Reading Time: 2 minutesRationalization of late fee imposed u/s 47 of the CGST Act GST Return Late Fee, To reduce burden of late fee on smaller taxpayers, late fee structure CBIC has been rationalized for prospective tax periods by aligning the upper cap of late fee with tax liability/ turnover of the taxpayers, as follows: The late fee
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Reading Time: 2 minutesDifference between GSTR-2A & 2B, The GSTR-2A is a dynamic statement that gets updated whenever a taxpayer’s suppliers file their GST return of outward supplies. On the other side, the GSTR-2B is an static statement which contains the details of input tax credit only for a particular return period which never changes even when taxpayer’s
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Reading Time: 2 minutesSequential filing of GSTR-1 & filing of GSTR-1 before GSTR-3B on GST Portal 1-The Central Government has amended Section 37 & Section 39 of Central Goods & Service Tax Act (CGST), 2017 vide Notification No. 18/2022–Central Tax dated 28th September, 2022 with effect from 01 October, 2022. According to section 37(4) of CGST, Act, a
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Reading Time: 2 minutesNotification No. 14/2022– Central Tax  dt 05.07.2022 enable taxpayers to accurately disclose information regarding ITC claimed, ITC reversed, and ineligible ITC in Table 4 of Form GSTR-3B, Above notified amendment in the GSTR 3B Table 4 have been added in GSTR-3B & are same changes are available on GST Portal with effect from Sept 01, 2022.
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Reading Time: 3 minutesChallan Correction Mechanism Under OLTAS (On Line Tax Accounting System), the physical challans of all Direct Tax payments received from the deductors / taxpayers are digitized on daily basis by the collecting banks and the data transmitted to TIN (Tax Information Network) through link cell. At present, the banks are permitted to correct data relating
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Reading Time: 2 minutesNIL filing of GSTR-1, In order to further simplify the return filing experience a single click NIL filing of GSTR-1 has been introduced on GST Portal. Taxpayers can now file NIL GSTR-1 return by simply ticking the check box File NIL GSTR-1 available at GSTR-1 dashboard. Eligibility to file NIL GSTR-1: Taxpayers may file NIL
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Reading Time: 2 minutesmandatory HSN codes, As per Notification No. 78/2020 – Central Tax dated 15th October, 2020, it is mandatory for the taxpayers to report minimum 4 digit or 6 digit of HSN Code in table-12 of GSTR-I on the basis of their Aggregate Annual Turnover (AATO) in the preceding Financial Year. To facilitate the taxpayers, these
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Reading Time: 2 minutesNew Table 3.1.1 in GSTR-3B, According to the provision of section 9(5) of CGST Act, 2017, Electronic Commerce Operator (ECO) is required to pay tax on supply of certain services notified by the government such as Passenger Transport Service, Accommodation services, Housekeeping Services & Restaurant Services, if such services are supplied through ECO. For reporting
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Reading Time: < 1 minuteGST Exemption for National Flag ,The Flag Code of India, 2002, was amended by the government in December 2021. Govt has clarified that GST in exempt on on final cost of Indian National Flag Tiranga supplied under Har Ghar Tiranga programme. Relevant clarification is as follows:- Sale of the Indian national flag, irrespective of whether
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Reading Time: < 1 minuteThe Central Board of Indirect Taxes and Customs (CBIC) said a technical glitch has been reported by Infosys in the generation of April 2022 GSTR-2B and auto-population of GSTR-3B on the portal. The due date for filing FORM GSTR-3B for the month of April 2022 has been extended to 24th May 2022 (refer to notification
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