Goods and Service Tax

|
PPF Account

Reading Time: 3 minutesINTEREST CALCULATOR IN GSTR3B,  To facilitate taxpayers in doing self-assessment, the new functionality of interest calculator is being released in GSTR-3B. This functionality will assist taxpayers in calculating the interest applicable for delayed filing of returns. Taxpayers will have to verify and discharge the correct interest liability as per law, as payment of interest is
Read More

|
Hats & Accessories HSN code

Reading Time: 4 minutesRevamped Search HSN Code Functionality, Goods and Services Tax Network (GSTN) has revamped the  ‘Search HSN’ functionality has been  by linking it with e-invoice database and Artificial Intelligence tools in the following ways: 1. The Search HSN Code functionality has been enhanced, where the taxpayers can search the HSN code and the applicable Technical description
Read More

|
Biometric Aadhaar Verification for GST

Reading Time: 2 minutesMandatory Aadhaar Authentication, CBIC has made mandatory Aadhaar authentication for registered person as a measure to check anti-evasion and gaps, the CBIC has made Aadhaar authentication mandatory for the purposes of registration and claiming of refund. It has further notified that GST refunds shall be disbursed only in bank accounts which have been linked with the same
Read More

|

Reading Time: 2 minutesGSTR-2B is a progressive auto-drafted statement that provides input tax credit (ITC) details to every recipient of supplies, based on the suppliers’ data, It is a constant auto-drafted statement that provides input tax credit (ITC) details to every recipient of supplies, based on the suppliers’ data Here are some important QnA regarding GSTR-2B # What is GSTR-2B?
Read More

|
De-Activation of IECs

Reading Time: 2 minutesFetching of Bill of Entry , To help importers of goods, and recipients of supplies from SEZ, search Bill of Entry details, which did not auto-populate in GSTR-2A, a self-service functionality has been made available on the GST Portal that can be used to search such records in GST System, and fetch the missing records
Read More

|
blocking of GSTR-1 filing

Reading Time: 2 minutesBlocking of GSTR-1, if GSTR-3B is not filed, If a registered taxpayer fails to file the return in GSTR-3B for preceding 2 months then he would not be allowed to provide the details of outward supplies of goods or services or both in GSTR-1. Rule-59(6) of CGST Rules, 2017; inserted vide Notification No. 1/2021 dated
Read More

Reading Time: < 1 minuteA functionality to check status of bank account details update for the taxpayers who have taken new registration at GST Portal but have not yet furnished the same, has been introduced, in view of Rule 10A of the CGST Rules 2017. Such taxpayers are required to update their Bank Account Details within 45 days of
Read More

Reading Time: 2 minutesGovernment has granted waiver from payment of interest and/or late fee to normal (Monthly / Qtrly) & composition taxpayers for the tax periods of March, April & May, 2021, vide Notn. Nos. 18/2021 & 19/2021, both dtd. 1st June, 2021. The details are summarized below: A. Relaxation to normal taxpayers in filing of monthly return in Form GSTR-3B
Read More