The Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme was launched on 1 January 2021 for GST registered persons having Annual Aggregate Turnover (AATO) less than INR 5 Crores. Under this scheme, eligible Taxpayers can file GSTR-1 and GSTR-3B quarterly and pay tax on a monthly basis. Note: This facility can be availed … Read moreHow To Make Tax Payments Under The QRMP Scheme?
The GSTN has enabled the Aadhaar Authentication/e-KYC facility for Taxpayers on the GST portal. Though this authentication is optional as of now, Taxpayers are advised to complete it at the earliest. In our previous article, we have explained the steps Taxpayers can take to complete the Aadhaar Authentication. However, in some instances, the signatories may … Read moree-KYC For Existing Taxpayers On GST Portal
GST registration is mandatory* for businesses that have a turnover of more than INR 40 lakhs (INR 10 lakhs for North-Eastern and hilly states). In some cases, the turnover criteria is not applicable. That means some businesses have to be GST registered irrespective of their turnover. When a business applies for GST registration, an Application … Read moreHow To Check GST Registration Status?
Advance rulings can help taxpayers plan activities that attract GST before undertaking them. It brings clarity to the interpretation of the laws and accompanying rules. You can refer to this article for an overview of Advance Ruling under GST. In brief, the Advance Ruling is issued by the Authority of Advance Ruling (AAR), which is … Read moreHow To Get Advance Rulings On GST Portal?
As a one-time data collection activity, the Government has enabled the ‘Core Business’ feature on the GST portal. Taxpayers have to mandatorily update this information to navigate further on the portal. This feature is added to monitor the rising ITC related frauds and keep a check on the circulation of ITC within a company. In … Read moreCore Entity Feature On GST Portal
GST related frauds are on the rise. To ensure that you and your business are not at risk, it is imperative to verify your GST registered supplier/vendor/customer’s genuineness at the very beginning. The possibilities of mismatch in GSTIN details or irregular GST compliance history needs to be ruled out. To help you in these challenging … Read moreGST Analyst – Your Go-To Expert To Verify GSTIN Details
Under GST, the supply and installation of Air Conditioners (AC) are usually considered as a bundled supply. Here, the principal supply is that of the goods, i.e., the air-conditioning unit. Installation services are supplementary to the main supply. The GST law has explicitly included Air Conditioners as a taxable supply. In this article, we will … Read moreGST On Air Conditioners
The Goods and Services Tax (GST) model law defines specific time limits within which tax invoices, debit notes, and credit notes have to be issued. Every taxpayer needs to adhere to these timelines and be aware of how these time limits are applied in different cases. In this article, we will briefly discuss: Time Limit … Read moreTime Limit To Issue Invoices, Credit Notes And Debit Notes under GST