#filing of gstr 2

[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.

[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.

[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.

[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

[kulbeerasc-08]

ASC GROUP Presents GST Health check. The GST Health Check will provide a detailed explanation of this GSTIN. This GST Health Check contains the following key elements: Details about delays in filing GST returns, delays in reporting outward supply, Tax Differences Between GSTR-3B & GSTR-1; Changes in ITC Claim when compared with GSTR-2; Unclaimed ITC for taxes paid under reverse charge; Non-reporting Nil-rated/Exempted/Non-GST Supplies on GSTR-3B. Contact us for a GST health check at 9999043311.

[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.

[mohalicareerpoint12]

Tally ERP 9 Course Near Me in Mohali: Your Guide to the Best Institutes

If you are searching for the best Tally ERP 9 course near me in Mohali, you're on the right path to advancing your career in accounting and financial management. Tally ERP 9 is one of the most widely used accounting software programs in India, designed to meet the growing needs of small and medium businesses (SMEs). It is used to manage accounting, inventory, payroll, GST, taxation, and more.

In this blog, we’ll explore why learning Tally ERP 9 is essential, what to expect from a comprehensive course, and the best training institutes in Mohali where you can master this software.

Why Learn Tally ERP 9?

Tally ERP 9 is an essential tool for professionals in finance and accounting. Here are some of the key reasons to learn Tally ERP 9:

Complete Business Solution: It covers multiple aspects of business management including accounting, inventory, payroll, and taxation.

GST Compliance: Tally ERP 9 is widely used for GST calculations, filing, and compliance, making it an important tool for businesses.

Career Growth: Mastering Tally ERP 9 opens up job opportunities in accounting, finance, and taxation across industries.

User-Friendly Interface: It’s easy to learn and use, which makes it a preferred choice for small and medium enterprises.

Wide Industry Usage: Tally is used across various sectors like retail, manufacturing, services, and education.

What to Expect in a Tally ERP 9 Course?

Before enrolling in a Tally ERP 9 course near you in Mohali, ensure that the curriculum is comprehensive, covering both basic and advanced features. A complete Tally ERP 9 course will typically include the following topics:

1. Introduction to Tally ERP 9

Overview of Tally ERP 9 software

Installation and licensing process

Tally interface and navigation

Creating and managing companies in Tally

2. Accounting with Tally

Recording transactions

Ledger creation and management

Creating and managing vouchers (Payment, Receipt, Sales, Purchase, etc.)

Preparing trial balance, profit & loss account, and balance sheet

3. Inventory Management

Stock item creation

Managing stock categories and stock groups

Recording inventory transactions

Inventory reports and valuation

4. Taxation in Tally ERP 9

GST setup in Tally ERP 9

Creating GST-compliant invoices

Filing GSTR-1 and GSTR-3B

TDS and TCS management

5. Payroll Management

Employee creation and payroll setup

Salary, allowances, and deductions configuration

Generating payslips and payroll reports

EPF and ESI compliance

6. Advanced Tally Features

Cost centers and cost categories

Multi-currency management

Budgets and scenario management

Audit and security controls

7. GST in Tally ERP 9

GST registration process

GST calculation and reporting

Input tax credit management

Creating GST returns in Tally

8. Job Placement Assistance

Resume building

Interview preparation

Job placement support

Top Tally ERP 9 Institutes Near You in Mohali

Here are the top-rated Tally ERP 9 training institutes in Mohali that offer comprehensive courses for students and professionals:

1. Mohali Career Point (MCP)

Mohali Career Point is a leading institute offering a complete Tally ERP 9 with GST course. Their curriculum is designed for beginners and professionals, ensuring you get a deep understanding of all features of Tally ERP 9.

Course Highlights:Complete Tally ERP 9 with GST training

Practical sessions on taxation, payroll, and inventory

Real-world projects and case studies

Certification upon course completion

Job placement assistance

Mode: Classroom and online

Duration: 2-3 months

Certification: Tally ERP 9 with GST certification

Contact: +91 7696 2050 51

2. Tally Academy Mohali

Tally Academy Mohali provides specialized training in Tally ERP 9 with a focus on real-world application. This institute is known for its industry-relevant training modules and experienced faculty.

