Ask Masters Latest Questions

Anonymous
  • 4
Anonymous
Asked: In:
  • 4

  1. Ankita Khetan

    It's too early to discuss whether GST is good or bad. It is a subjective matter of discussion. Compliance burden has increased for the taxpayers. Implementation is not being done in the manner it was envisaged when the GST was rolled out. GST Laws will take time to settle in India it is still evolviRead more

    It’s too early to discuss whether GST is good or bad. It is a subjective matter of discussion. Compliance burden has increased for the taxpayers. Implementation is not being done in the manner it was envisaged when the GST was rolled out.

    GST Laws will take time to settle in India it is still evolving. This question can be answered better after another 4-5 years. When benefits of the law will reap or drawbacks will show up.

    See less
    • 1
Anonymous
  • 0
Anonymous
Asked: In:
  • 0

  1. Badrinath Patel

    No, we cannot change the user ID in GST, however, one can retrieve the existing user ID by following simple steps: Step1: Go to the GST portal www.gst.gov.in Step2: Click on login button. Step3: You can find “Forgot Username” button in the bottom of the page. Step4: In the next page, you will submitRead more

    No, we cannot change the user ID in GST, however, one can retrieve the existing user ID by following simple steps:
    Step1: Go to the GST portal http://www.gst.gov.in
    Step2: Click on login button.
    Step3: You can find “Forgot Username” button in the bottom of the page.
    Step4: In the next page, you will submit your GST Registration Number (GSTIN) or any Provisional ID or UIN. Then click on “Generate OTP” button.
    Step5: You will receive an OTP on the registered mobile number and on the email ID.
    Step6: Enter the OTP at the required field and click on ‘submit’.
    Check you mail, as GST user ID will be sent on your registered mail ID.

    See less
    • 0
Anonymous
  • 7
Anonymous
Asked: In:
  • 7

  1. Bharat Khanna
    This answer was edited.

    Know GST Full Form & GST Meaning in Different Languages. S. No Language GST Full Form in Different Languages 1 GST Full Form in Hindi वस्तु एवं सेवा कर 2 GST Full Form in English  Goods and Services Tax 3 GST Full Form in Marathi वस्तू आणि सेवा कर 4 GST Full Form in Kannad ಸರಕು ಮತ್ತು ಸೇವೆಗಳ ತೆರಿRead more

    Know GST Full Form & GST Meaning in Different Languages.

    S. No Language GST Full Form in Different Languages
    1 GST Full Form in Hindi वस्तु एवं सेवा कर
    2 GST Full Form in English  Goods and Services Tax
    3 GST Full Form in Marathi वस्तू आणि सेवा कर
    4 GST Full Form in Kannad ಸರಕು ಮತ್ತು ಸೇವೆಗಳ ತೆರಿಗೆ
    5 GST Full Form in Telegu వస్తువులు మరియు సేవ పన్ను
    6 GST Full Form in Malayalam വസ്തുക്കളും സേവന നികുതിയും
    7 GST Full Form in Bengali পণ্য ও সেবা কর
    8 GST Full Form in Urdu سامان اور سروس ٹیکس
    9 GST Full Form in Nepali सामान र सेवा कर
    10 GST Full Form in Tamil பொருட்கள் மற்றும் சேவைகள் வரி
    11 GST Full Form in Sindhi سامان ۽ خدمت ٽيڪس
    12 GST Full Form in Arabic ضريبة السلع والخدمات
    13 GST Full Form in Gujrati માલ અને સેવાઓ કર
    14 GST Full Form in Punjabi ਗੁਡਸ ਅਤੇ ਸਰਵਿਸਿਜ਼ ਟੈਕਸ

     

     

    See less
    • 6
Anonymous
  • 1
Anonymous
Asked: In:
  • 1

  1. Saudamini

    Technically you should be able to file belated returns for AY 2020-21 till 31 March 2021. However, a penalty of up to Rs. 10,000 may be applicable.

    Technically you should be able to file belated returns for AY 2020-21 till 31 March 2021. However, a penalty of up to Rs. 10,000 may be applicable.

    See less
    • 0
Anonymous
  • 2
Anonymous
Asked: In:
  • 2

  1. brucewayne

    Income tax is a major source of revenue collection for the government and the money collected is used to fund essentials such as health, education, defense, public affairs, infrastructures, etc.

    Income tax is a major source of revenue collection for the government and the money collected is used to fund essentials such as health, education, defense, public affairs, infrastructures, etc.

    See less
    • 1
Anonymous
  • 1
Anonymous
Asked: In:
  • 1

  1. Saudamini

    The 5 heads of income are: 1. Income from Salary 2. Income from House property 3. Income from Capital Gains 4. Income from Business or Profession 5. Income from other sources.

    The 5 heads of income are:
    1. Income from Salary
    2. Income from House property
    3. Income from Capital Gains
    4. Income from Business or Profession
    5. Income from other sources.

