#GSTR-4

[taxationplanning]

Form GSTR-4 (Annual Return) Filing: Key FAQs Explained

Form GSTR-4About Form GSTR-4Opt in and Opt out of composition & Form GSTR-4 (Annual Return)Pre-conditions of Filing Form GSTR-4 (Annual Return)  Filing Nil Form GSTR-4 (Annual Return)  Filing Form GSTR-4 (Annual Return) Entering Details in Tables of Form GSTR-4 (Annual Return)Form GSTR-4 (Annual Return) & Consolidating SummaryFiling & Paying Late FeeAdditional Liability & it’s Payment  Previewing…

[margbooks]

In this blog, we’ll break down why filing GST returns is a big deal and explore the forms you need to know. Think of it as your guide to navigating the tax world without getting lost in the paperwork. Stick around, and we’ll make sure it’s all crystal clear!

[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.

[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.

[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.

[taxbucket]

Best GST Services in India by Tax Bucket

Since the introduction of Goods and Services Tax (GST) in India, businesses have faced a new set of compliance requirements. GST compliance is essential to avoid penalties and maintain a seamless flow of goods and services across states. Tax Bucket provides the best GST services in India, ensuring businesses remain compliant while maximizing tax efficiency. Here’s how their GST services make a difference:

1. GST Registration and Filing

Tax Bucket assists businesses with GST registration, helping them understand eligibility criteria and complete the registration process efficiently. Their team ensures that businesses are registered in compliance with the latest GST regulations, providing a strong foundation for GST compliance.

2. Monthly and Annual GST Return Filing

Filing GST returns on time is critical for businesses to avoid late fees and penalties. Tax Bucket offers monthly, quarterly, and annual GST return filing services, ensuring accurate submissions. They handle all aspects of GST compliance, from preparing GSTR-1 and GSTR-3B to submitting annual returns (GSTR-9), allowing businesses to focus on growth.

3. GST Advisory and Compliance Support

Tax Bucket’s GST advisory services help businesses understand their tax obligations, including GST applicability, input tax credit claims, and more. Their team offers ongoing compliance support, helping clients stay updated on any changes in GST regulations that may affect their operations. This proactive approach keeps clients compliant while enhancing tax efficiency.

4. GST Audit and Assessment Support

In the event of a GST audit or assessment, Tax Bucket provides representation services, assisting clients with documentation and compliance requirements. Their expertise in handling GST audits ensures that clients meet regulatory standards while minimizing any potential liabilities.

[ebizfilingindia-blog]

Important Updates on GST Returns Due Date and Filing Extensions

The Goods and Services Tax (GST) compliance manner in India calls for groups to adhere strictly to the time limits for submitting returns. Missing the GST returns due date can lead to consequences and hobby fees, impacting cash glide and overall business operations.

Recent updates and amendments have brought submitting extensions and modifications to ease compliance.

This article will discover the modern day updates concerning GST returns due dates, submitting extensions, and crucial pointers for groups to stay compliant.

1. Overview of GST Returns Due Date Compliance

The GST machine mandates agencies to document periodic returns, that could encompass month-to-month, quarterly, and annual filings relying on turnover and the GST scheme followed. The primary returns consist of:

GSTR-1: Filed monthly or quarterly, this returns information to external resources.

GSTR-3B: A summary go back filed month-to-month, putting forward tax liabilities and input tax credit.

GSTR-4: Filed annually with the aid of composition scheme taxpayers.

GSTR 9: The annual return summarizing a taxpayer's monetary 12 months transactions.

2. Recent Extensions on GST Returns Due Date

The government periodically broadcasts extensions to the GST returns due dates, especially at some stage in monetary 12 months closures or unexpected occasions.

COVID-19 and Natural Disasters: The authorities furnished extensions at some stage in the pandemic and for regions laid low with natural failures to help organizations hold compliance without extra strain.

Fiscal Year-End Adjustments: In recent years, the authorities have delivered prolonged deadlines around the monetary 12 months to provide taxpayers time beyond regulation to reconcile debts, audit records, and record returns as it should be.

