Tax Connect
madhuvridhi
Category: GST
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TCS under GST – Seller on Amazon / Flipkart etc
TCS under GST – Seller on Amazon / Flipkart etc
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Delinking of Credit Note/Debit Note from invoice, while reporting them in Form GSTR 1/GSTR 6
Delinking of Credit Note/Debit Note from invoice, while reporting them in Form GSTR 1/GSTR 6
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Tax & Corporate Updates August 2020
Compliance Calendar Financial Year wise affected due to COVID-19 for September-20
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Penalty for Fake Invoices – Budget Proposal 2020
In the recent past after the launch of Goods & Services Tax (GST), several cases of fraudulent input tax credit (ITC) claim have been caught by the GST authorities. In these cases, fake invoices are obtained by suppliers registered under GST to fraudulently claim ITC and reduce their GST liability. These invoices are found to be…
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Recent GST Notifications & Circulars
In order to implement decisions taken by the GST Council in its 35th meeting, multiple notifications, circulars, and orders have been issued by the CBIC such as extending the due date for first annual return, filing of TDS return, filing of form ITC-04 for the goods sent to or received back from a job worker,…
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Changes in tax and corporate laws effective from April 1, 2019
The Government had made various changes under Income-tax law, GST and Corporate laws which shall be applicable from April 1, 2019. Income tax 1. Section 87A rebate The amount of tax rebate under Section 87A has been increased from Rs. 2,500 to Rs. 12,500. Further, it shall be available to a resident individual whose total income does…
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GST Amendments as passed by the Lok Sabha- 2018
On August 9, 2018 the Lok Sabha has passed the GST Amendment Bill, 2018. The Bill provides for more than 40 amendments to the GST Act. These amendments aim to simplify the GST law and to ensure administrative convenience for the Small and Medium Enterprises. These amendments shall come into force form such date as…
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FAQs on Eway Bill (2018)
All the registered persons under GST shall also register on the portal of e-way bill namely: http://ewaybill.nic.in using his GSTIN. Once GSTIN is entered, the system sends the OTP to his registered mobile number and after authenticating the same, the system enables him to generate his/her username and password for the e-way bill system. After…
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Goods & Service Tax ( GST ) Audit – 2018
Every registered entity whose aggregate turnover during a financial year exceeds Rs. 2.00 crore has to get its accounts audited as the provisions of GST Act. Such person has to furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C.
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26th GST Council Meet: Major Decisions Were Taken
Date: 11/03/2018 Return filing deferred: The present system of filing GSTR 3B and GSTR 1 is extended for three months till June 2018 till he new return system is finalized. A new model was discussed extensively and group of ministers on IT has been tasked to finalise the same. Tax exemptions for exporters extended: Available tax exemptions…