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Category: GST

Provision for Quarterly Payment of GST by MSMEs

Provision for Quarterly Payment of GST by MSMEs

The Small and Medium sector companies now get the benefit of the new return model under GST which ensures quarterly filing of returns for those taxpayers whose annual aggregate turnover in the preceding Financial year does not exceed Rs.5 crore. Department of Revenue have informed that there is no such proposal at this stage. Quarterly payment of GST is available to those MSMEs who opt for composition levy under section 10 of CGST Act, 2017. This information was given by…

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GST Revenue collection for February crosses 1 lakh crores

GST Revenue collection for February crosses 1 lakh crores

GST Revenue collection for February, 2020 Rs. 1,05,366 crore gross GST revenue collected in February The gross GST revenue collected in the month of February, 2020 is Rs. 1,05,366 crore of which CGST is Rs. 20,569 crore, SGST is Rs. 27,348 crore, IGST is Rs. 48,503 crore (including Rs. 20,745 crore collected on imports) and Cess is Rs. 8,947 crore (including Rs. 1,040 crore collected on imports). The total number of GSTR 3B Returns filed for the month of January up to 29th February, 2020 is 83.53 lakh. The government has settled Rs. 22,586 crore to CGST and Rs. 16,553 crore to SGST…

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GSTN issues advisory for opting in for Composition

GSTN issues advisory for opting in for Composition

Advisory for Opting in for Composition (filing Form GST CMP-02) Who can opt in for Composition: Eligible existing Registered taxpayers can opt in for composition, for the financial year 2020-21, by filling up Form GST CMP-02. Your composition scheme shall be effective from 1st April 2020. How to opt in for Composition: A registered taxpayer can apply for composition after login. The navigation to apply for composition is as given below:- Who are eligible taxpayers: Those taxpayers can opt for Composition, who are…

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Government files SLP in SC against Rajasthan HC order on GST

Government files SLP in SC against Rajasthan HC order on GST

The Tax Bar Association of Jodhpur had filed a PIL in Hon’ble High Court of Rajasthan regarding difficulties being faced by the tax practitioners and the taxpayers while filing GSTR-9 and GSTR-9C. The hon’ble high court of Rajasthan after considering the matter directed that the taxpayers are now eligible to file GSTR-9 and GSTR-9C till the 12th of February without filing any late fees. In response to this, the Union of India has now filed an SLP against the order…

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No late fee on filing GSTR-9 and 9C till 12th Feb directs Rajasthan HC

No late fee on filing GSTR-9 and 9C till 12th Feb directs Rajasthan HC

The Tax Bar Association of Jodhpur filed a PIL in Hon’ble High Court of Rajasthan regarding difficulties being faced by the tax practitioners and the taxpayers while filing GSTR-9 and GSTR-9C. The hon’ble high court of Rajasthan after considering the matter directed that the taxpayers are now eligible to file GSTR-9 and GSTR-9C till the 12th of February without filing any late fees. Here is the order of the Hon’ble high court of Rajasthan. HIGH COURT OF JUDICATURE FOR RAJASTHAN…

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Accounting and Billing Software Providers can enrol with GSTN to receive regular updates on e-invoice

Accounting and Billing Software Providers can enrol with GSTN to receive regular updates on e-invoice

The GST Council has approved introduction of ‘e-invoice’ or ‘electronic invoicing’ in a phased manner for reporting of Business to Business (B2B) invoices to GST System. An e-invoice standard has been finalized after consultation with trade/industry bodies as well as ICAI. Adoption of this new standard ensures complete interoperability of e-invoices across the entire GST ecosystem. The new system eliminates the need for fresh data entry, reduction of reconciliation errors and population of invoice details directly into Return through Invoice…

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Due dates for GSTR-9 and 9C extended in a staggered manner

Due dates for GSTR-9 and 9C extended in a staggered manner

CBIC has notified that considering the difficulties being faced by taxpayers in filing GSTR-9 and GSTR-9C for FY 2017-18 it has been decided to extend the due dates in a staggered manner for different groups of States to 3rd, 5th and 7th February 2020 as under. Group 1: Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Puducherry, Telangana, Andhra Pradesh, Other Territory – 3rd February 2020 Group 2: Jammu and Kashmir, Himachal Pradesh, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, Gujarat- 5th February…

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