3. How to Track the Latest Updates on Filing Extensions:

Regular Monitoring of GSTN Notices: The GSTN portal publishes notifications approximately adjustments in submitting dates, making it the maximum dependable source for updated statistics.

Utilizing GST Compliance Software: Many tax and compliance structures ship notifications and reminders based on due dates, ensuring businesses don’t omit crucial time limits.

Engaging Professional Services: Professional tax specialists and criminal advisors can offer well-timed indicators on updates and make certain your filings stay compliant with modern-day due dates.

4. Penalties for Missing GST Returns Due Date

Penalties for delayed submitting include:

Late Fees: For GSTR-3B and GSTR-1, there may be a late charge of ₹20 in keeping with day (₹10 each under CGST and SGST) for nil returns, and ₹50 in line with day for different returns, capped at particular amounts.

Interest on Outstanding Tax: If any tax liability is due, an 18% annual hobby price is charged for the amazing stability.

5. Practical Tips for Meeting GST Return Due Date  

Automate Reminders: Use compliance management gear to install signals and reminders nicely before the due date.

Prepare Early: Gather all vital files and reconcile money owed right away to keep away from final-minute discrepancies.

Seek Professional Support: Tax experts can help take care of complex filings, ensuring accuracy and timeliness, in particular while drawing close to the economic 12 months-quit.

Conclusion

Staying compliant with GST returns due date requirements is vital to keep away from penalties and ensure clean enterprise operations. Regularly tracking updates and filing extensions via the GSTN portal or with the help of professionals can store corporations time and assets.

[kanakkupillai-trademark]

OPC Compliance: Your Guide to Legal Requirements

A One Person Company (OPC) is a unique type of business entity introduced under the Companies Act 2013. It allows a single individual to form a company and enjoy the benefits of a corporate structure while avoiding many of the complexities associated with traditional business structures. However, despite being simpler, Annual Compliance For Opc are required to follow certain obligations to stay compliant with legal and regulatory requirements.

1. Annual Return Filing (MGT-7A)

Every OPC must file an annual return in Form MGT-7A, a simplified form designed for OPCs and small companies. This return contains details of the management, financial summary, and shareholders. It should be filed with the Registrar of Companies (RoC) within 60 days of the conclusion of the Annual General Meeting (AGM).

Due Date: Within 60 days from the date of AGM or the due date of AGM (which is six months from the end of the financial year).

2. Financial Statement Filing (AOC-4)

The OPC's financial statements must be filed in Form AOC-4. This form includes the balance sheet, profit and loss account, and other related financial documents. It is crucial to get these statements audited by a Chartered Accountant.

Due Date: Within 180 days from the closure of the financial year (typically, the due date is 27th September).

3. Income Tax Returns

OPCs must file their income tax returns by the prescribed date. The tax rates for OPCs follow the same guidelines as those applicable to private limited companies, and any profits are taxed at a flat rate of 25-30%, depending on the turnover.

Due Date: 30th September of the relevant assessment year.

4. GST Filings

If the OPC is registered under GST, it needs to file monthly or quarterly GST returns (depending on the turnover). Additionally, an annual GST return (GSTR-9) summarising all the transactions must be filed.

Monthly/Quarterly Returns: GSTR-1 and GSTR-3B.

Annual Return: GSTR-9 (if applicable).

5. Board Meetings

An OPC with more than one director is not required to hold board meetings. However, if the company has more than one director, it must hold at least two board meetings each year. The gap between these meetings is 90 days at most.

6. Audit of Accounts

Just like other companies, an OPC is required to get its financial accounts audited. The appointment of an auditor is mandatory, and the auditor must audit the books of accounts and submit a report.

7. Director's Report

A Director's Report must be attached along with the financial statements. This report highlights the financial status of the company and other related information such as risks, plans, etc.

8. Other Compliance

KYC of Directors: Every director of an OPC must file DIR-3 KYC annually to update their KYC information with the Ministry of Corporate Affairs (MCA).

