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Clarification on refund of GST paid under wrong tax head in GST

September 26, 2021 13566 Views 1 comment Print

GST has been a relatively new law for a large and diverse taxpayer base such as one in India and it is not quite a surprise that inadvertent errors are committed while complying with the provisions of law. Once such error that the government was aware of and decided to bring into the multifold of […]

September 2021 GST returns: Time to assess FY 2020-21 books of accounts from GST perspective

September 25, 2021 30342 Views 5 comments Print

Financial Year 2020-21 was a year of turmoil and total disruption of normal business for the Indian corporate and business world. While the first few months saw a complete standstill of business, the revival over the next few months was fast considering the damage caused in initial months. The Government of India, in order to […]

45th GST Council Meeting: A wholesome discussion on multiple issues

September 23, 2021 2487 Views 0 comment Print

The GST Council held its 45th GST Council Meeting on 17 September 2021 in Lucknow. This meeting garnered a lot of attention from the larger audience and market owing to the fact that the Council was finally about to discuss the fate of bringing petrol and diesel within the four walls of GST taxation and to […]

Clarifications on contentious GST issues by CBIC

September 22, 2021 4077 Views 0 comment Print

The GST Council in its 45th meeting in Lucknow on 17 September 2021 discussed a host of issues which required taxpayers clarification at the earliest and keeping up with efforts to streamline and ease the compliance procedures with clarity, CBIC issued following 3 circulars on 20th September 2021 to give effect to the GST Council […]

GSTR-9 and GSTR-9C for FY 2020-21

August 16, 2021 305121 Views 20 comments Print

The government has issued the notifications providing the details for filing of annual return in Form GSTR-9 and reconciliation statement in Form GSTR-9C for FY 2020-21. In its continued endeavor to reduce the burden on small taxpayers, the government has issued Notification No 29/2021-Central Tax, Notification No. 30/2021-Central Tax and Notification No. 31/2021-Central Tax dated […]

QRMP scheme under GST: Small taxpayers guide to GST compliance relief

June 29, 2021 2628 Views 0 comment Print

GST – Goods and Simple Tax. That is how Late Finance Minister Arun Jaitley defined GST when it was rolled out in the parliament at 12 midnight on 30 June 2020. At the heart of this reform was the objective to replace the decades old multiple tax based indirect tax structure and to make tax […]

Dynamic QR code on B2C invoices: Government issues additional clarifications

June 22, 2021 2499 Views 0 comment Print

The Government vide the Notification No 14/2020 – Central Tax dated 21st March 2020 made it mandatory for taxpayers with aggregate turnover exceeding INR 500 crores to mention Dynamic QR code on B2C invoices. However, the Government vide Notification No 6/2020 – Central Tax dated 30th March 2021 waived off the penalty for non-compliance with […]

GST: Government issues 7 clarifications on various services

June 19, 2021 3660 Views 0 comment Print

In light of the recommendations made during the 43rd GST Council Meeting, the Government has issued 7 Circulars on 17th June 2021 providing clarifications on the applicability of GST, GST rate etc on various services. The clarifications are tabulated below for the readers: Circular No Issue Clarification Circular No 149/05/2021-GST dated 17 June 2021 Whether […]

GST Composition scheme: Small taxpayers guide to reduced GST compliances

June 17, 2021 43785 Views 21 comments Print

It is often said that the small and medium businesses are at the heart of Indian economies’ demand and supply market. To cater to these small businesses and to provide a simplified and hassle-free scheme for compliance requirements under GST, the concept of a composition levy scheme was introduced. The composition scheme is almost similar […]

Key decisions in 43rd GST Council Meeting

May 30, 2021 1380 Views 0 comment Print

The 43rd GST Council Meeting was a much-anticipated meeting considering the demands of the industry for extension of compliance requirements and other relaxations and benefits in imports etc. The first few months of year 2021 were one of the best in terms of GST revenue for the government despite the havoc created by the ongoing […]

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