The concept of Composition scheme under GST regime is same as under current tax structure. Unlike under present tax structure, the provisions governing the Composition Scheme is altogether different. This scheme is basically designed for small dealers, for which maintaining records, making payments and filing returns is a cumbersome process and a bit costly affair.
Though TCS (Tax Collected at Source) & TDS (Tax deducted at Source) sounds quite similar, but they are different from each other. In my previous write-up, TDS was discussed and in this write-up, TCS will be discussed in detail:
TDS (Tax deducted at source) is not a new concept under GST. It is also there in Income Tax Act, 1961, but associated provisions governing the same under GST are different. In this write- up, we shall discuss TDS in detail. Also Read- All about TCS (tax collected at source) under GST Introduction In a […]
GST in its last meeting decided to open the registrations for TDS/TCS from Sept 18, 2017. In this write-up, registration of TDS/TCS shall be discussed. Meaning: TDS (Tax deducted at source) TDS means a specified percentage of tax to be deducted on payments made to the supplier of taxable goods or services or both, where […]
Another Council meeting held in Hyderabad on September 9, 2017, headed by Finance Minister Arun Jaitley concluded various changes. Major changes are being discussed below: #Extension of due dates for filing Returns: For the month of July: Details/Returns Revised due date GSTR-1 Oct 10, 2017* GSTR-2 Oct 31, 2017 GSTR-3 Nov 10, 2017 GSTR-6 Oct […]
RECTIFICATION OF THE COMMON MISTAKES/ERRORS MADE IN FORM GSTR-3B THROUGH FORM GSTR-1, 2 & 3 Since introduction of GST has made a remarkable change in the history of Indian economy, but it has shaken the entire indirect tax system, due to which taxpayers are facing difficulties while filing various returns. In this write-up, it is […]
The due date for filing Form GSTR-1 for the month of July is September 5, 2017 (from 01.09.2017 to 05.09.2017). In this write-up, all about Form GSTR-1 is being discussed. Form GSTR-1 is a monthly statement filed by outward supplier. It is a statement that contains details of all the sales transactions.
As we already knew that in September month there are 7 returns to be filed under GST (for July & august) and this month is going to be a bit hectic. In this write-up, an over view of all the forms together with their due dates are being discussed
In the press release dated 19th August, 2017, the date for claiming transitional credit has been notified. If any registered person wants to claim transitional credit in the month of July, shall required to file FORM TRAN-1 and the last date to file the same is 28th August, 2017.
As per Press Release and Via notification No. 23/2017 dated 17th August, 2017, extension has been granted for filing of first monthly summary return for the month of July, 2017 i.e. FORM GSTR-3B upto 28th Aug, 2017. Let’s analyse the same further: Ques. 1 What is the due date of filing FORM GSTR-3B in case […]