Form DPT-3: If the company has accepted deposits, Form DPT-3 needs to be filed. It is a declaration of the return of deposits or outstanding receipt of money.

Penalties for Non-Compliance

Failure to comply with the annual compliance requirements can result in penalties for the OPC. These penalties can range from fines for late filings to disqualification of directors or even legal actions against the company.

Conclusion

While an OPC offers flexibility and control to a single person, it’s essential to adhere to the annual compliance requirements to maintain the company’s legal standing. Timely filing of forms, keeping proper records, and staying updated with legal requirements can help avoid hefty penalties and ensure smooth business operations.

[mind-your-tax-9]

Recent Important Amendments in the CGST Rules

The GST framework in India has undergone some important updates recently, impacting a range of compliance areas. For businesses, staying abreast of these changes is essential to maintain smooth operations and avoid penalties. As Mind Your Tax, we aim to keep you informed on regulatory changes and their practical implications. Here’s a concise overview of the recent CGST rule amendments and how they may affect your business.

1. Revised E-Invoicing Threshold

The mandatory threshold for e-invoicing has been reduced from ₹10 crores to ₹5 crores in annual turnover. This expansion brings a wider spectrum of businesses under the e-invoicing mandate, thereby increasing the need for real-time compliance. Businesses affected by this change will need to implement compliant e-invoicing solutions to ensure accurate documentation and regulatory adherence.

2. Accelerated Physical Verification for GST Registration

To expedite the registration process while reducing fraud risks, the government has shortened the timeline for physical verification of premises, specifically for applicants without Aadhar authentication. This amendment is expected to streamline the registration procedure, although applicants should ensure all details are promptly available to avoid any delays.

3. Enhanced Restrictions on Input Tax Credit (ITC)

Recent changes reinforce the requirement that ITC can only be claimed if the supplier has filed their GST returns and the credit appears in the recipient’s GSTR-2B. This effectively places increased responsibility on both suppliers and recipients to ensure timely filing. Failure to meet these conditions could result in disallowed credits, impacting cash flow and tax liability planning.

4. New Compliance Requirements for GSTR-1 and GSTR-3B

A significant compliance update pertains to the sequential filing of GSTR-1 and GSTR-3B. Non-filing of GSTR-1 over a consecutive period now triggers restrictions on GSTR-3B filing, making regular and accurate filing critical for uninterrupted business operations. This move aims to address the issue of discrepancies and late submissions, enhancing overall compliance within the GST system.

5. Revised Penalties for E-Way Bill Infractions

For businesses involved in goods transportation, it’s essential to be aware of the adjustments to e-way bill penalties. Increased fines for non-compliance with e-way bill requirements, such as failure to produce proper documents during transit, emphasize the importance of adhering to transport regulations. This amendment promotes accountability across the supply chain.

Partner with Mind Your Tax – Trusted GST Consultants in Bangalore

Given the scope and implications of these amendments, it’s crucial for businesses to reassess their GST compliance frameworks. At Mind Your Tax, our GST consultants in Bangalore provide tailored advisory and compliance services to help you navigate these updates seamlessly. From e-invoicing solutions to ITC management, our experts ensure that your business remains fully compliant with the latest GST regulations.

Conclusion

These amendments underscore the government’s commitment to enhancing transparency and strengthening the GST framework. Staying compliant requires not only awareness but also proactive adjustments to existing systems.

Reach out to Mind Your Tax – your dependable tax consultants in Bangalore – for expert support on all GST and tax compliance matters. Our team is equipped to help you adapt effectively to these changes, ensuring compliance and operational efficiency for your business.

[jobskolkata]

Manufacturing Company || Accounts Job || Factory Supervisor Job || Chinnar Park || Dhulagarh || Kolkata || Howrah || West Bengal

Unlock Your Dream Job!

In this Job Post, we dive into the "Ideal Career Zone," revealing the secrets to finding your perfect profession!

Whether you’re hunting for a #job, searching #Naukri, or exploring new #Chakri options, we’ve got you covered with expert tips and career advice. From understanding your passions to mastering job searches and acing interviews, we empower you to navigate the competitive landscape with confidence!