    See less
    • 0
Badrinath Patel
  • 0
Asked: In:
  • 0

  1. Anil Kumar

    Printout of E way bill is not mandatory, but for the conveniance and record purpose we need take print out of E way bill

    Printout of E way bill is not mandatory, but for the conveniance and record purpose we need take print out of E way bill

    See less
    • 0
Anonymous
  • 1
Anonymous
Asked: In:
  • 1

  1. Saudamini

    I am assuming that you are enquiring about the filing of Income Tax Returns. You can file Income Tax Returns directly on the Income Tax Portal - https://www.incometaxindiaefiling.gov.in/home. In case you need CA assistance, please drop in your details as a message. We will get in touch with you.

    I am assuming that you are enquiring about the filing of Income Tax Returns. You can file Income Tax Returns directly on the Income Tax Portal – https://www.incometaxindiaefiling.gov.in/home.

    In case you need CA assistance, please drop in your details as a message. We will get in touch with you.

    See less
    • 0
Anonymous
  • 0
Anonymous
Asked: In:
  • 0

  1. Badrinath Patel

    Taxpayer would be required to provide valid documents to the tax officer as a proof of his/her identity and to validate the details of the respective business related to his GSTIN. Following this, the officer would authenticate the activity and enter the new e-mail address and mobile number providedRead more

    Taxpayer would be required to provide valid documents to the tax officer as a proof of his/her identity and to validate the details of the respective business related to his GSTIN. Following this, the officer would authenticate the activity and enter the new e-mail address and mobile number provided by the taxpayer.

    After uploading of the documents, tax officer will reset the password for GSTIN in the system and username and temporary password reset will be communicated to the new e-mail address as entered by the officer.

    Then taxpayer have to login on GST portal using the username and the temporary password e-mailed to him. The username and password can now be changed by the taxpayer.

    See less
    • 0
Anonymous
  • 0
Anonymous
Asked: In:
  • 0

  1. Ankita Khetan

    The IRN, once generated cannot be modified or deleted. However, if IRN is generated with wrong information, it can be cancelled. Once cancelled, the same document (with the same document number) can’t be reported again for the generation of IRN. The cancellation is required to be done within 24 hourRead more

    The IRN, once generated cannot be modified or deleted. However, if IRN is generated with wrong information, it can be cancelled. Once cancelled, the same document (with the same document number) can’t be reported again for the generation of IRN. The cancellation is required to be done within 24 hours from the time of generation.

    If there is a mistake, incorrect or wrong entry in the e-invoice, then it cannot be edited or corrected. The only option is to cancel that invoice/IRN and report a new document (with a new number) and generate a fresh IRN.

    See less
    • 2
Anonymous
  • 2
Anonymous
Asked: In:
  • 2

  1. Saudamini

    Section 87A was introduced to help taxpayers reduce their income tax liability. In other words, certain taxpayers earning income below a specified limit can leverage the provisions of this section and pay lesser/zero income tax. You can read more about section 87A here - https://www.mastersindia.co/Read more

    Section 87A was introduced to help taxpayers reduce their income tax liability. In other words, certain taxpayers earning income below a specified limit can leverage the provisions of this section and pay lesser/zero income tax. You can read more about section 87A here – https://www.mastersindia.co/gst/section-87a/

    See less
    • 0
Onlinelegalindia
  • 0
Asked: In:
  • 0

  1. Onlinelegalindia

    GST return involves lot of activities ,  which include Filing different types of GST returns electronically , Uploading invoice wise details , populating details  input tax credit from returns filed by recipients ,  invoice information ,  Mismatch of the invoice information. Here are following typeRead more

    GST return involves lot of activities ,  which include Filing different types of GST returns electronically , Uploading invoice wise details , populating details  input tax credit from returns filed by recipients ,  invoice information ,  Mismatch of the invoice information.

    Here are following type of GST returns –

    GSTR – 1  – (GSTR-1 is a Return of a  normal registered taxpayer under GST. this is monthly return showcases that describe  sales transactions of a business in a particular month. GSTR 1 is filed 10 days before ending of month , it can be extended while requesting to commissioner .

     

    See less
    • 0
Anonymous
  • 2
Anonymous
Asked: In:
  • 2

  1. Ankita Khetan

    Step 1 Login with valid credentials on the GST portal Step 2 On the Dashboard, navigate to the ‘My profile’ section. Step 3 From the options "Quick Links" select ‘Manage API access’. Step 4 Click ‘Yes’. Step 5 A dropdown for the duration will be displayed. Select the desired duration and then clickRead more

    Step 1 Login with valid credentials on the GST portal
    Step 2 On the Dashboard, navigate to the ‘My profile’ section.
    Step 3 From the options “Quick Links” select ‘Manage API access’.
    Step 4 Click ‘Yes’.
    Step 5 A dropdown for the duration will be displayed. Select the desired duration and then click confirm.

    Hope it helps…

    See less
    • 2