Returns

GSTR-8 Return Filing: Due Date | Eligibility & Rules
Returns
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
Returns
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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Essential Details On Form GSTR-7: Return Filing | Due Date | Formats
Returns
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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GST Form CMP-08
Composition scheme
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
Returns
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
Returns
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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File GSTR-3B Returns in staggered manner
News and Announcements
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

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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

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CGST 7th Amendment Rules- Amendments in refund forms and GSTR-9
GSTR 9
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 the filing of Form GST RFD-01 (Application of Refund).  To resolve the issues faced by taxpayers, the department has made various amendments in its 7th Amendment Rules

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