Our Indian Government has previously announced about the introduction of new GST returns RET-1 and RET-2. But this announcement is temporarily stopped and the existing system (existing GST returns) will continue until further notice. But existing system shall be modified with an advanced version and will be available in portal.Continue Reading
Earlier, the service tax is levied on loans and advances. Now GST replaces the Service tax and the GST is also applicable for Loans and Advances. The GST rate applicable is 18% on processing charges and any other charges. But it is not applicable for repayment of principal and interest.Continue Reading
This is a voluntary payment for Excess interest and penalty or in response to the show cause notice (SCN) raised by the Department.
This notice comes from the article of rule 142(2) & 142 (3) of Central Goods and Services Tax Rules, 2017. Basically this explains the Procedure for intimation of voluntary payment- FORM GST DRC 03.Continue Reading
The government has announced GST in India on July 01, 2017. This is an Indirect Tax system and it is the centralised tax in one umbrella.Continue Reading
Reconciliation is a necessary step that every taxpayer needs to take while filing GST returns every month.Â Without reconciliation, the taxpayer cannot avail the Input tax credit made on their purchases.Continue Reading
E Way bill is an electronic bill for the movement of goods and it is generated by the common portal https://ewaybillgst.gov.in. E-way bill is applicable to the movements of goods in both inter and intra state. When the goods of value is above Rs.50000, the E-way bill should be created. The physical copy of Eway bill needs to be carried by the transporters when the goods move and it should contain goods details, recipient details, consignor and transporter details. The e-way bill was rolled out nationwide on 1st April 2018.Continue reading
The term newly introduced by the Indian Government is “E-Invoicing” which means Electronic billing. It is mainly introduced to control GST Tax evasion. The concept of e-invoicing is approved by the GST council.Continue Reading
- The filing of GST returns has undergone a prime changes in the past two and a half years. Still it will have an another significant change with the new system, effective from 1st April 2020. Hence, the government may recommend and pass the necessary changes to the GST law and its corresponding rules on the GST Returns.
GST has been introduced in July 2017. Since then, the government has been continuously looking to improve the Return filing system for accurate flow of tax data and easy reporting by the taxpayers.CONTINUE READING
Online activities such as storing financial data on the cloud, filing GST returns and other compliant reports digitally â€¦ have the same inherent risks as desktop software and more as sensitive information such personal Adhaar card, GSTIN, companyâ€™s financial information â€¦ can be exposed to unwanted eyes and or manipulated to their advantage in the way the data is stored, processed or electronically submitted to third parties such as GSTN Portal. To ensure we operate in a secured environment and following the Process Approach, GovReports has undergone a process and security audit by independent assessor the last 3-6 months.