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GSTR-5A
Blog
CA. Kapil Mittal

GSTR-5A Returns: Non-Resident OIDAR Service Provider| Eligibility | Due Date

GSTR- 5A form is documentation that contains details of the goods or services provided to an unregistered person inside India through Online Information and Database Access or Retrieval (OIDAR) by any person who is situated outside India. For e.g., an individual person, unregistered under GST, access database of any company located in China. Then, such service providers are liable to pay GST on services rendered through GSTR-5A. Basically, OIDAR service providers fill the GSTR-5A by logging into the GST portal to get returns. Here, we are going to let you know about every single detail of filing GSTR-5A returns.  1.

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Section269SU
Blog
CA. Kavit Vijay

Section 269SU Online Compliance on e-Filing Portal – Due Date | Penalty for Non Compliance

The Income Tax department is sending email notifications to the taxpayers with more than Rs. 50 crore turnover about the applicability of section 269SU. Taxpayers need to furnish an online report on the e-filing website from their own account. The due date to file the report is 31st January 2020. The Finance Act 2019 has come up with a new section, namely, section 269SU. A person with businesses having a turn over of more than Rs 50 Crore mandatorily need to offer facilities for payments through electronic transactions. Section 269SU actually became effective from the 1st November, 2019. As per

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Equalisation Levy
Blog
CA. Kavit Vijay

Equalisation Levy: Features, Applicability, Penalty

Equalization levy was first introduced in India and took influence from 01.06.2017. The financial act includes a new “Equalisation Levy” of 6% on services received by an Indian resident or a non-resident who has a permanent business establishment inside our nation from a non-resident person without any permanent establishment in India.  Equalisation Levy helped the government of India deduct tax from global advertising companies in an indirect way. The due date of depositing the Equalisation levy is by the 7th of the following month from the calendar year. The taxpayers need to credit the tax amount to the central government

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Blog
CA. Sachin Jindal

GSTR-8 Return Filing: Due Date | Eligibility & Rules

The GSTR-8 is a TCS (Tax collected at source) deduction form. The e-commerce companies, registered under the GST regime, file GSTR-8 return for every month. This form contains all the details of supplies made through e-commerce platforms (to both registered and unregistered customers) and TCS amount collected with respect to such supplies.  Along with that, the form also contains details of the consumers, payable tax, and paid tax amount. Under section 52 of Central Goods and Service Tax Act, 2017 (“CGST Act”), GSTR-8 filing is mandatory for registered e-commerce operators because, under the same law, the e-commerce platform is defined

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GSTR-5 Returns
Blog
CA. Kapil Mittal

All You Need to Know About GSTR-5 | Due Dates |Eligibility | FAQs

Government of India has introduced the Goods and Service Tax in the country’s business regime since 1st July 2017. Since the day of its inception, GST has changed the way businesses used to process in the country. Not only Indian but also non-resident suppliers do come under the regime. Registered Non-resident taxable suppliers are not only liable to register themselves under GST but also need to file GSTR-5 Form mandatorily. 1. Who Needs To File GSTR-5? As previously said, non-resident taxable suppliers need to file the GSTR-5 form. A person who does not have a business establishment in India but

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Blog
CA. Sachin Jindal

Form GSTR-7: Return Filing | Due Date | Formats

TDS refers to tax deducted at source. The concept under Goods and Service Tax is similar as given under the Income Tax Act. Individuals or industries who make payments for services and goods are liable to deduct tax at source when the payment meets a certain threshold limit. The Form GSTR-7 is all about Tax deducted at source (TDS) under GST.  Every eligible taxable person who deducts TDS needs to file GSTR-7. Every person who deducts TDS shall file the return by 10th of the following month from a certain tax period. GSTR-1 must get filed irrespective of the filing

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Blog
CA. Kavit Vijay

Time Limit to Deposit TDS/TCS Liability: Late Fee, Penalties

No filing or late filing of TDS/TCS return can take you into a wholesome of troubles. As the taxation rules suggest, taxpayers come under two penalties in case of non-filing of TDS returns or statements.  The first penal consequence the taxpayer will have to face comes under section 234E (Fee for default in furnishing statements), and the second one falls under section 271H (Penalty for failure to furnish statements). However, you will have to pay the late filing fee and interest as well in case of late filing. Here in this article, we are going to discuss all the important

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GST Form CMP-08
Blog
CA. Kapil Mittal

Must Know Facts On Filing CMP-08 Return: Due Date | Eligibility | Penalties

CBIC has segregated taxpayers across the country, and there are certain business persons who have been given the option to opt for a simplified procedure of compliance under GST. The option is given if you opt for composition scheme under section 10 of the CGST Act 2017  or benefit of Notification NO. 2/2019-dated 7th March 2019-Central Tax Rate. If you are one such specified person, then you need to furnish your return in a simplified statement on a quarterly basis through Form CMP-08.  1. Insights on Form CMP-08? A challan/statement through which one can declare the details or summary of

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GSTR-6 return filing
Blog
CA. Sachin Jindal

Know All About Filing GSTR 6| Return for ISD| Input service Distributor | Due dates and Penalty

If you are registered under GST, as an Input Service Distributor (“ISD”), you will have to file GSTR-6 return within its given deadline. The GSTR 6 form contains all the details regarding your purchase invoices and most of the information in this return is auto-populated. In this article, we will talk about every detail you need to know about the GSTR-6 return. It is important to note that ISD registration is separate from normal registration under GST. Therefore, if you have registered as a regular supplier under GST and you are liable to register as ISD also. Then you need

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

Must Know Facts About GSTR-3B: Return Filing, Format, Due Date

Got your business registered under the GST regime? Then, you must be already aware of the GSTR-1, GSTR-2, and GSTR-3 forms. Similar to other GST return forms, GSTR-3B is another essential form you need to file monthly. More precisely speaking, the GSTR-3B is nothing but a self-declaration form that acts as a consolidated summary of all the inward and outward supplies your business has gone through in a month. 1. What is GSTR 3B? As said earlier, GSTR 3B is the form that summaries all your monthly returns. Through GSTR 3B, you need to accumulate the total values of purchases

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