The finance ministry hit an impressive gross GST revenue collection for the month of April 2021, setting a record high at Rs. 141,384 crores. However, the covid wave has hit a rough patch and there are no signs of any improvement and hence, the Central Board of Indirect Taxes and Customs (CBIC) has decided to … Read moreCovid Relief Measures Introduced for GST Taxpayers
In India, GST rates are fixed by the GST Council. There are five GST slabs: NIL (0%), 5%, 12%, 18%, and 28%, and these are mapped to specific HSN codes for harmonisation of levy of GST across the nation. Note: HSN is the abbreviation for Harmonized System of Nomenclature code. It is used for the … Read moreGST On Milk And Related Products
The Invoice Furnishing Facility was introduced by the Central Government vide Notification 82/2020 dated 10 November 2020 to support the Quarterly Return Monthly Payment (QRMP) scheme. Please refer to this article for an overview of the IFF. In this article, we will discuss the step-by-step process for updating invoices using the IFF. Step 1: Log … Read moreStep-by-Step Process for Updating Invoices Using the Invoice Furnishing Facility (IFF)
GST registered Taxpayers can access the GST Systems via third-party applications. These applications will provide the Taxpayers with all user interfaces through desktops, mobile phones, and other applications. They will also be able to interact with the GST system through secure GST System APIs. The service providers developing these applications are collectively called GST Suvidha … Read moreList Of GSPs (GST Suvidha Providers) Approved By The GSTN
The Quarterly Return Filing and Monthly Payment of Taxes (QRMP) Scheme under GST was introduced on 1 January 2021 for Taxpayers having an aggregate annual turnover of less than INR 5 Crores. Under this scheme, the notified Taxpayers have an option to file GSTR-3B on a quarterly basis and pay tax every month. Furthermore, Taxpayers … Read morePoints To Remember While Filing GSTR-1 For Jan-Mar 2021 Under QRMP Scheme
A GST invoice evidences the supply/sale of goods and services and is a requisite to avail the eligible Input Tax Credit (ITC), transport goods and generate IRN. However, in different scenarios, different kinds of GST invoices have to be issued/generated. In this article, we will talk about: Which Are The Different Types Of GST Invoices? … Read moreTypes of GST Invoices
Regular GST registered Taxpayers who don’t want to avail ITC facility and who have an aggregate annual domestic PAN-based turnover as per the following limits can opt for the Composition Levy under GST: Up to INR 1.5 Crores (in the previous FY), Up to INR 75 lakhs (in the previous FY) for Taxpayers who are … Read moreHow To Opt-In For Composition Scheme For The Financial Year 2021-22?
Quarterly Return, Monthly Payment of Taxes (QRMP) Scheme is the Government’s initiative to simplify GST compliance for small Taxpayers. Under this scheme, Taxpayers having an aggregate turnover at PAN level up to INR 5 crore can opt for filing GSTR-1 and GSTR-3B quarterly. In addition to this, tax payments can be made in the first … Read moreHow To Change The Profile Under The QRMP Scheme?