Course Details:Hands-on training in Tally ERP 9

GST integration and compliance

Payroll and inventory management

Certification and job assistance

Mode: Online and offline

Contact: +91 9876 5432 10

3. ABC Institute of Technology

ABC Institute of Technology offers a well-structured Tally ERP 9 course that covers all aspects of accounting, taxation, and payroll. This institute is ideal for working professionals who need flexible class timings.

Course Overview:Tally basics and advanced features

GST compliance and reporting

Financial statements preparation

Job assistance and certification

Mode: Classroom and virtual classes

Contact: +91 8765 4321 09

4. Tally Pro Academy

Tally Pro Academy focuses exclusively on Tally ERP 9 and related accounting software. Their Tally ERP 9 course is comprehensive, covering all the critical features required to manage a business effectively.

Course Features:Complete training in Tally ERP 9

GST, TDS, and payroll management

Practical learning with real-world case studies

Certification and placement support

Mode: Online and offline classes

Contact: +91 9987 6543 21

Benefits of Learning Tally ERP 9 in Mohali

Affordable Fees: Compared to larger cities, Tally ERP 9 courses in Mohali offer high-quality training at lower costs.

Expert Trainers: Mohali has several top-notch institutes with trainers who are industry experts in accounting and finance.

Job Opportunities: The growing business environment in Mohali provides ample job opportunities for individuals skilled in Tally ERP 9.

Practical Learning: The institutes in Mohali focus on hands-on learning through real-life projects and case studies, ensuring you gain practical experience.

Career Opportunities After Tally ERP 9 Training

After completing a Tally ERP 9 course, you can explore a variety of career paths, including:

Accounts Executive

Accountant

Senior Accountant

Finance Executive

Tally Operator

GST Practitioner

Payroll Executive

With the growing need for financial management and compliance, Tally ERP 9 professionals are in demand across industries.

[noticegstka]

Understanding GST Audit: A Comprehensive Guide

Introduction

Goods and Services Tax (GST) has revolutionized the Indian taxation system, bringing uniformity and transparency. However, with this change comes the responsibility of compliance, and one of the key components ensuring this is the GST Audit. This blog post aims to demystify the GST Audit process, its applicability, and the steps involved.

What is GST Audit?

A GST Audit is an examination of records, returns, and other documents maintained by a taxpayer. The primary objective is to verify the correctness of turnover declared, taxes paid, refund claimed, and input tax credit availed, and to assess the taxpayer’s compliance with GST provisions.

Applicability of GST Audit

GST Audit is applicable to registered taxpayers whose aggregate turnover exceeds ₹2 crores in a financial year. This audit must be conducted by a Chartered Accountant or a Cost Accountant. Additionally, the Commissioner of GST can order a special audit for any taxpayer if deemed necessary.

Types of GST Audits

Turnover-based Audit: Conducted by a Chartered Accountant or Cost Accountant for taxpayers with an annual turnover exceeding ₹2 crores.

Normal Audit: Conducted by tax authorities to ensure compliance.

Special Audit: Ordered by the GST Commissioner based on specific circumstances.

Key Components of GST Audit

Reconciliation of Records: Ensuring that the records in the books match the GST returns filed.

Verification of Input Tax Credit (ITC): Checking the eligibility and correctness of ITC claimed.

Compliance with GST Rules: Ensuring adherence to all GST provisions, including timely filing of returns and payment of taxes.

Steps Involved in GST Audit

Preparation: Gather all necessary documents, including GST returns, invoices, and financial statements.

Conducting the Audit: The auditor examines the records, verifies the correctness of the information, and identifies any discrepancies.

Reporting: The auditor prepares an audit report in Form GSTR-9C, which includes the reconciliation statement and certification of the audit findings.

Submission: The audit report is submitted along with the annual return in Form GSTR-9.

Common Issues Identified in GST Audits

Mismatch between GSTR-3B and GSTR-1/GSTR-2A.

Incorrect ITC claims.

Non-compliance with GST provisions.

Errors in turnover declaration.

Conclusion

GST Audit is a crucial process that ensures transparency and compliance in the GST regime. By understanding its applicability, types, and steps involved, businesses can better prepare for audits and avoid common pitfalls. Regular internal audits and maintaining accurate records can significantly ease the audit process and ensure smooth compliance with GST laws.

