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New GST Return – 9 Differences Explained in Form GST ANX 1 & GSTR 1
At the 37th GST Council meeting held at Goa on 19th September 2019, GST Council has decided that the New GST Return system will be applicable from 1st April 2020. The new Return system is based on the principle of matching. ITC availability will depend on, uploading of said details by Supplier. New Return has […]
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New GST Return – Form GST PMT 08
GST Council, in its 37th Council meeting held in Goa, announced that new GST returns shall be implemented from April 2020 instead of September 2019. This new return filing system shall replace the existing return filing system.This new simplified return filing system will be introduced to ease the compliance process and identify defaulting taxpayers.Under the […]
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GST Taxpayers Will Lose in Lakhs If This is Not Done in September 2019
Under GST, apart from the filing of regular returns, for many other compliances, the due date is prescribed. Said due dates are very stringent. If it is not followed, then Taxpayer may be required to bear the loss in lakhs.It is observed that for said compliance of F.Y. 2017-18, many taxpayers and professionals have not […]
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Input Tax Credit Under GST With Examples – Special Cases
Input tax credit is credit available on purchase of goods or services or both against GST payable.As per section 18 of Central Goods and Service Tax, 2017, certain circumstances have been defined where input tax credit may be availed. Special cases under which ITC can be claimed 1. Compulsory Registration When a person applies for […]
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Ineligible ITC Under GST
GST was introduced with the view of removing cascading effect of taxes that existed under previous indirect laws. Any manufacturer, trader, retailer, supplier, e-commerce operator or any other person who is registered under the GST Act and has a valid GSTN can claim credit on purchases / inward supplies received by him. However, there certain […]
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Input Tax Credit (ITC) Under GST With Examples
One of the objectives of GST was to eradicate cascading effect of taxes which existed under excise, VAT and service tax. Under GST input tax credit can be claimed irrespective of place of supplier, thus making accessibility for sales and purchase of goods easier.Let us now understand the concept of input tax credit in detail […]
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37th GST Council Meeting (September 2019) – Key Highlights
The 37th GST Council Meeting was held in Goa on 20th September, 2019 under the chairmanship of Union Finance Corporate Affairs Minister Smt. Nirmala Sitharaman. The main expectations from this meeting were decisions to be taken on implementation of new returns, GSTR 9, GSTR 9A and GSTR 9C due date and applicability and GST rate […]
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New GST Return Form RET 1, Sahaj and Sugam 2019 – Explained
In the 35th GST Council Meeting held on 21st June 2019, Council has finally announced the process for implementation of New Return Forms. New return forms will contain basically 3 forms GST Anx – 1, GST ANX – 2 and GST Ret – 01. New return forms will be applicable from October 2019.Transition to New […]
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Management Representation Format for Certifying GSTR 9C – GST Audit U/S 35(5)
Definition of Audit given under Section 2(13) of CGST Act 2017, envisages, auditor should verify the correctness of Turnover Declared, taxes paid, refund claimed, ITC availed and assess compliance with provisions of GST Law. While carrying out certification for Form GSTR 9C, auditor is required to ensure that he has obtained reasonable audit evidence to […]
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How to File GSTR 9 Annual Return Online – Step by Step
In our previous post here we explained What IS GSTR 9? Type, Applicability, Late Fees & Requirements in detail. You can browse other GSTR 9 tutorials here.Today we are going to see How to File GSTR 9 Annual Return Online – Step by Step. While filing GSTR 9 you may have certain questions like-What if […]
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