Chartered Accountants
Chartered Accountants
Where a registered person fails to furnish monthly or quarterly returns under Section 39 or the final return under Section 45, a notice in Form GSTR-3A shall be issued by the proper officer requiring him to furnish such returns within 15 days under Section 46. According to Section 62, when the registered person fails to …
Section 62 of CGST- Assessment of Non-Filers of Return Read More »
Filing of Letter of Undertaking (LUT) for zero-rated supplies by 31-03-2024 Opting for the Quarterly Return Monthly Payment (QRMP) scheme between 01-02-2024 and 30-04-2024 for eligible registrants Enrollment in the Composition Scheme by 31-03-2024, with subsequent ITC reversal filing due by 30-05-2024 Goods Transport Agency (GTA) declarations for the Forward Charge Mechanism (FCM) choice from 01-01-2024 to …
Activities to be undertaken for GST Compliances of FY 2023-24 in March 2024 Read More »
In April, India’s GST collection hit a record high of ₹2.1 lakh crore, showing a strong economy start for the new fiscal year. Finance Minister Nirmala Sitharaman praised the efficient tax collection and the economy’s momentum for this achievement. Compared to last year, GST collection rose by 12.4%, mainly due to a 13% increase in …
India’s GST Collection Hits Record ₹2.1 Lakh Crore in April 2024, Sets Stage for Reform Read More »
Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore*. a tax-paying mechanism offered to the country’s small businesses …
Registration as taxpayer (under composition scheme) Read More »
A “non-resident taxable person” refers to an individual who occasionally conducts transactions involving the sale of goods or provision of services, either as an agent or as a principal or in any other capacity, but lacks a permanent business or residence location in India.” Any person who is a resident of India will obtain regular …
Registration as taxpayer (non resident taxable person) Read More »
As a CTP, securing temporary GST registration is essential before initiating any business activities in the designated state or union territory. To fulfill your anticipated tax obligations, it’s necessary to make an advance tax deposit based on your estimated tax liability for the registration period. It’s crucial to note that the GST composition scheme, which …
GST Registration is the process by which a business becomes registered under India’s Goods and Services Tax (GST) system. Once registered, the business is legally recognized as a supplier of goods or services and must collect GST on sales and remit it to the government. This registration is essential for businesses whose turnover exceeds a …
GST ARN Status – Track GST Application Status With ARN Read More »
The taxability of corporate guarantees under GST has been a contentious issue due to the lack of specific provisions. Corporate guarantees involve a corporate entity ensuring another entity’s performance or discharging its liability in case of default. Recent amendments to the Central Goods and Services Tax Rules (CGST Rules) address the valuation of corporate guarantees …
GST on Corporate Guarantees: A Comprehensive Guide Read More »
Even after four years of GST implementation and over a thousand notifications and circulars, we continue to encounter several issues with GST on-site maintenance and department operations. Businesses and professionals encounter several challenges as a result of issues and constant change. It is terrible that even after four years; we are still expecting and hoping …
How to reply notices of mismatch of GSTR 3B & 2A Read More »
Power, or electrical energy, is an important source of revenue for state governments because it is under the state list of the Constitution, and they collect electricity costs from users. This is one of the most disputed problems, whether it is considered a good or a service, and if GST applies to it. Furthermore, whether …