If you have any questions or need further assistance with GST compliance, feel free to reach out!

[dhruba001]

Filing Process of GSTR-1: Detailed Step-by-Step Guide

According to this, every business has a responsibility of filing GSTR-1 as it contains all the sales and services that are rendered in a specific period. Whether to file it every month or every quarter depends on the turnover of the company annual turnover. On-time error-free submission of GSTR-1 helps the business avoid penalties and ensures complete compliance with regulatory necessities. Below is the detailed guideline on how to file GSTR-1 with facts learned during the GST Course in Kolkata.

What is GSTR-1?

GSTR-1 is one of the GST returns that a registered person has to provide while reporting the sales made in a specific period. It consists of all taxable supplies made within the said period. All those who are registered under GST, except for the composition scheme and input service distributor, must file GSTR-1. The periodicity of the filing depends upon the turnover basis of the company:

Monthly business having an annual turnover of more than ₹5 crores.

Quarterly: For businesses whose turnover is within ₹5 crores, benefit is drawn under QRMP scheme, Quarterly Return Filing and Monthly Payment

Important Details Needed to Submit GSTR-1

Threshold Business Before applying for the submission of GSTR-1, you would need the following significant information:

GSTIN: Your unique Goods and Services Tax Identification Number.

Invoice Details: Invoice no., date, and value for every sale.

HSN Codes: The Harmonized System of Nomenclature code applicable on products and services sold.

Buyers GSTIN: B2B – meaning Business to Business.

Value of Supplies/Services: includes relevant CGST, SGST, and IGST Amounts

Export: Deal for goods/services exported from India

Advances received for supply in the future.

Credit/Debit Notes: Primarily for amending the sales details already reported.

Implementation of all these measures and utilizing the knowledge obtained in a GST and Tally Course in kolkata will guarantee hassle-free, error-free GSTR-1 filing.

Step 1: GST Portal Access Log onto www.gst.gov.in. Log in with the registered details. This is your first time? Ensure the GSTIN has been duly registered.

Step 2: Locate GSTR-1

Step 3: Login: Move to 'Services' Tab and click on 'Returns.' On the 'Returns Dashboard,' you will have to click on the fiscal year and then the filing period, either monthly or quarterly. Click 'Search' then click 'Prepare Online' under 'Monthly Returns.'

Insert Sales Information

for B2B sales, invoice details, GSTIN of buyer, tax amount and credit amount; for B2C sales, taxable amount, tax liability, other taxes; for exports, numbers of shipping bills, port codes. Nil-rated or exempt supplies should be reported on a separate part of the return, while credit or debit notes that need to be issued.

Ensure that all information entered, especially on Invoices, Credit Notes and Customer details, are accurate before filing .

Submit the Return After validation, click the 'File' button to submit your return; at this stage you cannot make changes .

Sign with Digital Signature EVC or DSC: End the filing process with an EVC or DSC. After a successful filled return, a confirmation message and the ARN will be received .

5. Download Copy Generate a copy of the returned document filed to be kept for audit purposes and for later use, in particular when tax authorities request for the same.

Importance of GST Filing

It is a basic duty of businesses under GST to file GSTR-1. Errors in their returns will attract penalties and delay input tax credits business partners. Understanding GST compliance, therefore, forms an essential part of any educational curriculum in finance or accountancy.

Benefits of Studying a GST or Taxation Course

Expert Knowledge: A GST or taxation course in Kolkata equips professionals with all the latest rules and practices under GST, helping them to undertake all tax matters diligently.

Practical Experience: Most courses incorporate case studies, giving students practical experience in filing GSTR-1 and other forms.

Career Opportunities: GST features as a critical component of the Indian tax system, and doing a Taxation and Accounting course in Kolkata opens up a host of career avenues.

Stay Updated: The tax laws keep changing frequently, so a GST course makes sure the learner is updated with the new developments.

Conclusion

Filing GSTR-1 is the most crucial part of GST compliance for any business. A GST course would substantially enhance your confidence level in handling GST returns and other tax-related duties. Think about joining a course to further upgrade your knowledge in this matter.

