Articles under GST

New Return Prototype under GST

GST New Return Prototype - Explain   The details about New Return Prototype under GST are explained here. This post explains about New Return Prototype under GST is as follows. This is web based Prototype of Offline Tool of New Return is an intuitive demo or mock up of the Offline Tools of New Return to give stakeholders a vibe of what the Tool will resemble and to get their input on the equivalent, before it goes live. It is an interactive prototype, which enables clients to exp

Read More

GST Annual Returns and Reconciliation statement

  GST Annual Returns and Reconciliation statement- clarifications   GST Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) related following clarifications are issued.   1.      Payment of any unpaid tax : Section 73 of the CGST Act provides a unique opportunity of self – correction to all taxpayers i.e. if a taxpayer has not paid, short paid or has erroneously obtained/been granted refund or h

Read More

Scheme for payment of taxes for small traders and manufacturers under GST

Scheme for payment of taxes for small traders and manufacturers under GST   Composition levy is an alternative approach of levy of tax designed for small taxpayers whose turn over is up to 150 lakh (seventy five lakh for special category states, excluding J&K and Uttarakhand) for deliver of products. It is a kind of turnover tax. The goal of the scheme is to provide a simplified tax payment regime for the small tax payers. The scheme is elective and is specifically for small buy

Read More

Destination-based consumption tax under GST

Destination-based consumption tax - Explain   When a deliver originates in a single state and is consumed in any other state, tax can accrue to either of the two states. In a vacation spot primarily based intake tax, taxes accrue to the state in which the deliver is consumed. In foundation based tax, the tax accrues to the state wherein the supply originates. GST is essentially a destination primarily based consumption tax. As an example, if a car is manufactured in Mumbai however i

Read More

New changes in GST law and Procedure – 35th GST Council meeting

GST law and procedure changes, 35 th GST council meeting     35 th GST Council Meeting was the first meeting of the Council after the swearing in of the new Government. This Meeting was held on 21.06.2019  under the chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Revenue Secretary Shri Ajay Bhushan Pandey and o

Read More