The Central Board of Indirect Taxes and Customs (CBIC) vide its Notification No 07/2021 – Central Tax dated 27th April 2021 have added a proviso to Rule 26 (1) in Central Goods and Services Tax Rules 2017 related to verification of GSTR-1 and GSTR-3B through electronic verification code (EVC) for the new taxpayer registered under
Government of India, Ministry of Finance (Department of Revenue), CBIC, vide Notification No 82/2020 – Central Tax, dated 10th Nov., 2020, has revised Rule 61 of the Central Goods and Services Tax Rules, 2017, to provide for staggered filing of Form GSTR-3B, for the tax periods from January, 2021, onwards, as under: Sl.No. Class of registered
GST helpdesk is in receipt of some tickets at helpdesk wherein it was reported that certain 6-digit HSN codes are not available in HSN Master/ not accepted on e-invoice/e-Way bill portals. Background: Notification No. 12/2017-Central Tax dated June 28, 2017, as amended vide Notification No. 78/2020 – Central Tax, dated October 15, 2020, mandates taxpayers to
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
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 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
Advance Ruling on ITC available on CSR expenses Since the inception of GST law, this question has been raised on various occasions whether CSR expenses which are mandatory in nature to be considered as incurred in the course of business or not. Accordingly, ITC availability of CSR expenses has always raised a question mark in