[thetaxplanett]

Different types of GST returns to be filed under GST Act

A taxpayer registered under the Goods and Services Tax (GST) law has to furnish the details of their purchase and sale of goods and services along with the tax they have paid or collected through a GST return for every GSTIN that has been registered. The tax liability iscalculated  on the basis of GST returns.

GSTR 1

●  The GSTR-1 is a return form that contains details of the outward supplies of goods and services.

●     It has to be filed by a registered taxable supplier

●     It has to be filed by the 10th of the following month.

GSTR 2A ( View Only)

●     The GSTR-2 is a return form that contains details of the inward supplies of goods and services.

●     It has to be filed by a registered taxable recipient.

●     It has to be filed by the 15th of the following month.

[mmvoraassociates]

GST Return Due Dates: Stay Compliant and Avoid Penalties!!

The Goods and Services Tax (GST) has revolutionized the Indian taxation system, simplifying the process for businesses while ensuring transparency and accountability. However, compliance with GST regulations is crucial, and one of the most important aspects of compliance is timely filing of GST returns. Missing GST return due dates can lead to penalties, interest charges, and other legal consequences. This article delves into the importance of adhering to GST return due dates, the types of returns required, and the penalties associated with late filing.

1. Understanding GST Returns

GST returns are periodic statements that every registered taxpayer must file with the GST authorities. These returns contain details about the taxpayer’s income, sales, purchases, and tax liability, enabling the government to assess and collect the correct amount of GST.

2. Types of GST Returns

Different types of GST returns apply to different categories of taxpayers, depending on their business activities and registration type. Here’s a brief overview:

GSTR-1: This return contains details of all outward supplies (sales) made by a registered taxpayer. It must be filed monthly or quarterly, depending on the taxpayer’s turnover. If you are looking out for such gst returns to make your financial experience better. Then you can explore M.M. Vora And Associates website and check for their services at new gst registration service in mumbai.

GSTR-2A: This is a view-only return that provides details of inward supplies (purchases) made by the taxpayer. It is auto-generated from the GSTR-1 filed by the suppliers. If you are looking out for such gst returns to make your financial experience better. Then you can explore M.M. Vora And Associates website and check for their services at new gst registration service in mumbai.

GSTR-3B: A summary return that includes details of outward and inward supplies, along with tax liability and input tax credit (ITC). It must be filed monthly by all registered taxpayers. If you are looking out for such gst returns to make your financial experience better. Then you can explore M.M. Vora And Associates website and check for their services at new gst registration service in mumbai.

GSTR-4: Applicable to taxpayers under the Composition Scheme, this annual return provides a summary of outward supplies and tax paid. If you are looking out for such gst returns to make your financial experience better. Then you can explore M.M. Vora And Associates website and check for their services at new gst registration service in mumbai.

GSTR-5: Filed by non-resident taxpayers, this return contains details of outward and inward supplies, tax paid, and liability. If you are looking out for such gst returns to make your financial experience better. Then you can explore M.M. Vora And Associates website and check for their services at new gst registration service in mumbai.

GSTR-6: Filed by Input Service Distributors (ISD), this return details the distribution of input tax credit. If you are looking out for such gst returns to make your financial experience better. Then you can explore M.M. Vora And Associates website and check for their services at new gst registration service in mumbai.

3. GST Return Due Dates

The due dates for filing GST returns vary depending on the type of return and the taxpayer’s category. Here are some key deadlines:

GSTR-1:

 

Monthly: 11th of the following month

Quarterly: 13th of the month following the quarter

GSTR-3B: 20th of the following month

GSTR-4: 30th of April following the financial year

GSTR-5: 20th of the following month or within 7 days of expiry of registration, whichever is earlier

GSTR-6: 13th of the following month

GSTR-7: 10th of the following month

GSTR-8: 10th of the following month

GSTR-9 and GSTR-9C: 31st of December following the financial year

4. Consequences of Missing GST Return Due Dates

Filing GST returns on or before the due date is crucial to avoid penalties, interest, and other legal consequences. Here’s what happens if you miss a due date:

Late Fees: A late fee is charged for each day of delay in filing the return. The late fee for GSTR-3B and GSTR-1 is Rs. 50 per day (Rs. 25 CGST + Rs. 25 SGST), with a maximum limit of Rs. 5,000. For NIL returns, the late fee is Rs. 20 per day (Rs. 10 CGST + Rs. 10 SGST).

