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2019

35th GST Council Meeting Highlights

The 35th GST council meeting was held on 21st June 2019 at New Delhi. Here are the key highlights of the recommendations of the GST Council.

1. Extension of Certain Due Dates:

  • Certain due dates have been extended as follows:

Archive


2019

FAQs on Form GSTR 2A

Q1. What is Form GSTR-2A?

  • Form GSTR-2A is return filing form which is generated by the system for a receiver taxpayer as the draft statement of inward supplies.
  • Form GSTR-2A is auto-populated by the data which was entered in the following forms of all suppliers or counter-party taxpayers of goods/services in a given tax period: GSTR-1, GSTR-5, and GSTR-6 (ISD); GSTR-7 (TDS); and GSTR-8 (TCS).
  • When all these auto-populated details are uploaded on the portal by the counter-parties, this form is created for the taxpayer.
  • This form is then updated for the taxpayer as and when the suppliers change or upload the details in their GSTR-1 forms during the tax period. When a supplier files his/her returns, his/her auto-populated details will be frozen to be edited or deleted.
  • The taxpayer can view his/her GSTR-2A form for the tax period till s/he filed the returns in form GSTR-2.

2019

GST Rates applicable to Accommodation Services and Restaurants

Introduction of GST has benefited the hospitality industry due to standardized and uniform tax rates, and easy and better utilization of input tax credit. GST abolishes several taxes, leading to a reduction in procedural steps and easy availment and utilization of input tax credit. Under the GST regime there will be only a single charge on the bill and it would give the customers a clear picture of the tax they are paying.

2019

Amendment in E mail ID Mobile Number of Primary Authorized Signatory on GST Portal

  • Tax Payers have registered in GST Regime either as migrated category based on provisional ID provided based on existing registration (VAT/Service Tax/ Excise, etc) or have obtained fresh registration post commencement of GST.
  • In many cases they have obtained the assistance of tax professional or have registered on their own.
  • While obtaining registration number or enrolling they provided email id or mobile number which may require to be changed now since they have changed the professional, employees have left the organisation whose details were provided.
  • It becomes a cumbersome process to change the mobile number or email id of primary authorized signatory on GSTN Portal.

2019

FAQs on GST Annual Return GSTR 9

GSTR – 9 is an Annual Return to be filed by the registered taxpayers under GST. It consists of details regarding the supplies made and received during the year under different tax heads i.e. CGST, SGST and IGST.

In 31st meeting of GST Council held on 22nd December 2018 GST council recommended further extension for filing of GSTR-9 up to 30th June 2019 for financial year 2017-18 and same was extended by CBIC Order No. 03/2018-Central Tax dated 31st December, 2018. Here are some Frequently Asked Questions related to GSTR 9.

2019

GST COMPLIANCE CHECKLIST BEFORE FILING GST RETURNS 

Few weeks ago we discussed about To Do List for accountants before 31st March. In this article we are going to focus on GST related compliance requirements to be fulfilled till 31st March 2019. Every accountant must keep in mind certain things before filing GST Return for March 2019 including GSTR 1 and GSTR 3B. This is critically important because of some compliance deadlines. In this article we have tries to cover these points.

Financial Management