Search Results for: GST filing

Change In GST Filing Rules For Small, Medium Assessees From 2021: Check Details

Comments 0 Comment

In a move to ease the pressure on small taxpayers, the Centre has decided to introduce quarterly filing of return with monthly payment. Under this scheme, Goods and Services Tax (GST) assessees — having an annual aggregate turnover (AATO) up to Rs 5 crore — will be required to fill only four GSTR 3B forms as against 12 now. The new scheme will be applicable from January 1, 2021 onwards and will impact almost 94 lakh taxpayers. The scheme referred…

Read More Read More

Monthly GST filing will not be necessary after e-invoice system is in place: Finance secretary

Comments 0 Comment

In a major relief to businesses, the government plans to do away with monthly filing of Goods and Services Tax (GST) returns after the electronic invoice (e-invoice) is fully operationalised, which will not only reduce compliance burden but also check tax evasion, finance secretary Ajay Bhushan Pandey said. “GSTR-1 and GSTR-3B will ultimately be phased out, once we fully operationalise the electronic invoice (e-invoice),” he said. In the normal course, the two GST returns (GSTRs) means 24 returns filed by…

Read More Read More

With 9% interest on delayed payment, taxpayers avoid deferring GST filings

Comments 0 Comment

Many large taxpayers, those with annual turnover of Rs 5 crore or more, are not availing the extension for paying GST and filing returns as many of them find the 9 per cent per annum interest from the due date too exorbitant. The government has, in order to lessen the compliance burden on businesses given the outbreak of coronavirus, extended the dates of filing GSTR 3B returns due in March, April and May 2020 to last week of June 2020….

Read More Read More

GST filing deferment no relief for mobile phone makers after recent rate hike

Comments 0 Comment

The deferred filing of Goods and Services Tax returns won’t provide much of a breather for mobile phone manufacturers, which face a 6 percentage point rate increase on handsets from April 1 and a further drag on demand, already plunging amid the Covid-19 outbreak. “Though returns can be filed till June 30, any phone sold after April 1 (including inventory) will be billed at 18% GST (from 12% currently),” said Abhishek Rastogi, a partner at law firm Khaitan & Co. What the…

Read More Read More

New GST filing format, e-invoicing to help in ease of doing biz, reporting for taxes: GSTN CEO

Comments 0 Comment

GST Network CEO Prakash Kumar on Friday said e-invoicing and the new format for filing GST will help improve the ease of doing business and reporting for the indirect taxes. “E-invoicing is a step towards improving ease of doing business and reporting for GST. Manual data entry leads to transcription errors and wrong entries,” Kumar said while addressing an event on ‘E-invoicing and New GST Return Format’ organised by the PHD Chamber of Commerce and Industry. There is a need for standard to ensure complete…

Read More Read More

5,000 companies under scanner over mismatch between I-T and GST filings: Report

Comments 1 comment

Around 5,000 companies have come under the scanner of tax authorities due to alleged discrepancies between their Goods and Services Tax (GST) filings and Income Tax (I-T) returns, Business Standard reported. The Central Board of Direct Taxes (CBDT) has ordered search-and-survey operations against these mid-and-small sized companies, including owners of business houses. The information, based on GST Network (GSTN) data, has been shared with states so that they can take appropriate action immediately. The companies allegedly inflated GST claims and…

Read More Read More

Nirmala Sitharaman Explains How GST Filing Will Be Simplified

Comments 0 Comment

Finance Minister Nirmala Sitharaman on Friday said that the Goods and Services Tax (GST) processes were being further simplified while adding that businesses with less than Rs. 5 crore annual turnover will need to file quarterly GST return. She also announced to increase special additional excise duty and road and infrastructure cess on petrol and diesel by one rupee each, hike in customs duty on gold and precious metals to 12.5 per cent and imposing nominal basic excise duty on…

Read More Read More

Quicker one-form GST filing process ready for roll-out

Comments 1 comment

The Union finance ministry is finally ready to move ahead with the single monthly return system for the Goods and Services Tax (GST), a move that will simplify the process of filing returns and also getting input tax credit. The three-phase plan was announced last May to address complaints about the difficulties in filing multiple returns (and the higher cost of compliance). According to that plan, for six months, in a transition phase, businesses would continue to file two returns,…

Read More Read More

A simpler GST filing regime: Here are the proposed modifications

Comments 0 Comment

In its last meeting, the GST Council deliberated changes in the filing regime for the new tax. The simplified system is expected to be approved by the  GST Council in its next meeting. ET explains the likely scenario: CURRENT SCENARIO 1. Seller to upload invoice level details in GSTR 1 within prescribed due dates 2. Buyer to download invoice details uploaded by seller (in Form GSTR 2A) 3. Buyer to reconcile the GSTR 2A details with ERP purchase register 4….

Read More Read More

Govt records highest GST filing in October, Punjab tops the list in compliance

Comments 0 Comment

The Goods and Services Tax (GST) Council’s efforts to sort out the sundry issues plaguing taxpayers during the initial rollout and the steady reduction in tax rates seems to be paying off in terms of compliance and tax collections. As many as 43.67 lakh businesses have filed the initial GSTR-3B returns for October, the highest monthly return filing within due date since the new tax was introduced on July 1, according to a GST Network statement. That’s around 56% of…

Read More Read More