Interest: Interest is charged at 18% per annum on the outstanding tax liability if the return is not filed on time. The interest is calculated from the day following the due date until the date of payment.

Blocking of E-Way Bill Generation: If a taxpayer fails to file GSTR-3B for two consecutive periods, their ability to generate e-way bills will be blocked, disrupting their supply chain operations.

Restricted Input Tax Credit (ITC): Late filing of returns can result in the denial of input tax credit, as the ITC is linked to timely filing of returns.

Legal Consequences: Persistent non-compliance with GST return filing can lead to legal actions, including cancellation of GST registration and prosecution.

5. Best Practices to Stay Compliant

Maintain Accurate Records: Ensure that your financial records are accurate and up-to-date to facilitate smooth GST return filing. If you are looking out for such gst returns to make your financial experience better. Then you can explore M.M. Vora And Associates website and check for their services at new gst registration service in mumbai.

Set Reminders: Mark your calendar with GST return due dates or use automated reminders to avoid missing deadlines. If you are looking out for such gst returns to make your financial experience better. Then you can explore M.M. Vora And Associates website and check for their services at new gst registration service in mumbai.

Use GST Software: Consider using GST-compliant accounting software that automates return filing and ensures accuracy. If you are looking out for such gst returns to make your financial experience better. Then you can explore M.M. Vora And Associates website and check for their services at new gst registration service in mumbai.

Seek Professional Help: If GST compliance seems overwhelming, seek the assistance of a qualified tax professional who can manage your filings. If you are looking out for such gst returns to make your financial experience better. Then you can explore M.M. Vora And Associates website and check for their services at new gst registration service in mumbai.

6. Conclusion: Prioritize Compliance to Avoid Penalties

Timely filing of GST returns is not just a legal requirement but also a critical aspect of maintaining your business’s financial health. Staying compliant with GST return due dates helps you avoid penalties, interest, and disruptions in business operations. By understanding the types of GST returns, the applicable due dates, and the consequences of late filing, you can ensure that your business remains compliant and focused on growth. Prioritize compliance, stay organized, and consider professional assistance if needed to navigate the complexities of GST.

Apart from the above gst registration consultants in goregaon & roc filing company in mumbai. If you are looking out for llp formation services in goregaon, income tax return filing in goregaon or the book keeping services in mumbai than there is no other company better than M.M. Vora & Associaties which provides the best financial service in the market. Then you can check it out at the official the M.M. Vora & Associaties website.

To Know More  https://www.caassociates.in/new-gst-registration-services-in-mumbai/

[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.

[taxdunia]

Filing GST Returns Online? : Expert Tips from TaxDunia , the Best Income Tax Consultant in India

What is the GST Return?

A GST return is a document that taxpayers (businesses registered under the GST regime) must file with the tax authorities. It contains details of income, purchases, sales, and taxes paid. Based on this return, the government calculates the tax liability of a business. Filing GST returns accurately and on time is crucial to stay compliant with Indian tax laws.

In India, the Goods and Services Tax (GST) has streamlined the taxation system, making it easier for businesses to comply with tax regulations. Filing GST returns online is a crucial aspect of this system, and it’s essential for businesses to understand the process to avoid penalties and ensure smooth operations. This guide will walk you through the steps of Online GST return filing and highlight the importance of choosing the right GST Return Filing Services in India.

Navigating the complexities of the Goods and Services Tax (GST) return filing process can be challenging, especially for businesses striving to maintain compliance and avoid penalties. With the guidance of TaxDunia, recognized as the best income tax consultant in India, filing your GST returns online becomes a seamless experience. In this FAQ-style blog, we provide expert tips and answers to common questions related to GST return filing, ensuring that you’re well-equipped to handle your tax obligations.

Easy Guide to Filing GST Returns Online in India:

Step 1: Obtain GST Registration

Before you can file GST returns, your business must be registered under GST. You can do this by availing of GST Registration Service from Top Income Tax Consultants like TaxDunia. Once registered, you will receive a unique GSTIN (Goods and Services Tax Identification Number) that you will use for all future transactions and filings.

