gst

Restriction on availment of the input tax credits (ITC) not appearing in form GSTR-2A

Ministry of the Finance vide notification number 49/2019-Central Tax dated 09th October 2019, has amended Central Goods and Service Tax Rules 2017. As per the amended rules, in rule 36, after sub-rule (3), the following sub-rule (4) has been inserted: “(4) Input tax credit to be availed by a registered person in respect of invoices or …

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GST Network to release new version of return filing interface on 22 October

GST Network (GSTN) will release improved version of GST return filing interface on 22 October with an aim to further simplify the process. GST Network provides IT infrastructure and services to central and state governments, taxpayers and other stakeholders for implementation of the GST. The indirect tax administration now shares data with the income tax …

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15% of taxpayers have filed GST Returns-GSTR 9, GSTR-9A and GSTR-9C

The status of filing GSTR-9A stands at 4,33,148 and GSTR-9C at 11,334. About 12 lakh registered taxpayers are required to get their accounts audited and filed under GSTR-9C. The last date to file GSTR 9, GSTR-9A and GSTR-9C is August 31, 2019. As Per News, Most dealers are busy in undertaking multiple reconciliations for their …

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Compliance Calender of GST under Goods & Services Tax Act, (GST) 2017

Applicable Laws/Acts Due Dates Compliance Particulars Forms/  (Filing mode) GST, Act, 2017 31.08.2019 Form GSTR-7 (Period: From October 2018 to July 2019)  TDS Deductor) GSTR-7 GST, Act, 2017 10.08.2019 Form GSTR-8 TCS Collector (for the month of July, 2019) GSTR – 8 GST, Act, 2017 11.08.2019 Return of outward supplies of taxable goods and/or services for …

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Free accounting and billing software for MSMEs makes GST calculation easy

In a bid to support small and medium enterprises with a turnover less than Rs 1.5 Crore, the Goods and Services Network (GSTN) announced free accounting and billing software. As per the directions given by GST Council, GSTN has come in partnership with Billing and Accounting software vendors for this. This software will facilitate taxpayers …

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GST slack to be covered by Direct Taxes

The full benefit accrual of GST reforms and revenues is expected to take some more time and, therefore, the stabilisation phase is expected to continue in 2019-20 too, the government said in its medium-term fiscal policy-cum-policy strategy statement that forms part of the budget documents. GST collections faltered in June, tumbling below the Rs 1-lakh-crore …

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