Join us and discover how to elevate your career journey today!

Don’t forget to like, subscribe, and tap the notification bell for more career-boosting content. Your dream job awaits!

Now the company is hiring some staffs!

About company: Welcome to our deep dive into the dynamic “Manufacturing Industry’!

In this Job Post, we explore the fascinating roles that influence production, including the essential position of a “#juniorAccountant”, who ensures our finances stay in check, and the dedicated efforts of a Manufacturing Unit.

#FactorySupervisor, who oversees operations and drives efficiency. Join us as we uncover the daily responsibilities, challenges, and triumphs of these professionals—offering valuable insights for aspiring candidates.

Whether you're considering a career in manufacturing or simply intrigued by the industry, this video is packed with expert tips and real-world stories.

Don't forget to like, comment, and subscribe for more exciting content about world of manufacturing!

Salary Package: Rupees 12K to Rupees 15K in a month

Job type: Full–time

Junior Accounts can Create & maintain balance sheet.

Factory Supervisor: Can handle labours and materials.

Job Description For Junior Accountants.

Create & maintain book keeping.

Manage account statements.

Stock Maintenance Invoice Billing attendance and Salary dispatched GSTR filling.

Record daily revenue & other numbers.

It is a Full Time Accountant job for candidates with tally and Basic computer Knowledge.

Job Description For Factory Supervisor.

Labour Handling

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Patty cash

An immediate opening of 2 junior Accountant and 2 factory suoervisors.

Female or Male candidates can apply for this Accountant job and only Male can apply for factory supervisor job.

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[taxblgs]

GST Return Filing : What You Need to Know About Filing, Types, and Deadlines , how to Check gst filing Status

What is a GST Return?

A GST return is a document that includes details of all income/sales and/or expenses/purchases that a GST-registered taxpayer must file with tax authorities. This information is crucial for tax authorities to calculate net tax liability.

Registered dealers must file GST returns covering:

- Purchases

- Sales

- Output GST (on sales)

- Input tax credit (GST paid on purchases)

To simplify GST filings, consider using Clear GST software, which allows data import from various ERP systems like Tally, Busy, and custom Excel files.

Who Should File GST Returns?

Regular businesses with an annual aggregate turnover exceeding ₹5 crore must file two monthly returns and one annual return, totaling 25 returns per year. Taxpayers with a turnover up to ₹5 crore can opt for the QRMP scheme, requiring only 9 filings per year (4 GSTR-1 and 5 GSTR-3B returns).

Composition dealers have different requirements, filing 5 returns each year (4 CMP-08 statements-cum-challans and 1 annual return GSTR-4).

GST Filing Process Step by step

click here- How to gst filing on gst portal

GST Filing Process on Taxring

Get in Touch With Our Experts: Book a consultation with our GST specialists to clarify any doubts. If not registered, ensure timely GST registration.

Preparing and Updating Invoices: Provide the required documents and fill in essential details such as B2B and B2C invoices, along with ITC details to initiate the filing process.

GST Return Calculation and Filing: Our team will calculate the GST returns and file them on your behalf through the online portal. You’ll receive an acknowledgment once the returns are filed.

Check your GST return filing status online

Click here

How to check online gst return filing status?

Step 1: Visit the official GST website at www.gst.gov.in.

Step 2: Log in using your username and password.

Step 3: In the dashboard, navigate to the ‘Services’ section and select the ‘Returns’ option.

Step 4: Click on ‘Track Return Status’ from the dropdown menu.

Step 5: Enter the required details, such as the Financial Year and Return Type.

Step 6: Click on ‘Search’ to view the status of your GST return.

By following these steps, you can easily check the status of your GST return on the portal.

