Lately, GST Council announced that there will be New GST Return Forms that will be applicable from 1st July 2019. These New GST Return Forms includes Normal (RET-1), Sahaj and Sugam. Moreover, to give a fair idea about these new GST Return forms they are now available on the GSTN. In this article, we will…
All accounts and records should be compulsorily and accurately maintained by every taxpayer registered under the Goods and Services Tax (GST) Law. These records should be maintained by the taxpayers at their principal place of business. Therefore, it is binding to know the details related to the maintenance of records and accounts under GST. …
GST Rates and HSN codes were revised in 31st GST Council Meeting which was held on 22 December 2018. As per the recommendation of GST Council, GST Rates of 23 Goods and 3 Services have been revised. Table Content Revised GST Rates Others Goods Recommended for Exemption Services Recommended for Exemption Revised GST Rates…
Under the Goods and Services Tax (GST), the authorities communicate to the taxpayers via GST notices. There are various reasons for the issuance of the different types of notices, which every taxpayer should know. This article discusses these reasons and types of GST notices along with the manner in which one may respond upon receiving…
The income tax department issues PAN that is a blend of a ten-digit alphanumeric number. The PAN card helps the government to keep a proper track of the taxes. In addition to this, for filing Income Tax Return PAN Card is necessary. Along with this, the PAN Card is also used as ID proof. On…
Central Board of Indirect Taxes & Customs (CBIC) has announced the due dates for filing the GSTR 3B for the month of April-June 2019. You can file your GSTR 3B on or before the 20th of the following month till the month of June. In simple words, you can file GSTR 3B on or before…
Reconciliation between GSTR 3B and GSTR 1 is a very important step as it helps you to reconcile the mismatches between them. However, not performing reconciliation between GSTR 3B and GSTR 1 can result in show cause notice from the GST authorities. Moreover, you may not be able to file accurate Annual GST Return due…
Matching, reversal, and reclaim of Input Tax Credit (ITC) are important for taxpayers because it helps in claiming the accurate amount of ITC without any discrepancy. One can be considered as completely compliant to GST if their ITC claims are in place. The following topics have been discussed in this article: ITC Mismatch for…