#GSTR-1

[taxationplanning]

IMS: GSTN Issues Advisory During Initial Phase

Invoice Management System (IMS) IMS is an optional facility introduced from October 2024 on GST Portal, on which the invoices/ records saved/ furnished by the supplier in GSTR-1/ 1A/ IFF, can be accepted, rejected or kept pending by recipients. Based on the action taken by the recipient on the IMS, system will generate the GSTR 2B of the recipient on 14th of subsequent month. The Taxpayer can…

[mastersindia]

Masters India is a GST Suvidha Provider (GSP) appointed by Goods and Services Tax Network (GSTN), a Government of India enterprise. Our mission is to build intuitive software solutions for complex problems faced by businesses across the globe. We are fulfilling our mission by offering tax and financial automation products to enterprises.

[babatax]

GSTR-1 not filed on time, be aware of these 5 consequences

Consequences of Not-Filing of GSTR-1 on time: Every registered taxpayer must submit accurate and timely returns under the Goods and Services Tax (GST). The GST Return must be filed on time, as there are severe repercussions for both the registered taxpayer and the recipient of supplies who miss the deadline. Forms GSTR-1 and GSTR-3B are two crucial GST returns that are crucial to the GST…

[open563]

How Open makes e-Invoicing Effortless With 100% Compliance

One of the major changes with the implementation of GST is that the invoices must be compliant with the new tax laws. The same applies to e-invoicing. e-Invoices are Electronic Invoices, that are used to authenticate B2B invoices electronically by e-Invoice portal for tax return purposes.

Read the full article here.

[taxmill1995]

The time-specific GST refund protocol was extremely important when we worked with the GST refund. It would allow companies to control their taxation. This will unblock the accounts of working capital.

[girlivealwaysbean]

im bored what are u doing entertain me

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[cadeveshthakur]

Latest Amendment|GSTR-1/IFF Table No 14 &15| Supplies through ECO| Watch it before filing GSTR-1/IFF

[accountingsikhehindime]

Download the Latest Offline Utility and File Returns on the GST Portal Error Fixed in Hindi 2023

नमस्कार दोस्तों इस पोस्ट मे आज हम Download the Latest Offline Utility and File Returns on the GST Portal Error को Fixed करना सीखेंगे। दोस्तों पिछली पोस्ट में मेने आप को बताया था कि GSTR 1 क्या है GSTR 1 को File कैसे करे। तभी से मुझे बहुत से Friends के Comments आ रहे की Sir हमने GSTR 1 तो File करना सीख लिया है। परन्तु Tally से JSON File बनाने के बाद जब हम उसे GST Portal पर Upload करते ��ैं। तो हमे…

[1lastdate]

GSTR-1 Filling Online Kaise Kare | जीएसटीआर-1 कैसे भरें

GSTR-1 Filling Online Kaise Kare | जीएसटीआर-1 कैसे भरें

इस Article में GSTR-1 Filling Online Kaise Kare Topic पर हम आपको बताने वाले हैं कि Step by step तरीके से GSTR1 Online Step कैसे Fill करें। Users को हमेशा एनआईएल GST 1 Return File करना होगा या GST 1 Online Filing की आवश्यकता होगी। इस Article में आप Filing से लेकर Payment तक Step प्रक्रिया द्वारा GSTR-1 Step के बारे में बताएँगे । GST Return भरने की प्रक्रिया में पहला Number  GSTR-1 Filling  है। यह…

[masllp]

GST Return Filing in Delhi by Masllp: Simplifying Your Compliance Journey

If you are a business owner in Delhi, managing Goods and Services Tax (GST) returns can be challenging. Staying compliant with the evolving GST laws while running day-to-day operations is no easy task. That’s where Masllp steps in. With our expert GST return filing services, we help businesses in Delhi stay compliant, efficient, and stress-free.

Why GST Return Filing Is Important GST return filing is a mandatory requirement for all registered businesses in India. It involves the submission of details regarding sales, purchases, input tax credit (ITC), and tax payments to the government. Failing to file GST returns on time can result in penalties, interest, and even suspension of your GST registration. Therefore, it is crucial to partner with professionals who can help you manage this process seamlessly.

Common Challenges Faced by Businesses in GST Return Filing Complexity in compliance: The frequent changes in GST regulations can make compliance complicated, especially for small businesses. Technical errors: Filing incorrect returns can lead to penalties and issues with GST reconciliation. Timely submissions: Missing GST filing deadlines can result in heavy fines. Lack of clarity on ITC: Understanding input tax credits and adjusting them correctly is often confusing for business owners. How Masllp Simplifies GST Return Filing in Delhi At Masllp, we understand that every business has unique tax filing requirements. We offer tailored GST return filing solutions that are designed to help businesses in Delhi navigate the complexities of GST compliance. Here’s how we do it:

End-to-End Support From the collection of data to the final filing of your GST returns, we manage everything on your behalf. Our team of tax experts ensures that your GST returns are accurate and filed on time, preventing any penalties.

