GST Returns

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Transition Plan | New GST Return Implementation
Blog
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

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Clarifications on filing of Annual Return
Blog
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

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Matching of ITC
Blog
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

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

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NEW GST Return
Goods and Service Tax
Kapil Mittal

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

With effect from 1st April 2019, following new revised GST return formats are implemented. Below are the new GST return name and formats. Proposed New GST Returns Monthly/Quarterly (NORMAL) return-Form GST RET-1 SAHAJ Return-Form GST RET-2 SUGAM Return-Form GST RET-3 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 similar to earlier

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How to report Interstate sales to unregistered person in GSTR-3B
Blog
Kapil Mittal

How to report Interstate supply to unregistered person in GSTR-3B

Goods and service Tax (“GST”) is a consumption/destination based tax, i.e., GST revenue generated out of supply of goods/services accrues to that state wherein such goods/services gets consumed. Information about consuming states is collected by government from data provided by the taxpayers in their GST returns. Accordingly, in case of inter-state supply (from one state to another), to ensure correct allocation of revenue among states, details of consuming states (i.e., place of supply) is required to be correctly reported in GST returns. However, it has been noticed by the department under GST Audit that taxpayers have failed to report inter-state

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Formats for filing Annual Returns revised GSTR-9 and GSTR-9C
Goods and Service Tax
Sachin Jindal

Formats for filing Annual Returns revised GSTR-9 and GSTR-9C

Formats for filing Annual Returns revised Revised Formats for filing Annual Return in Form GSTR – 9, Form GSTR – 9A, Form GSTR – 9C have been notified. The summary of changes made in GSTR – 9 is given below: Details of outward and inward supplies liable to RCM made during the FY (Part – II) to be prepared based on GSTR – 3B There was a lack of clarity as to whether GSTR-9 has to be prepared on the basis of GSTR-1 or GSTR-3B. It has now been clarified that all the outward supplies for which payment has been

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Important Points to be considered for GSTR-3B return under GST
Blog
Kapil Mittal

Important Points to be considered for GSTR-3B return under GST

GST implementation is one of the most revolutionary tax reforms that have ever taken place in India. However, the huge number of returns introduced under the GST regime has left the majority of the taxpayers confused. Well, to make it easy for you, we are here to discuss the very first step in this new regime. Yes, we are referring to GSTR-3B here! Find out all the essential information on GSTR-3B return for the month of Sep 2018 and the important points to consider for the filing of the return.

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Amendment, Corrections and Rectifications of GSTR-3B returns
Blog
Kapil Mittal

How to rectify error in GSTR 3B

Introduction: In this article, we will understand following: Stages of returns Type of Error in GSTR-3B Rectification of error made while filling GSTR-3B Earlier it has been clarified that error in GSTR-3B can be rectified while filling GSTR-1 and GSTR-2, however since the mechanisms is not implemented till now, this video provide detail scope on how rectification can be done in GSTR-3B Amendment, Corrections and Rectifications of GSTR-3B returns: FORM GSTR-3B do not contain provisions for reporting of differential figures for past month(s), the said figures may be reported on net basis along with the values for current month itself

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Various Returns under Goods and Service Tax (GST)

Important Aspect relating to Returns under Goods and service tax such as: What are the Returns to be filled under GST Who is required to files returns What are the due dates for filing returns under GST What are the penalties for non-filing of returns under GST with in Due dates Types of Returns under GST There are provisions for 6 types of return have been given under Goods and service tax. Under Goods and service tax there are 3 return to be filled on monthly basis. These return are Monthly Outward Details Monthly Inward Details Monthly Returns There are 1

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