GSTR 9C filing is a few weeks away with the due date to file Annual Returns postponed to 31st of August 2019. GSTR 9C needs to be filed by all those registered taxpayers whose turnover exceeds Rs 2 Cr. This form needs to be filed after you file your GSTR 9 i.e. Annual Return for the financial …
GST Audit is a mandatory thing for all those whose turnover crosses the threshold of 2 CR in a year. All these businesses must file GSTR 9C form which is a reconciliation statement that needs to be filed along with filing your Annual Returns. Businesses need to prepare themselves before the audit happens and these …
GST celebrated its second birthday on 1 July, 2019 and we have more than one reason to cheer. The two years of implementing and evolving the gigantic law has made us all learn a lot of things about businesses and taxation and the impact that these create on the economy. Initially where the launch of …
GST regime has completed more than a year, and the journey has been eventful, with multiple changes made time and again. The biggest issue has been the GSTN, which is now settled, except to the extent of new changes that are introduced or to the extent of filings which are yet to commence e.g. GSTR-9, …
GST is a system of taxation where taxpayers pay tax based on self-assessment and file the returns on their own with no interference from the tax authorities electronically on the GSTN. There is hence a need for a system of GST Audit in place to make sure that the taxes paid, ITC claimed, sales and …
Goods and Services Tax, the biggest tax-related reform in the country was implemented to eliminate the cascading effects of taxes and bring uniformity in overall tax structure. Even if critics called it a refined version of the earlier VAT it is way more structured and devoid of the complexities that came with VAT and other …
The HSN Code (product coding system) and SAC (service coding system) paves way for a systematic GST scenario. The Harmonized System of Nomenclature or HSN is an internal system of naming goods. GST HSN code is an 8-digit code assigned to goods by organizing them in a hierarchical manner. Service Accounting Code or SAC is …
HSN and SAC codes and their importance under GST Read More »
GST is already 1.5. years old and there have been many challenges as well as changes in the law and implementations. In this article, we shall run through the snippets of all GSTR forms, simplified GST returns and their applicability. GSTR forms are designed in a manner to capture the entire sales cycles and make …
The key features and the new format of the GST returns were approved in the 28th GST council meeting on 21st July 2018. The Note on Simplified returns contains 15 sections dealing with various return formats, applicability of forms, instructions to fill the forms, amendments to returns and payment of taxes etc. The sections outline …
GST is a destination based consumption tax which means that revenue will be accumulated from the state where goods/service is consumed. Filing GST return is an important link between taxpayer and tax administration as it is crucial for: Compliance verification program of tax administration Providing necessary inputs for taking the policy decision Audit management and …
