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2018

Steps to be taken while filing GSTR 3B2FGSTR 1 1

It is critically important to verify the details to be uploaded in GSTR 1 and 3B. Details of outward & inward supplies as well as available ITC must be cross verified to determine net tax liability for the month. As the due date of GSTR 3B is approaching fast, it is relevant to discuss all the points which are essential for an accountant and tax consultant before filing GST Returns.

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2018

Composition Scheme Under GST

GST has brought many compliance requirements with its implementation like return filing, payment of GST on monthly basis etc. Small dealers who operate at relatively lower scale and margins find it difficult to comply with many regulations as dedicated resources and manpower is required for the purpose. In order to provide relief to such small taxpayers, the Government has come up with the concept of "Composition Levy" (aka Composition scheme) under GST. Any dealer registering under GST has two options i.e. Registration as Regular Dealer or under Composition scheme. By opting for composition scheme, the dealer can avail relief from many compliance requirements.

2018

Penalties for non compliance under GST

One of the remarkable changes that GST brought with its implementation is greater emphasis on compliance on part of an assessee. GST Act prescribes several provisions related to interest, penalty, fees and even imprisonment in case of severe defaults. We all take care of the major compliance requirements like filing returns regularly, charging the right type of tax (i.e. CGST & SGST or IGST), charging appropriate rate of tax etc. However, we often ignore small rules and guidelines prescribed by GST Act thinking they are too sundry to follow and they hardly attract any penalty or fees. Notwithstanding the scale of compliance requirement, we must be aware that even the minor case of non-conformance may attract considerable penalty in monetary as well as non-monetary terms. Here is a list of such small non-conformance that all tax payers under GST must bear in mind.

2018

Zero Rated Supplies under GST

In order to promote exports, Government provides many benefits and reliefs to export houses time and again. One such benefit provided by current Government is treatment of export of goods and/or services as "Zero Rated Supplies". Any supply of goods and/or services as an export shall be treated as "Zero Rated Supplies" even though such supplies are taxable under GST in domestic market. This move reduces the prices of commodities or services being exported and increases competitiveness of our product / services in the international market. Moreover, higher exports also means greater balance of payment for Government.

2018

Major Decisions and Announcements of 25th GST Council Meeting

Ever since GST is introduced, the government has made many changes into the law with a view to respond to industry demand as well as for making GST more suitable in terms of compliance and ease of doing business. All such key decisions are taken during the GST Council meetings held from time to time. The 25th and the latest GST Council meeting was held on January 18, 2018 at Vigyan Bhavan New Delhi. Below are the key highlights of the decisions taken by GST council meeting.

2018

Everything that you must know about E way Bill

Electronic Way Bill or E-Way is a new milestone in the country ever the since GST regime unfolded to unify direct taxes. The E-Way bill system is said to be made compulsory in all states starting from February 1 of this year. After being implemented and tested in almost 10 states, the government has given the E-Way a green signal throughout the nation to allow traders to monitor and track online the movement of goods and consignment.

Financial Management