Post by: Renu Suresh in GST Compliance
GSTR 1 and GSTR 3b Reconciliation Reconciliation of GSTR-1 and GSTR-3B is a crucial process that helps rectify any discrepancies between the two forms. Failing to reconcile these returns can lead to show-cause notices from the GST authorities. Additionally, unresolved…
Post by: Renu Suresh in GST Compliance
Difference Between GSTR 1 and GSTR 3b Understanding the various tax returns is essential for businesses operating under the Goods and Services Tax (GST) regime in India to ensure compliance and avoid penalties. Among the numerous returns taxpayers must file,…
Post by: Renu Suresh in GST Compliance
How to File GSTR 3b? Filing the GSTR-3B form is a critical monthly obligation for businesses under the GST regime in India. This simplified return summarises inward and outward supplies, helping businesses manage their tax liabilities without delving into the complexities…
Post by: Renu Suresh in GST GST in India
GST Quarterly Return Filing Option for Small Businessman The CBIC (Central Board of Indirect Taxes and Customs) introduced the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme under GST to assist small taxpayers with a turnover of less…
Post by: Renu Suresh in Income Tax
2 Recent Dangerous Changes In GST- Rule 88C And Rule 88D The recent changes to the Goods and Services Tax (GST) framework have introduced two critical and challenging amendments: Rule 88C and Rule 88D. These modifications address the inconsistencies in…
Post by: poonamgandhi in GST GST in India
Form DRC-01B – Online compliance covering liability/ difference in GSTR-1 and GSTR-3B Recently, on 29th June 2023, an advisory was furnished by GSTN. As per the advisory, new functionality was enabled on the GST portal. The new functionality lets the…
Post by: poonamgandhi in GST GST in India
Important changes notified from 1st October 2022 under GST Vide the following two important notifications, various changes are notified and made effective from 1st October 2022 – Notification number and date effective Effective changes 17/2022- Central Tax dated 1st August…
Post by: Renu Suresh in GST
New Table inserted in GSTR-3B for Reporting Supplies notified u/s 9(5) The Goods and Services Tax Network (GSTN) has issued an Advisory informing that a new table 3.1.1 is being added in GSTR-3B where both ECOs and registered persons can…
Post by: Renu Suresh in GST
CBIC issued Notifications to Implement Recommendations of the 47th GST Council meeting The Central Board of Indirect Taxes and Customs (CBIC) issued six new CGST notifications on 5th July 2022 giving effect to the recommendations of the 47th GST Council…
Post by: poonamgandhi in GST GST in India
New rule 88B concerning interest provisions under GST Applicability of interest has been under controversy since the inception of Goods and Services Tax (GST). There has been a constant tug of war going on between the department and the taxpayer…