KnowyourGST-Blog on Indian Tax and Accountign Laws

GSTR 9 Table 4 Information

Many assesses have confusion regarding Table 4 of GSTR 9 to have details from GSTR 3B or GSTR 1. As per the Press Release issued by department it was made clear that even though the auto populated figures of table 4 is tracked from GSTR 1 data but t…

by Mayur Arora 20/04/2020 under GST

New Returns under GST

As we already know that new returns are going to replace the old ones.Under new regime of GST Return system, first of all we have to categorize the tax payers on the basis of previous year's turnover. There will be two types of tax payers: …

by Sarabjeet Kaur 13/03/2020 under GST

Features of Making Payment on Voluntary Basis (Form GST DRC-03) on GST Portal

Making Voluntary Payment on GST Portal: A facility is given to taxpayers to make payment on voluntary basis, through Form GST DRC-03 (refer Rule 142(2) or 142(3) of the CGST Rules, 2017). Login into GST Portal and navigate to Services > User S…

by Suresh Paramasivam 15/11/2019 under GST

Steps to be taken by taxpayers to file GSTR 9C

Steps for filing GSTR-9C are as follow: 1. Digital Signature Certificate (DSC) * Digital Signature Certificate (DSC) must be PAN based * DSC must not be corrupted. …

by Suresh Paramasivam 30/10/2019 under GST

Compulsory to File GSTR 9?

GSTR 9 Annual Return for Turnover less than 2 Crore, is optional, and if taxpayer chose not to filed before 30th November it would be deemed to filed on due date. It means if you chose not to file annual return within due date for the reason that…

by Sonu Chimnani 13/10/2019 under GST

GST PMT-08 Form

The New Form GST PMT-08 is used to make payment of self-assessed tax by all taxpayers under the new simplified GST returns. This form shall be used every month thereby replacing GSTR-3B for declaring and paying the monthly tax liability and claiming…

by Tax And Law Practitioners 18/08/2019 under GST

Tax Invoice, Debit and Credit Notes

Tax invoice.- Subject to rule 54, a tax invoice referred to in section 31 shall be issued by the registered person containing the following particulars, namely,- (1) Name, Address and Goods and Services Tax Identification Number of the supplie…

by Suresh Paramasivam 24/07/2019 under GST

ALL ABOUT COMPOSITION DEALER

A taxpayer whose turnover is below Rs 1.5 crore can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75* lakh. Before making a decision to choose a composition scheme, it is necessary that The …

by Manoj Agarwal 11/04/2019 under GST

Decoding GST Number

GST Number or GSTIN is a 15 digit identity given to business and service providers registered under GST (Goods and Services Tax). Every registered person is issued a valid GST Number to comply with GST laws. GST Number is public information about…

by Pulkit Sharma 08/04/2019 under GST

Simplified GST Returns Forms: Normal (RET 1), Sahaj (RET 2), Sugam (RET 3)

CBIC has uploaded the amended/ simplified GST Return forms on the GST Portal, i.e. Normal (RET 1), Sahaj (RET 2) and Sugam (RET 3), which are likely to be applicable from 1 July 2019 (2nd quarter of FY 2019-20), in view of the fact that CBIC has alr…

by Manoj Agarwal 26/03/2019 under GST

SAHAJ AND SUGAM FORM UNDER GST

Here is some good news for tax-paying businesses in India. 28th GST council meet held on 21st of July 2018 has introduced a simple GST return filing system for the taxpayers. The government has introduced Sahaj and Sugam forms for filing GST retu…

by Manoj Agarwal 26/03/2019 under GST

Whether 'tips' received fall within the meaning of "Salaries" to attract TDS under section 192

In the case of ITC Ltd v. CIT (2016) 384 ITR 14, the issue under consideration before the Supreme Court was whether “tips” received by the hotel-company from its customers and distributed to the employees fell within the meanin…

by Ca Ankit Sharma 16/01/2019 under Income-Tax

Mandatory requirement of furnishing PAN in all TDS statements, bills, vouchers and correspondence between deductor and deductee [Section 206AA] | AY 2019-20 onwards

The non-quoting of PAN by deductees in many cases led to delay in issue of refund on account of problems in the processing of returns of income and in granting credit for tax deducted at source. Applicability With a view to strengthening the P…

by Ca Ankit Sharma 15/01/2019 under Income-Tax

Furnishing of statements in respect of payment of interest to residents without deduction of tax [Section 206A] | AY 2019-20 onwards

This section casts responsibility on every banking company or co-operative society or public company referred to in the proviso to section 194A(3)(i) to prepare such statements for such period as may be prescribed – if they are responsib…

by Ca Ankit Sharma 15/01/2019 under Income-Tax

Person responsible for paying taxes deducted at source [Section 204] | AY 2019-20 onwards

For purposes of deduction of tax at source the expression “person responsible for paying” means: S No Nature of Income/Payment Person Responsible for Paying Tax 1 Salary (other than payment of salar…

by Ca Ankit Sharma 15/01/2019 under Income-Tax