Tax Updates
Legal Requirement of Annual Return Section 44(1) of CGST Act: – Every registered person shall fill an annual return for every Financial year. Annual Return to be fill electronically once for each financial year on or before the 31st December following the end of financial year. Form GSTR 9 contain the details of all outward …
Due date compliance Calendar June, Various GST and Income Tax due dates in the month of June 2023..
Tax Updates January 2020 – 15.01.2020 1.Possibility of Banks, Telcos, Insurers to get an exemption from GST E-invoices: (a). A possibility is that Banks, airlines, telcos and other entities that have direct customer interaction on a large scale may be exempted from filing their e-invoices under GST; (b). Exemption from e-invoices is benefit to those …
Tax Updates January 2020 – 07.01.2020 1. If assessee owns property jointly with two or more persons then assessee can’t use ITR 1 and ITR 4 notified for AY 2020-21. 2. MCA vide notification dated 3rd January 2020 amends Rule 8A and provides that every private company which has a paid-up share capital of ten …
Tax Updates January 2020 – 06.01.2020 1. The Goods and Service Tax Network (GSTN) has issued a Frequently Asked Question (FAQ) to rollout the smooth implementation of the E-Invoicing System under GST. 2. The last date of filing declarations in Sabka Vishwas Legacy Dispute Resolution Scheme is extended to 15th January 2020 3. CBDT Further …
Tax Updates January 2020 – 04.01.2020 1. CBDT further extends the timeline for Linking PAN with Aadhar from 31st December 2019 to 31st March 2020. Notification No. 107/2019. 2. Startups can get Company Identification Number (CIN) number, GSTN number, PAN number, EPFO No & Employer Code under ESIC in one application at MCA portal through …
Tax Updates January 2020 – 02.01.2020 1. The GST council has decided to waive off late fee for defaulters, who failed to furnish details of their monthly and quarterly outward supplies from July 2017 to November 2019 if they furnish the details before 10th January 2020. 2. The government on 31st December 2019 has extended …
Refund Claim under GST GST Tax Refund means a refund of taxes by the Government that was paid by register person either in excess or was not liable to be taxed. Section 54 of the CGST Act, 2017, Section 77 of the CGST Act, 2017 and Rule 89(2) of CGST Rules, 2017 are the relevant …
Technical Guide on GST Audit by ICAI Section 35(5) of CGST Act state that every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited. GST Audit for Financial year 2017-18 to be on or before the 30th June 2019 in Form GSTR 9C. To help in …
GST Compliance on foreign currency exchange Hi Reader, in this Article we will discuss about the GST compliance on foreign currency exchange. Foreign currency exchange is conversion of one country’s currency in another country’s currency. In India, Foreign Exchange Management Act, 1999 (FEMA) manage and responsible for foreign currency exchange transaction and Reserve Bank of …