Goods and Service Tax

GST Latest Notifications: GSTR-1 and 3B can be filed through EVC

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In the GST latest Notifications, the government has allowed businesses to verify through electronic verification code monthly GST returns filed till May 31. In a GST latest notifications, the Central Board of Indirect Taxes and Customs (CBIC) said any registered person during the period from April 21, 2021, to May 31, 2021, will be allowed …

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GST compliance Burden on MSMEs by Digitisation

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Small and medium-sized businesses make significant contributions to the GDP and employment generation in the country. Therefore, it is important that their health and growth are nurtured equally. However, MSMEs have been experiencing an increasing burden of compliance under GST. In a country like India, most small businesses are unable to quote a price on …

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Are you complying this GST Amendment w.e.f. 1 Jan 2021?

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The Central Government on the recomendation of the GST Council, notifies registered persons who have opted to file GST Returns on quarterly basis that, the registered person in the first or second month of the quarter, deposit an amount in the Electronic Cash Ledger equivalent to: If you file Returns quarterly, then 35% of the tax …

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Not filing your GSTR-3B on time, here are the repercussions

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Repercussions for Non-filing of GSTR-3B (Notification 1/2021 Central Tax) Filing Return Monthly A registered person shall not be allowed to file FORM GSTR-1 if he has not furnished the return in FORM GSTR-3B for the preceding two months. Filing Return Quarterly A registered person, required to furnish a return for every quarter shall not be …

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Significant Tax Compliance Changes w.e.f. 1st April 2021

E-Invoicing E-Invoicing will be mandatory for B2B Transactions for Bussiness having a Turnover of more than Rs 50 Crores from the previous limit of 100 Crores (We’ve discussed in detail in our previous blog, click here to read). HSN/SAC Code Reporting in GSTR-1 Turnover Limit Criteria HSN/SAC Code for B2B Transactions HSN/SAC Code for B2C Transactions …

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Manual for Quality Assurance Review & Audit Performance Index 2021, by CBIC

About Quality Assurance Review (QAR) Quality Assurance Review (QAR) is carried out to evaluate the performance of the Audit Commissionerates in terms of their adherence to the process of audit prescribed in GSTAM 2019. Goods and Services Tax Audit Manual 2019 (GSTAM 2019) laid down the principles and policies of audits conducted under the CGST …

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Satellite Launching Services supplied by ISRO is liable for GST?

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GST on ISRO Services To encourage domestic launching of satellites particularly by young start-ups, the satellite launch services supplied by ISRO, Antrix Corporation Ltd., and NSIL would be exempted. This was stated in the press release dated 5th October 2020 in the recommendations of the 43rd GST Council Meeting. By amending the exemption notification vide Notification …

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