GSTR-1 of July Month Reopened (not for all)

Filing of GSTR-1 has been reopened for the month of July 2017. Below mentioned notice appeared today on the GST portal regarding reopening of GSTR-1 of the month of July 2017: GSTR1 for July 2017 has been reopened for filing again. Those who missed filing GSTR-1, may file it now. Screenshot of the notice is… Read More »

Category: GST

Table 6A of Form GSTR-1

Table 6A has been provided in Form GSTR-1 for exporters to claim refund. In GSTR-3B, invoice wise details are not filed as the same is basically a tax collecting form by which tax need to be paid on monthly basis by providing provisional details of inward and outward supplies. Due dates of filing Form GSTR-1… Read More »

Category: GST

GST Part-2! The Way Forward?

GST council has taken various decisions in its 23rd GST council meeting held yesterday which are to come into force upon notification. Respective press releases have been issued. Major decisions have been taken. Rates are reduced, due dates are extended, provisions are simplified. However, it has left many minds unclear about the way forward. Has… Read More »

Category: GST

Highlights of the Recommendations  in GST Council meeting held today

HIGHLIGHTS OF THE RECOMMENDATIONS  IN GST COUNCIL MEETING HELD TODAY Return Filing All taxpayers need to file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018. Taxpayers would be divided into two categories for filing GSTR-1 as below: Taxpayers having annual turnover of upto INR 1.50 Crores… Read More »

GSTR-3B of October month! Monthly or Quarterly?

GSTR-3B for each month is required to be filed by 20th of next month. Earlier, filing of GSTR-3B was extended till December but due to the difficulties faced while filing various GSTR returns ,it was decided that small and medium businesses with upto INR 1.50 Crores turnover shall be required to pay taxes and file… Read More »

Category: GST

Late fees of Rs. 10,000/- for not filing GSTR-1 by the due date of July month

Tax payers who have not filed GSTR-1 for the month of July 2017 may have to pay late fees aggregating to Rs. 10,000/- (Rs. 5,000/- for CGST and Rs. 5,000/- for SGST) being maximum penalty for delay in filing GST returns. As per GST mechanism GSTR-1 can not be filed once time for filing GSTR-2… Read More »

Category: GST

GST on Courier Agency Service

In general parlance, “A Courier company is one which delivers messages, packages and mail and is known for their speed, security, tracking service and specialisation. As per Finance Act, “Courier Agency” means any person engaged in the door-to-door transportation of time -sensitive documents, goods or articles utilising the services of a person, either directly or indirectly, to carry or… Read More »

Category: GST

GST on Rent above Rs. 20 Lakhs and under Reverse Charge Mechanism

If you have taken home on rent for residential purpose, you need not worry about GST. Rental income from residential property has been exempt from GST just like as was exempted under service tax. However, any earning over Rs 20 lakh annually from renting or leasing for commercial purposes would attract GST. Purpose for which premises are… Read More »

Category: GST

Composition scheme under GST

Government has introduced composition scheme under GST for startups and Small and Medium Enterprises (SMEs) who may struggle to comply to GST provisions, which is merely an extension of current scheme under VAT law. Composition Scheme under GST, a taxpayer is required to file one summarized return on quarterly basis, instead of three monthly returns as applicable for normal… Read More »

Category: GST