Step 2: Collect Required Information

To file your GST return, you need to gather all the necessary documents and information. This includes:

Sales and purchase invoices

Debit and credit notes

Bank statements

Details of tax collected and paid

This information is essential for accurately reporting your income and claiming input tax credits.

Step 3: Sign in to the GST Website

Visit the official GST portal (www.gst.gov.in) and log in using your credentials. If you do not have an account, you can create one using your GSTIN.

Step 4: Select the Appropriate GST Return Form

Once logged in, navigate to the ‘Services’ tab, select ‘Returns,’ and choose the return form applicable to your business. For most regular taxpayers, GSTR-3B and GSTR-1 are the commonly used forms.

Step 5: Fill in the Details

Enter all the required details in the selected GST return form. Ensure that you provide accurate information, especially regarding sales, purchases, and tax paid. The GST portal provides options to upload invoices, which can make this process easier.

Step 6: Verify and Submit

After filling in all the details, check them carefully to make sure everything is correct. Mistakes can result in fines, so it’s important to review everything. Once you’re sure it’s right, submit the return.

Step 7: Pay Tax Liability

If you have a tax liability after claiming input tax credits, you must pay it before submitting the return. You can pay this online through net banking, debit/credit card, or other available payment options on the GST portal.

Step 8: File Return

After payment, you can proceed to file your GST return. Upon successful submission, you will receive an acknowledgment reference number (ARN) as proof of filing.

Who Needs to File GST Returns?

All businesses registered under GST are required to file GST returns, regardless of whether they have made any sales during the tax period. This includes:

Regular taxpayers

Composition scheme taxpayers

Non-resident taxpayers

Input service distributors

E-commerce operators

Even if your business falls under a specific category, seeking the help of Top Income Tax Consultants like TaxDunia can simplify the process and ensure that you’re filing the correct returns.

Why Choose TaxDunia as Your Income Tax Consultant?

TaxDunia is recognized as the best income tax consultant in India for a reason. Their expertise in GST return filing, combined with their commitment to client satisfaction, makes them the ideal choice for businesses of all sizes. Whether you need help with filing returns, GST registration, or compliance, TaxDunia offers comprehensive services tailored to your needs.

TaxDunia offers end-to-end support for goods and services tax filing, from preparing and reviewing your returns to submitting them online. Their team of experts ensures that all details are accurate and that your business complies with the latest GST regulations.

TaxDunia is renowned as the best income tax consultant in India. Here’s why:

Expertise: With years of experience in tax consulting, TaxDunia offers comprehensive solutions for GST Registration Service, Online GST return filing, and other Tax Consultant Services.

Personalized Services: TaxDunia tailors its services to meet the specific needs of your business, ensuring you get the best possible advice and support.

Client-Centric Approach: TaxDunia values its clients and works tirelessly to provide the best service, making it one of the Top Income Tax Consultants in India.

Common Challenges in GST Return Filing and How TaxDunia Can Help

Filing GST returns can present several challenges, especially for small and medium-sized businesses:

Complexity: Understanding the various forms and their requirements can be confusing.

Keeping Track of Deadlines: Missing deadlines can result in penalties and interest charges.

Reconciling Data: Matching sales and purchase data with the GST portal can be time-consuming.

Claiming Input Tax Credit: Ensuring that all eligible input tax credits are claimed correctly is crucial for reducing tax liability.

TaxDunia Best Income Tax Advisors can help you overcome these challenges by providing expert guidance and support. They ensure that your returns are filed correctly and on time, helping you avoid any legal issues.

New GST Return (FAQs) — Frequently Asked Questions

1.What is the new GST return system?

The new GST return system is a simplified tax return filing process introduced by the Indian government to replace the earlier GSTR-1, GSTR-2, and GSTR-3 returns. It aims to make the goods and services tax filing process more straightforward for taxpayers.

2. Who needs to file the new GST returns?

All taxpayers registered under GST, except composition taxpayers, need to file the new GST returns. This includes regular taxpayers, input service distributors, non-resident taxable persons, and e-commerce operators.

3. What are the different forms under the new GST return system?

The new GST return system consists of three main forms:

GST RET-1 (Normal): For regular taxpayers with more complex transactions.