Types of GST Returns and Due Dates

There are 13 types of GST returns, including GSTR-1, GSTR-3B, and GSTR-9. The returns applicable depend on the taxpayer’s type of registration. Here’s a summary of the main returns and their due dates:

GST Returns Overview

- GSTR-1

- Description: Outward supplies of goods/services

- Frequency:

- Monthly: 11th of the next month

- Quarterly (QRMP scheme): 13th of the next month

- GSTR-3B

- Description: Summary return for outward supplies and input tax credit

- Frequency:

- Monthly: 20th of the next month

- Quarterly (QRMP scheme): 22nd or 24th of the month following the quarter

- GSTR-4

- Description: Composition scheme return

- Frequency: Annually: 30th of the month following the financial year

- GSTR-9

- Description: Annual return for regular taxpayers

- Frequency: Annually: 31st December of the next financial year

- GSTR-9C

- Description: Reconciliation statement

- Frequency: Annually: 31st December of the next financial year

- GSTR-10

- Description: Final return upon GST registration cancellation

- Frequency: Once: Within 3 months of cancellation

Upcoming Due Dates for GST Returns

For FY 2024–25, here’s a summary of upcoming due dates for GST returns:

- GSTR-1 Monthly Filings (Turnover > ₹5 crore):

- October 2024: Due on 11th November 2024

- GSTR-3B Monthly Filings (Turnover > ₹5 crore):

- October 2024: Due on 20th November 2024

- GSTR-4 Annual Filings (Composition Taxpayers):

- FY 2023–24: Due on 30th April 2024

Late Fees for Non-Filing GST

Late filing incurs penalties. Interest is charged at 18% per annum on outstanding tax. Late fees are ₹100 per day per Act, totaling ₹200 daily (₹100 CGST + ₹100 SGST), capped at ₹5,000. Recent changes have revised late fees for different taxpayer categories, particularly for those with nil tax payable or varying turnover amounts.

How to File GST Returns

Monthly GST Payments

GST must be paid monthly, even for those opting for quarterly returns under the QRMP scheme. Small taxpayers with annual turnover up to ₹1.5 crore for manufacturers/dealers and ₹50 lakh for service providers can opt for the composition scheme, allowing quarterly payments.

How Taxring help you ?

How Taxring Helps in GST Return Filing

At Taxring, we simplify the GST return filing process by offering:

Complete GST Compliance Support: Our experts ensure your filings are timely and accurate.

End-to-End Support: From document preparation to filing, we handle it all, reducing your workload.

Transparent Communication: Receive regular updates on your filing status to stay informed at every step.

Click here to consult with CA? Click here

[taxationplanning]

All About Barring Of GST Returns After 3 Years

What Is Barring Of GST Returns?Changes in CGST ActYou May Also LikeGet Free Updates[Join WhatsApp Group] What Is Barring Of GST Returns? Vide Clause 142, 143, 144 and 145 of the Finance Act, 2023 notified vide Notification No. 28/2023- Central Tax dated 31st July, 2023, the Government has notified provisions for barring of GST returns. These returns include GSTR-1, GSTR 3B, GSTR-4, GSTR-5,…

[finverto]

Highlights of the 53rd GST Council Meeting: Key Updates and Outcomes

Highlights of the 53rd GST Council Meeting: Key Updates and Outcomes. The 53rd GST Council meeting, held on June 22, 2024, in New Delhi, marked the first meeting after the 2024 Lok Sabha elections. Chaired by the newly appointed Union Finance Minister, Nirmala Sitharaman, the meeting addressed several critical issues to streamline GST compliance and enhance the tax structure. This blog provides a comprehensive overview of the meeting’s highlights, updates, outcomes, and the latest news. GST Registration.

Key Decisions and Updates from the 53rd GST Council Meeting

Ease of Compliance Burden for Taxpayers

1. Changes in GSTR-1 Filing:

Introduction of GSTR-1A: Taxpayers can now add or amend particulars in GSTR-1 of the current tax period/IFF for the 1st and 2nd month of the quarter before filing GSTR-3B.

Reporting B2C Supplies: The threshold for reporting Business-to-Consumer (B2C) interstate supplies invoice-wise in Table 5 of GSTR-1 has been reduced from ₹2.5 lakh to ₹1 lakh.

