Compliances
How to file form PMT-09 on the GST Portal?
The CBIC has recently introduced Form PMT-09 (i.e. a challan) for shifting wrongly paid Input Tax Credit. This enables a registered taxpayer to transfer any amount of tax, interest, penalty, etc. that is available in the electronic cash ledger, to ...
Input Tax Credit – Various Return Type to be filed
Input Tax Credit – ITC Input credit means it is the tax paid by the buyer at the time of purchase of any services or goods. TYPES OF ITC RETURN ON GST PORTAL GSTR-2A: Details of auto drafted supplies It is a purchase-related dynamic tax return that ...
What is GST Audit?
Need for GST Audit and meaning Audit under GST involves examination of records, returns and other documents maintained by a GST registered person. It also ensures correctness of turnover declared, taxes paid, refund claimed, input tax credit availed ...
How to reconcile GST Return GSTR-2A Online
Yes, you read it correctly. You can now reconcile your GSTR2A data with your Purchase Register in few seconds. We have made a simple easy to use excel which process your entire data in a click and shows you the result with status. Steps to reconcile: ...
New GST Returns – Overview, Forms, Invoices & Filings
New GST Returns – Overview, Forms, Invoices, ITC, Amendments, Offline Tool In this article, we will discuss the essential pointers a taxpayer needs to note when it comes to the New GST returns. An overview of the key terms and processes that are ...
Transition to GST Methods & Compliances
Input Tax Credit Provisions have been made for the smooth transition of Input Tax Credit available under VAT, Excise Duty or Service Tax to GST. A registered dealer opting for composition scheme will not be eligible to carry forward ITC available in ...
All About Accounts and Records Under GST
1. Accounts and Other Records Every registered person is required to keep and maintain all records at his principal place of business. Who must maintain accounts under GST? It is the responsibility of the following persons to maintain specified ...
How to Generate Transporter ID
What is Transporter ID? TRANSIN or Transporter ID is a 15 digit unique number generated by the E-Way Bill system for transporters who have not registered themselves under GST. A Transport ID acts similar to GSTIN, and once a transporter enrolls on ...
E-Way Bill under Goods & Service Tax - All You Need to Know.
E-Way Bill under GST An E-way bill is a document required to be carried by a person in charge of the conveyance carrying any consignment of goods of value exceeding fifty thousand rupees as mandated by the Government in terms of Section 68 of the ...
How to Generate E-Way Bill?
What is E-Way Bill? An E-Way Bill (EWB) is an ‘electronic way’ bill for movement of goods which can be generated on the E-Way Bill Portal. Any supplier or a transporter transporting goods with a value of more than Rs.50,000 (Single ...
HSN AND SAC CODE under GST
What is an HSN Code? HSN stands for Harmonized System of Nomenclature. HSN was raised and industrialized by the WCO (World Customs Organization) in the year 1988. Since then 5 revisions has already been implemented worldwide. HSN code asserts more ...
GST Refund for Exporters & Application Time Limit
Introduction - GST Refunds The word refund, in simple terms, means an amount of money that is given back to a person upon happening or occurring of some event. In taxation parlance, refund refers to any amount that is due to the taxpayer from the tax ...
GST Return Filing Process - Complete Guide
GST Return-Introduction One of the key aspects of the GST era is that most of the indirect taxes - for which returns had to be filed separately for various businesses - have been subsumed. Today, irrespective of whether one is a trader, manufacturer, ...
How to Apply for GST Refund Online?
Q.1 How to apply for GST refund online? Steps: Login to GST portal. Select the Refund tab-> Application for Refund Option. Select the type of refund and Fill the necessary details and submit. Later take a print out along with the ARN number ...
GST Refund & process to claim it
Q.1 When can the refund be claimed? There are many cases where a refund can be claimed. Here are some of them. Excess payment of tax is made due to a mistake or omission. Dealer Exports (including deemed export) goods/services under claim of rebate ...
What is Refund under GST & How to Apply for GST Refund?
The concept of refund under GST relates to any amount returned by the government that was: Paid by the registered taxpayer either in excess. Was not liable to be taxed. GST was introduced not only to get rid of blocks like double taxation and ...
What is GST Annual Return ?
GST has been implemented in India from 1st July, 2017. Under the new GST regime, over 1.3 crore business in India have been registered and issued GST registration. All entities having GST registration are required to file GST annual returns, as per ...
Whether any prior intimation is required before conducting the audit?
Yes, prior intimation is required and the taxable person should be informed at least 15 working days prior to conduct of audit. For more information on this visit https://www.taxaj.com/
Who can conduct audit of taxpayers?
There are three types of audit prescribed in the GST Act(s) as explained below: (a) Audit by Chartered Accountant or a Cost Accountant: Every registered person whose turnover exceeds the prescribed limit, shall get his accounts audited by a ...
What Do you mean by GST Audit?
GST Audit means examination of records, returns and documents maintained and furnished by registered person to check the following:- a) Verify the correctness of turnover declared. ...
FAQs on LUT (Letter of Undertaking)
Q.1 What is LUT in GST? Letter of Undertaking is commonly known as LUT. The Letter of Undertaking (LUT) is prescribed to be furnished in form GST RFD 11 under rule 96 A, whereby the exporter declares that he/she would fulfil all the requirements ...
Penalty for filing late returns.
In case, a taxpayer fails to furnish the details relating to outward supplies, a penalty is charged for the same. The fine amounts to a sum of Rs 200 (Rs 100 for CGST and Rs 100 for SGST) for each day of continuing default. This is subject to a ...
Detailed explanation of different Types of GST returns.
1. GSTR – 3B: Summary of Inward and Outward Supplies GSTR 3B is a simplified monthly summary return of inward and outward supplies. It is a self declaration showcasing the summary of GST liabilities of the taxpayer for the tax period in question. ...