GSTR-4 Due Date and Filing: Important Information
It has transformed financial relations, ensuring greater coordination and efficiency in the Indian tax system. GSTR-4 is a GST Return that has to be filed by a composition dealer. Unlike a normal taxpayer who needs to furnish 3 monthly returns, a dealer opting for the composition scheme is required to furnish only 1 return which […]
Common Mistakes to Avoid While Filing GST Returns
Since there is no provision under GST regulation for amending a return we should ensure that Goods and Services Tax returns are right at the time of filing. The evaluates should be mindful in finishing Goods and Services Tax returns to avoid any extra problems in the future. Taxpayers are expected to file GST returns. […]
TDS on GST Transactions: Compliance and Rules
The full form of TDS stands for tax deducted at source (TDS). As per section 51, this provision is meant for government undertakings and other notified entities making contractual payments where the total value of such supply under a contract exceeds rs.2.5 lacks to suppliers. In this blog, we will discuss TDS on GST, in […]
GSTR-3: Everything You Need to Know
The GSTR-3 is a document containing the details of all transactions during the month, including purchases, sales, and interstate movement of stock for a particular month return is auto-generated based on the information available inside the AND GSTR2 That has been filed for the same tax period. This return is also not applicable to non-resident […]
Input Tax Credit on Capital Goods under GST
The Goods and Services Tax (GST) system introduced in several countries, including India, has changed the world of taxation. One of the key features of the GST framework is the Input Tax Credit (ITC), which allows businesses to offset taxes paid on purchases against their sales tax liability. In the case of capital goods, the […]
GSTR-2B Return: Understanding and Filing
GSTR-2B is an auto-drafted ITC statement that is generated for every normal taxpayer on the basis of the information furnished by his suppliers in their respective GSTR-1/IFF, GSTR-5 (non-resident taxable person), and GSTR-6 (input service distributor). The statement indicates the availability and non-availability of input tax credits to the taxpayer against each document filed by […]
Understanding the Scope of Supply under GST
As per Section 2(108) of the Focal Goods and Services Tax or CGST Act 2017, taxable supply under GST implies a supply of goods or services or both enviable to tax under this act. In this way, how about we dive further into understanding what is the taxable event under GST alongside the Scope of […]
GSTR-2 Filing: A Step-by-Step Guide
GSTR-2 also includes purchases on which reverse charge applies. However, since it is currently not in use from the September 2017 tax period onwards, it has lost its significance. Instead, the taxpayers must report their eligible ITC in the form GSTR-2 while checking with their GSTR-2 and GSTR2A. For example, Ajay buys 100 pens worth […]
How to simplify your GST return filing process
The goods and services tax (GST) is a tax on goods and services sold domestically for consumption. The tax is included in the final price which is paid by consumers at the point of sale and passed to the government by the seller. It’s A 101 AMENDMENT INTRODUCE GOODS AND SERVICE TAX (GST) in the […]
Blocked Input Tax Credit under GST: Explained
The blocked credits, as defined under Section 17(5) of the CGST Act, is a provision for every regular taxpayer, that expands upon the list of purchases that are not eligible for ITC claim, that is, the purchases on which GST has been paid but the business cannot claim Input Tax Credit (ITC) over the same. […]
