CBIC issued a Press Release on new functionality available in Form GSTR-2A w.r.t Import Data
Two new tables have been inserted in GSTR-2A for displaying details of the import of goods from overseas and inward supplies made from SEZ units/SEZ developers. Taxpayers can now view their bill of entries data which is received by the GST System (GSTN) from ICEGATE System (Customs). The present data upload has been done on a trial basis to give a feel of the functionality and to get feedback from...
Read More »Form PMT-09: Importance, Use and Guidance to File Form PMT-09
Form GST PMT-09 is now available on GST portal. It enables a taxpayer to file form GST PMT 09 for transfer of any amount of tax, interest, penalty, fee or others available under one head to another head in the Electronic Cash Ledger. To file Form GST PMT-09, a taxpayer is required to login on GST portal and navigate to Services > Ledgers > Electronic Cash Ledger > File GST...
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Provisions regarding TCS applicable from 1st October, 2020
Provisions regarding TCS applicable from 1st April, 2020: TCS (Tax collection at source) is covered under Section 206(C) of Income Tax Act’1961. Tax collected at source (TCS) is a tax which is collected by a seller from it’s buyer for a transaction covered under TCS provision. Following are the list of existing applicable rate of TCS under section 206 (C) in which no changes is proposed Vide Finance Bill 2020...
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Govt raises turnover threshold for Income Tax audit of MSME in Budget 2020
Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of a person carrying on profession he is required to get his accounts audited, if his gross receipt in profession exceeds, fifty lakh rupees in any previous year.
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Threshold limit of registration under GST
Threshold limit of registration under GST Section 22 to Section 30 of the CGST Act, 2017 deals in registration under GST by every supplier of goods and services. Find below note on registration with effect from 1st April 2019.
Read More »Gist on GST Amendment Act 2018 applicable w.e.f. 01.02.2019
GST Amendment Act 2018 applicable w.e.f. 01.02.2019 vide Notification No. 02/2019 – Central Tax Dated 29th January, 2019. ???????Section 9(4) – Application Reverse charge Mechanism in case of purchase from unregistered persons. Reverse Charge shall be applicable on notified classes of registered person for the purchase of specified goods and services from unregistered dealers. The Government shall, by notification, specify such “specified goods or services and specified classes of regis
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