Modus operandi of filing of revised return forms is

Read More »



Want to talk to us

Leave your Name, email, Phone number along with what you are looking for in message box or you can call us at 011-41715118

V J M & Associates LLP

Contact Us

X