Expert Consultation Our professionals are well-versed in the latest GST regulations. We provide personalized consultation, helping you understand your GST liabilities, input tax credits, and the correct way to file returns.

Timely Reminders We send out timely reminders about upcoming deadlines to ensure you never miss a filing date. This helps in avoiding last-minute hassles and potential penalties.

Accurate ITC Calculations One of the most critical aspects of GST return filing is claiming Input Tax Credits (ITC) accurately. Our experts ensure that your ITC claims are correct and compliant with GST rules, maximizing your tax benefits.

Error-Free Filing We take utmost care to avoid technical errors in your returns, ensuring that your filings are error-free and compliant with the latest GST laws.

Why Choose Masllp for GST Return Filing in Delhi? Experience & Expertise: We have years of experience in handling GST returns for businesses across various sectors. Tailored Services: Our services are customized to meet the specific needs of your business. Cost-Effective Solutions: We offer competitive pricing without compromising on the quality of our services. Data Security: Your financial data is safe with us. We maintain strict confidentiality and follow best practices in data security. Hassle-Free Process: With our GST return filing services, you can focus on growing your business while we handle the compliance work. Types of GST Returns We Handle At Masllp, we provide end-to-end support for all types of GST returns, including:

GSTR-1: Details of outward supplies GSTR-3B: Summary return for tax payment GSTR-4: For composition scheme taxpayers GSTR-9: Annual return GSTR-10: Final return for canceled GST registrations Whether you are a small business, a startup, or a large corporation, we have the right solutions to simplify your GST return filing process.

Contact Us If you are looking for reliable GST return filing services in Delhi, look no further than Masllp. Our team of experts is here to make your GST compliance journey easy and hassle-free.

Contact us today to learn more about how we can assist you with GST return filing and ensure timely and accurate submissions.

[taxationplanning]

GST Due Dates In November 2024

GST Due DatesYou May Also LikeGet Free Updates[Join WhatsApp Group] GST Due Dates Due dates are most important in any tax compliance as understanding of due dates help in timely compliance. So, in order to help you in timely GST compliance, we have gathered various GST due dates in November 2024. These are as under: 10 November 2024 Due date for filing GSTR-7 for the month of October…

[babatax]

GST portal never working on last date of GSTR-1 Filing

GST portal not working: Tax experts have consistently raised issues concerning the Goods and Services Tax (GST) Portal was not working for several hours on August 11, 2023, was the last day for submitting GSTR-1 of July -2023 Tax Return. Social media platform Twitter is flooded with grievances directed at the Goods and Services Tax Network (GSTN) through tagging. Tax professionals are having…

[scbhagat]

GST Return Filing Services in Delhi By SC Bhagat & Co.

The Goods and Services Tax (GST) system in India has streamlined the taxation process, but it can still be complex for businesses to navigate. Accurate and timely GST return filing is crucial for businesses to avoid penalties and ensure smooth operations. If you’re looking for reliable GST Return Filing Services in Delhi, SC Bhagat & Co. offers expert assistance tailored to your business needs.

Why GST Return Filing is Important? GST return filing is a legal obligation for businesses registered under the GST regime. It involves submitting details of sales, purchases, output GST (on sales), and input tax credit (GST paid on purchases) to the government. Filing returns correctly and on time ensures:

Compliance with Regulations: Non-compliance with GST regulations can result in hefty fines and interest on unpaid taxes. Input Tax Credit: Proper filing allows businesses to claim input tax credits, reducing the overall tax burden. Avoid Penalties: Timely filing helps avoid late fees and penalties, which can accumulate quickly. Smooth Audits: Maintaining accurate records through return filing facilitates hassle-free audits. Types of GST Returns in India Different types of GST returns need to be filed depending on the business type and activities. Here's an overview of the major returns:

GSTR-1: Details of outward supplies of goods and services (sales). GSTR-3B: Summary return showing total taxable value and taxes paid. GSTR-4: Return for composition scheme taxpayers. GSTR-9: Annual return for normal taxpayers. GSTR-10: Final return when GST registration is canceled. Why Choose SC Bhagat & Co. for GST Return Filing Services in Delhi? Expert Team: SC Bhagat & Co. has a team of experienced professionals who specialize in GST regulations. They stay updated with the latest changes in GST laws to ensure compliance and accuracy in your filings.

End-to-End Service: From compiling the necessary data to submitting the return on time, SC Bhagat & Co. provides comprehensive GST return filing services. They handle everything, so you don’t have to worry about the complexities involved.