2. GSTR-4 Due Date Revised:

The due date for filing GSTR-4 by composition taxable persons has been extended from April 30 to June 30, starting from the fiscal year 2024-25.

3. TCS Rate Reduction:

The Tax Collected at Source (TCS) rate for Electronic Commerce Operators (ECOs) has been reduced from 1% to 0.5% (0.25% each under CGST and SGST/UTGST or 0.5% under IGST).

4. Compulsory Filing of GSTR-7:

GSTR-7 must be filed mandatorily even if no Tax Deducted at Source (TDS) is deducted. No late fee will be charged for nil filing. GST Filing.

5. GSTR-9/9A Filing Exemption:

Taxpayers with an aggregate annual turnover up to ₹2 crore will be exempt from filing the annual return in GSTR-9/9A for the fiscal year 2023-24.

Modifications to Sections and Rules

1. Modification to Section 16(4):

The time limit to avail Input Tax Credit (ITC) for invoices or debit notes in any GSTR-3B filed up to November 30, 2021, is deemed to be November 30, 2021. This applies retrospectively from July 1, 2017. Section 16(4) shall be relaxed for returns filed within 30 days of the order of revocation.

2. Amendment to CGST Rule 88B:

No interest will be charged on the amount available in the electronic cash ledger on the due date of filing GSTR-3B, debited while filing the return in cases of delayed filing.

3. New Section 128A:

Waives interest and penalties for demand notices issued under Section 73 of CGST for fiscal years 2017-18, 2018-19, and 2019-20 in cases not involving fraud, suppression, and misstatement. This applies if the taxpayer pays the full amount in the notice by March 31, 2025.

4. Changes in Sections 73 and 74:

A common time limit will be set for issuing demand notices and orders. The time limit for taxpayers to claim the benefit of reduced penalty, by paying the tax demanded along with interest, is increased from 30 to 60 days.

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Monetary Limits and Appeals

1. Monetary Limits for GST Appeals:

Recommended monetary limits for filing appeals: ₹20 lakh for GST Appellate Tribunal, ₹1 crore for High Court, and ₹2 crore for Supreme Court.

2. Amending Sections 107 and 112:

The maximum amount for pre-deposit for filing an appeal before appellate authorities is reduced from ₹25 crore to ₹20 crore under both CGST and SGST. For appeals before the GST Appellate Tribunal, the pre-deposit is reduced from 20% with a maximum amount of ₹50 crores to 10% with a maximum of ₹20 crores under both CGST and SGST.

Additional Key Decisions

1. Sunset Clause for Anti-Profiteering Cases:

A sunset clause will be added for pending anti-profiteering cases. The hearing panel will shift from CCI to the principal bench of GSTAT. The sunset date for receiving new applications regarding anti-profiteering is set for April 1, 2025.

2. Time Limit for GSTAT Appeals:

Modifying Section 112 to provide a 3-month time frame for filing appeals before the GST Appellate Tribunal. The timeline will commence from a date yet to be notified, likely by August 5, 2024.

3. New Section 11A:

Allows regularization of non-levy or short levy of GST due to common trade practices.

4. IGST Refunds and Adjustments:

Mechanism introduced for claiming refunds of additional IGST paid due to upward price revisions after exports. No IGST refund will be allowed where export duty is payable.

5. Biometric-based Aadhaar Authentication:

Implementation of biometric-based Aadhaar authentication for GST registration will be rolled out nationwide in a phased manner.

6. DRC-03 Circular:

A circular will prescribe a mechanism for adjusting any demand amount paid through DRC-03 against the amount payable as a pre-deposit for filing a GST appeal.

7. Amendment to Section 122(1B):

Clarification that the penal provision is applicable only for those e-commerce operators required to collect TCS under Section 52 and not for other e-commerce operators.

The 53rd GST Council meeting has brought significant changes aimed at simplifying compliance, reducing the tax burden, and enhancing the efficiency of the GST system. These updates reflect the government’s ongoing efforts to create a more robust and taxpayer-friendly GST framework. Keep an eye on official announcements for further details and implementation guidelines.