GST RET-2 (Sahaj): For taxpayers with only B2C (Business-to-Consumer) transactions.

GST RET-3 (Sugam): For taxpayers with both B2B (Business-to-Business) and B2C transactions.

4. What is the role of GST ANX-1 and GST ANX-2 forms?

GST ANX-1: This annexure captures the details of outward supplies, imports, and inward supplies liable to reverse charge.

GST ANX-2: This annexure auto-populates the details of inward supplies received from the suppliers, which the recipient can accept, reject, or keep pending.

5. How do I file the new GST return online?

You can file the new GST return online by logging into the GST portal using your credentials, selecting the appropriate return form (GST RET-1, RET-2, or RET-3), filling in the necessary details, and submitting the return. Businesses can seek professional assistance from GST Return Filing Services in India to ensure accurate and timely filing.

6. What are the deadlines for filing the new GST returns?

The deadlines for filing the new GST returns depend on the type of taxpayer and the form being filed:

GST RET-1 (Normal): Monthly or quarterly, depending on turnover.

GST RET-2 (Sahaj): Quarterly.

GST RET-3 (Sugam): Quarterly.

It’s important to meet these deadlines to avoid extra fees and charges.

7. Can I claim Input Tax Credit (ITC) under the new GST return system?

Yes, you can claim Input Tax Credit under the new GST return system. The details of eligible ITC will be auto-populated in the GST ANX-2 form, which you can accept and claim while filing your return.

8. What happens if there is a mismatch in the ITC claim?

If there is a mismatch between the ITC claimed by the recipient and the details provided by the supplier, it will be flagged in the GST ANX-2 form. The recipient will have the option to either reconcile the difference or follow up with the supplier for correction.

9. What is the GST PMT-08 form?

The GST PMT-08 form is used by taxpayers under the new return system to pay tax on a monthly basis. It acts as a self-declaration for tax payment, and the amount paid will be reflected in the return filed.

10. How does the new return system impact small businesses?

The new GST return system is designed to be more user-friendly for small businesses, especially with the introduction of simplified returns like Sahaj (GST RET-2) and Sugam (GST RET-3). These forms reduce the compliance burden on small businesses by streamlining the return filing process.

11. Can I correct my GST return after it’s been submitted?

No, the new GST return system does not allow for the revision of returns after filing. However, you can make corrections in the subsequent returns if needed.

12. What is the Nil Return in the new GST return system?

A Nil Return is a return filed by a taxpayer when there are no transactions during a particular tax period. Even if there are no transactions, registered taxpayers are required to file a Nil Return to stay compliant.

13. What is the penalty for late filing of the new GST return?

The penalty for late filing of the new GST return is Rs. 50 per day for normal taxpayers (Rs. 25 each for CGST and SGST). For Nil returns, the penalty is Rs. 20 per day (Rs. 10 each for CGST and SGST).

14. How does the new GST return system simplify compliance?

The new GST return system simplifies compliance by reducing the number of returns and introducing auto-populated forms like GST ANX-2, which minimizes manual data entry and errors. It also provides a user-friendly interface for filing returns online.

15. Can I file my GST return on my own, or should I hire a consultant?

While you can file your GST return on your own, it’s advisable to seek the help of Top Income Tax Consultants like TaxDunia to ensure accuracy and compliance. Professional Tax Consultant Services can help you navigate the complexities of the GST system and avoid potential penalties.

16. What are the benefits of using GST Return Filing Services in India?

Using GST Return Filing Services in India offers several benefits, including:

Accuracy: Ensures accurate and error-free returns.

Timeliness: Helps you meet deadlines and avoid penalties.

Compliance: Keeps you updated with the latest GST regulations.

Peace of Mind: Allows you to focus on your core business activities.

17. How does the new GST return system impact input service distributors (ISD)?

Input service distributors must file the GST ANX-1 form to distribute input tax credit to their units. The process is similar to the earlier system, with some modifications to accommodate the new return format.

Conclusion

Filing GST returns online in India is a crucial task that requires careful attention to detail and adherence to deadlines. By following the steps outlined in this guide, you can ensure that your returns are filed accurately and on time. However, given the complexities involved, it’s often beneficial to seek the assistance of professionals like TaxDunia.