Customized Solutions: Every business is unique, and so are its GST filing requirements. SC Bhagat & Co. offers personalized services that cater to the specific needs of your business, ensuring that you only pay the taxes you owe and nothing more.

Timely Filing: SC Bhagat & Co. prioritizes deadlines and ensures that all GST returns are filed within the stipulated time frame, avoiding any late penalties.

Affordable Services: High-quality service doesn’t have to come with a high price tag. SC Bhagat & Co. offers competitive rates for their GST return filing services, making them accessible to small and medium-sized businesses in Delhi.

Common GST Filing Challenges Solved by SC Bhagat & Co. Errors in Data Entry: Mistakes in entering sales and purchase data can lead to discrepancies. SC Bhagat & Co. ensures that all data is accurately compiled to avoid errors.

Complex Tax Rules: GST laws are constantly evolving, making it hard for businesses to stay compliant. With their expert knowledge, SC Bhagat & Co. keeps your business updated with the latest regulations.

Delayed Filings: Late filings lead to penalties, but SC Bhagat & Co. ensures timely submissions, minimizing risks of fines.

Mismatch in Input Tax Credit: They help reconcile input tax credit claims, ensuring you don’t lose out on eligible credits due to mismatched data.

How to Get Started? Partnering with SC Bhagat & Co. for GST return filing in Delhi is easy. Simply reach out to their team, and they will guide you through the process, offering personalized assistance based on your business requirements.

Conclusion Accurate and timely GST return filing is essential for maintaining tax compliance and maximizing input tax credits. With SC Bhagat & Co.’s GST Return Filing Services in Delhi, businesses can enjoy peace of mind knowing their GST obligations are handled by experts. Save time, avoid penalties, and stay compliant by letting SC Bhagat & Co. manage your GST returns.

[taxmill1995]

A GST return is a statement that a taxpayer must file separately on each registration under the GST law. Regular taxpayers, composition vendors, e-commerce operators, TDS deductor, non-resident taxpayers, and Input Service Distributors (ISDs), among others, can decide the number of GST returns to be filed. For each GST submission, a regular taxpayer is usually expected to file two monthly returns (GSTR-1, GSTR-3B) and an annual return (GSTR-9/9C).

[finschool]

Indirect Tax

Recent changes in Indirect Tax

Indirect taxes are taxes that are assessed by Government on goods and services, rather than on individualities or businesses directly. These taxes are collected by businesses from consumer when they buy goods or services, and also remitted to the government. Indirect taxes are often referred to as consumption taxes because they are based on consumption of goods and services rather than income or wealth. Indirect taxes can take many forms, including sales taxes, value-added taxes (VAT), excise taxes, and tariffs.

During the Union Budget of 2023 “Amrit Kaal”, It was the very first time when the indirect tax proposals were presented before the direct tax proposals. In the Proposal of indirect tax Presented in the Union Budget of 2023 there were 4 major changes which caught the attention of the citizens.

Following are the 4 major changes:

Customs Perspective:  In the Union Budget, to promote the ‘Make in India’ campaign and give to a boost to domestic manufacturing and enhance exports, the government and our FM has proposed few changes in the rate of import duties. The import duties on electric chimneys and cigarettes will now be more expensive, while on the other hand import of gold, silver, platinum, coin, etc., will be cheaper. Also, some exemption has been proposed towards goods or machinery used for manufacturing of lithium-ion battery.

GST Returns To Be Filed Within Three Years:  GSTR 1, GSTR 3B and GSTR 9and GSTR 9C would now be restricted for filing, post expiry of three years from the due date of filing of the relevant GST return. Until now, there was no threshold on time for filing GST return and any taxpayer could file belated returns along with interest and late fees. However, going forward, in future these dates have been locked so as to have clarity on the timelines for litigation.

Widening of Scope of OIDAR:  The Online Information and Database Access and Retrieval (OIDAR) services were brought under the tax bracket in the service tax regime and subsequently, in the GST regime. However, due to some exceptions in OIDAR and non-taxable online recipient, multiple services were escaping tax. In order to remove those exceptions, the Budget proposes to amend both the definitions and make OIDAR a wider segment for taxability purpose.

Taxability of High Sea Sales and Out-And-Out Sales: Out-and-out sales and high-sea sales were inserted in schedule III of the CGST Act, 2017 with effect from Feb. 1, 2019. However, the GST authorities were demanding GST from July 1, 2017 to Jan. 31, 2019. So to clarify this ambiguity and confusion, the budget has stated that such insertion will be with retrospective effect from July 1, 2017. This is a relief for taxpayers who are undergoing a litigation on these aspects. However, if the taxpayer has already paid the taxes for such period on the specified sales, the Budget has clearly specified that no refund of such tax can be claimed.

Although there are other changes as well but from Tax perspective the above 4 are major changes.