The new features related to filing of Statement/ Returns by taxpayers under QRMP Scheme, for the quarter Jan-Mar., 2021, which has been made available to them are summarized below. 1. Auto Generation of Form GSTR-2B, for the QRMP taxpayers a)Form GSTR-2B contains details of filed IFFs (for Month M1 & M2) & filed Form GSTR 1 (for Month M3).
With effect from 1st January 2021, all taxpayers with Annual Aggregate turnover up to Rs 5 Crore have been given an option to file their Form GSTR-1 Statement and Form GSTR-3B return on a quarterly basis. They also have an option to file B2B invoice details in Invoice Furnishing Facility (IFF) for months 1 and
GSTN has issued the advisory on payment of tax by the taxpayers under the Quarterly Return Monthly Payment (QRMP) Scheme for the month of March 2021. 1. All taxpayers having aggregate turnover up to Rs 5 crores, under QRMP Scheme (w.e.f. 01.01.2021 onwards), are required to furnish return on quarterly basis, along with payment of
The Reserve Bank of India (RBI) orders banks and NBFC to “immediately put in place a Board-approved policy to refund/adjust the ‘interest on interest’ charged to the borrowers during the moratorium period, i.e. March 1, 2020 to 31st August 2020, in conformity with the Hon’ble Supreme Court of India Judgement in the matter of Small
GSTN has recently implemented new functionalities on the GST Portal for the convenience of persons applying for registration and certain other functionalities for the existing taxpayers. These changes are mostly in areas of on Registration and Returns. For creating awareness amongst new applicants and the existing taxpayers, GSTN is holding a series of webinars, as
The CBIC vide Notification No. 19/2021-Customs, dated 30th March 2021 has extended the period of exemption granted to Export-Oriented Units (“EOU”), Software Technology Parks (“STP”) units, Electronic Hardware Technology Park (“EHTP”) units etc. from payment of Integrated Goods and Services Tax (“IGST”), and compensation cess on the supplies of specified goods, from 31st March 2021
The Goods and Services Tax Network (GSTN) has issued an advisory on the filing of GSTR-1 for the month of March 2021. GSTN said that “auto-population of e-invoices into GSTR-1 (of March 2021) is still in progress and is likely to take some more time”, accordingly the tax-payers are advised that do not to wait
More than Rs 25,586 crore sanctioned to over 1,14,322 accounts by the Banks under Stand-Up India Scheme in 5 years. India is growing rapidly. Hopes, Aspirations and Expectations are rising. There is a large group of potential entrepreneurs particularly women and Scheduled Caste (SC), Scheduled Tribes (ST) who want to set up an enterprise of
The Income Tax Department has released the Income Tax Return utility ITR-1 and ITR-4 in JSON format for the AY 2021-22. The utilities for the remaining Income Tax Returns forms yet to be released by the department. This year utility has been released in JSON format only. Excel and Java utilities have been suspended from
The Goods and Service Tax Network (GSTN) has issued an advisory for the filing of GSTR – 1 Quarterly for the period from January to March 2021 under Quarterly Return Monthly Payment (QRMP) Scheme. The taxpayers under the QRMP scheme have a facility to file Invoice Furnishing Facility (IFF) in the first two months of