Stay tuned for the latest updates and insights on GST and other financial regulations.

[alishajoy059]

How to Rectify Errors in GST Return Filing: Amendments and Corrections

Filing Goods and Services Tax (GST) returns is a crucial task for businesses in India. However, errors in GST returns are common and can lead to penalties and compliance issues. Fortunately, the GST framework allows for amendments and corrections to rectify mistakes. This article provides a step-by-step guide on how to identify and rectify errors in GST return filing effectively.

1. Understanding Common Errors in GST Returns

Before diving into amendments, it’s essential to recognize the types of errors that can occur during GST return filing:

Incorrect GSTIN: Entering the wrong GST Identification Number (GSTIN) can lead to mismatched records.

Misclassified Goods/Services: Incorrectly categorizing goods or services can impact tax rates.

Incorrect Tax Amounts: Mistakes in calculating the output or input tax can affect the overall tax liability.

Missing Transactions: Failing to report sales or purchases can lead to discrepancies in the tax paid.

2. Identifying the Need for Amendments

Review your GST returns regularly to spot errors. The following steps can help identify mistakes:

Reconcile GST Returns with Books of Accounts: Compare your GST return with your financial records to find inconsistencies.

Check for Notices from GST Authorities: If the GST department identifies discrepancies, they may issue notices prompting corrections.

3. Correcting Errors Through Amendments

Once you've identified errors, you can rectify them through amendments. Here's how to do it:

a. Amendment in GSTR-1

For errors related to outward supplies (sales), you can amend your GSTR-1 return:

Timeline: Amendments can be made in the subsequent GSTR-1 of the financial year.

Process:

Log in to the GST portal.

Navigate to Returns Dashboard and select GSTR-1.

Click on Amendment of GSTR-1.

Enter the correct details in the relevant sections.

Submit the amended return.

b. Amendment in GSTR-3B

For errors in input tax credit (ITC) or tax liability, amendments can be made in GSTR-3B:

Timeline: Corrections can be done in the return filed for the month in which the error was identified, subject to the provisions.

Process:

Log in to the GST portal.

Go to Returns Dashboard and select GSTR-3B.

Amend the necessary fields.

Submit the revised return.

c. Adjusting ITC

If you have wrongly claimed input tax credit, you can adjust it in your subsequent GSTR-3B:

Tax Adjustment: Reduce the claimed ITC in the current return to offset the incorrect claim made in previous returns.

4. Filing a Refund Claim

In cases where excess tax has been paid due to errors, a refund claim can be filed:

Eligibility: Businesses can claim a refund if they’ve paid more tax than required.

Process:

File Form GST RFD-01 on the GST portal.

Provide necessary documents supporting the refund claim.

Submit the claim and wait for processing.

5. Record Keeping

Maintain proper records of all amendments made to your GST returns:

Document Changes: Keep a detailed log of amendments and corrections, including dates and reasons.

Backup Data: Regularly back up your financial data to avoid data loss.

6. Seeking Professional Help

If you find it challenging to rectify errors or face complex issues, consider consulting a GST practitioner or tax advisor. Their expertise can help navigate the GST landscape and ensure compliance.

Conclusion

Errors in GST return filing are not uncommon, but they can be efficiently rectified through amendments and corrections. By regularly reviewing your returns, understanding the amendment process, and maintaining proper records, you can mitigate compliance risks and avoid penalties. Ensure to stay informed about the latest GST regulations to enhance your filing accuracy.

[scbhagat]

Hassle-Free GST Return Filing Services in Delhi by SC Bhagat & Co.