TaxDunia, recognized as the best income tax consultant in India, offers comprehensive GST Return Filing Services in India. Their expertise in Tax Consultant Services and GST Registration Service makes them the ideal partner for your goods and services tax filing needs. Whether you’re a small business owner or a large corporation, TaxDunia’s team of Best Income Tax Advisors can help you navigate the complexities of GST and ensure your business remains compliant with all tax regulations.

For more information on how TaxDunia can assist you with Online GST return filing, visit their website at www.taxdunia.com.

Other Link

Private Limited Company Registration

One Person Company Registration Service in India

Trademark Registration in India

TDS Return Filing Service in India

Copyright Registration in India

[intellion]

Tally Tips and Tricks: Streamlining Your Financial Processes

Tally, one of the most popular accounting software solutions, is known for its robust features and user-friendly interface. Whether you're a seasoned accountant or a small business owner, mastering Tally can significantly enhance your financial management efficiency. At [Your Training Institute], we’re committed to helping you make the most out of this powerful tool. Here are some valuable tips and tricks to optimize your Tally experience.

1. Utilize Shortcut Keys for Speed and Efficiency

Tally offers a range of shortcut keys that can save you time and streamline your workflow. Here are a few essential ones:

F1: Select Company

F2: Change Date

F3: Select Company

Alt + C: Create a new ledger or master item on the fly

Ctrl + A: Accept a form or screen

Memorizing and using these shortcuts can significantly speed up your data entry and navigation in Tally.

2. Customize the Tally Interface

Tailoring the Tally interface to your preferences can make your work easier and more efficient:

Change Screen Resolution: Adjust the screen resolution to match your monitor for a clearer view.

Custom Fields: Add custom fields to forms and reports to capture additional information relevant to your business.

3. Leverage Tally’s Powerful Reporting Features

Tally’s reporting capabilities are extensive. Here are some tips to get the most out of them:

Configure Reports: Customize report formats to include only the information you need.

Use Filters: Apply filters to reports to focus on specific data, such as date ranges or particular ledger accounts.

Export Reports: Export reports in various formats (PDF, Excel) for easy sharing and analysis.

4. Implement Security Controls

Protecting your financial data is crucial. Tally offers several security features:

User Roles and Permissions: Define user roles and set permissions to control access to sensitive data.

Password Protection: Use strong passwords for company data files and ensure they are changed regularly.

Audit Trail: Enable the audit trail feature to keep track of all changes made in the accounts.

5. Automate Repetitive Tasks

Automation can help reduce errors and save time:

Recurring Entries: Use the recurring journal entries feature for transactions that occur regularly, such as monthly rent or utility payments.

Auto Bank Reconciliation: Automate the bank reconciliation process by importing bank statements directly into Tally.

6. Use Tally’s Integrated GST Features

Tally makes GST compliance straightforward:

GST Configuration: Ensure your GST settings are correctly configured based on your business requirements.

Generate GST Reports: Easily generate GST returns and reports, including GSTR-1, GSTR-3B, and more, directly from Tally.

7. Backup Your Data Regularly

Regular backups are essential to prevent data loss:

Manual Backup: Use the backup feature in Tally to create manual backups of your data files.

Automatic Backup: Set up automatic backups to ensure your data is regularly saved without manual intervention.

8. Stay Updated with the Latest Tally Versions

Tally regularly releases updates and new features:

Update Notifications: Keep an eye on update notifications and install the latest versions to benefit from new features and improvements.

Training and Support: Take advantage of training resources and support offered by Tally and [Your Training Institute] to stay current with the software’s capabilities.

Conclusion

Mastering Tally can significantly enhance your financial management processes, providing you with powerful tools to manage your business efficiently. By leveraging these tips and tricks, you can optimize your use of Tally and unlock its full potential.

At [Your Training Institute], we offer comprehensive Tally training programs designed to help you become proficient in using this essential software. Whether you're a beginner or looking to enhance your existing skills, our expert-led courses provide the knowledge and hands-on experience you need to succeed.

Ready to take your Tally skills to the next level? Explore our training programs at [Your Training Institute] and start streamlining your financial processes today.