Introduction: Navigating the complexities of Goods and Services Tax (GST) return filing can be daunting for businesses. To ensure compliance and avoid penalties, it's crucial to have a reliable partner who can manage your GST returns efficiently. SC Bhagat & Co. offers top-notch GST return filing services in Delhi, helping businesses streamline their tax processes and stay compliant with the latest regulations. In this blog, we'll explore the importance of GST return filing, the services provided by SC Bhagat & Co., and why they are the best choice for your business in Delhi. Why GST Return Filing is Important GST return filing is a mandatory requirement for businesses registered under the GST regime in India. Regular and accurate filing of GST returns is essential for several reasons: Compliance: Ensures adherence to tax laws and regulations, avoiding legal issues and penalties. Input Tax Credit (ITC): Facilitates the claim of ITC, which helps reduce the overall tax liability. Business Credibility: Enhances the credibility and trustworthiness of your business among clients and stakeholders. Avoid Penalties: Prevents hefty fines and interest charges that result from late or incorrect filing. Comprehensive GST Return Filing Services by SC Bhagat & Co. SC Bhagat & Co. provides a full range of GST return filing services in Delhi, tailored to meet the unique needs of your business. Here’s what you can expect: 1. Accurate GST Return Preparation Our experienced professionals ensure that your GST returns are prepared accurately, reflecting all transactions and complying with the latest GST laws. We handle all types of GST returns, including GSTR-1, GSTR-3B, GSTR-9, and more. 2. Timely Filing Timely filing is crucial to avoid penalties and interest charges. SC Bhagat & Co. guarantees prompt filing of your GST returns, keeping track of all deadlines and ensuring that you never miss a due date. 3. Error-Free Data Management We meticulously review all your financial data to ensure that your GST returns are error-free. Our team double-checks every detail, reducing the risk of discrepancies and ensuring smooth processing. 4. ITC Reconciliation Our experts assist in reconciling your Input Tax Credit (ITC) to ensure you claim the correct amount, maximizing your tax benefits and minimizing liabilities. 5. Regular Updates and Compliance GST laws and regulations are subject to frequent changes. SC Bhagat & Co. stays updated with the latest amendments and ensures that your GST returns comply with the current rules and guidelines. 6. Personalized Support We provide personalized support to address any queries or issues you may have regarding GST return filing. Our team is always available to assist you with expert advice and solutions. Why Choose SC Bhagat & Co. for GST Return Filing Services in Delhi Expertise and Experience With years of experience in tax consulting, SC Bhagat & Co. has a deep understanding of GST regulations and filing procedures. Our expertise ensures that your GST returns are handled professionally and accurately. Client-Centric Approach We prioritize our clients' needs and provide tailored solutions to meet their specific requirements. Our client-centric approach ensures that you receive the best possible service and support. Advanced Technology SC Bhagat & Co. leverages advanced technology and software to streamline the GST return filing process. Our tech-driven approach enhances efficiency and accuracy, saving you time and effort. Proven Track Record Our proven track record of successful GST return filings speaks for itself.

[msmestory]

Simplify Your Taxes with GST Composition Scheme 2024

The GST Composition Scheme is a simplified tax option designed for small businesses in India with an annual turnover of up to ₹1.5 crore (or ₹75 lakh for special category states). Under this scheme, eligible taxpayers can pay a fixed percentage of their turnover as GST instead of the standard rates, making compliance easier and reducing the tax burden. This scheme is beneficial for businesses engaged in the supply of goods, as it allows them to avoid complex tax calculations and filing requirements. However, businesses under the Composition Scheme cannot collect GST from their customers or avail of input tax credits, making it essential for them to weigh the pros and cons before opting for this scheme.

Key Features:

Fixed Tax Rates: 1% for manufacturers and traders, 5% for restaurants (without alcohol).

Quarterly Returns: File returns once every quarter (GSTR-4).

No Input Tax Credit: Cannot claim ITC on purchases.

Intra-state Sales Only: Restricted to local sales, no interstate trade.

Benefits:

Lower Compliance: Less paperwork with quarterly returns.

Reduced Tax Rates: Helps improve cash flow with lower taxes.

Simplified Operations: Focus on business, not taxes.

The GST Composition Scheme 2024 is a great choice for small businesses looking for simplified tax compliance and reduced tax rates. Stay updated on the latest GST news and trends!

Need quick and hassle-free GST registration? MSMEStory's experts are here to assist you, whether for regular GST or the composition scheme. Connect with us today to get started!