Arjuna (Fictional Character): Krishna, what are the reliefs given by Central Government under GST to the merchants during this lockdown due to the coronavirus pandemic? Krishna (Fictional Character): Arjuna, Government has extended the dates of various compliances by Taxpayer under GST, through Central Tax Notification dated on 1st May 2021. The taxpayer has been given relief to file […]
Arjuna (Fictional Character): Krishna, the CBDT has brought a notification on 7.5.2021 related to section 269ST of the Income Tax Act for providing relief to covid patients. Please explain section 269ST. Krishna, (Fictional Character): Arjuna, Section 269ST provides that no person shall receive an amount of Rs. 2.00 Lakhs or more otherwise than by an […]
Genuine Buyer can take the benefit from the above case if the facts of the case are the same. Further such type of action by the department against theGenuine buyer will not be justified. The seller should be punished first for his wrong deeds.
Below are the 10 things a businessman should consider before filling GST Return for the month of March 2021: 1. File GSTR-3B i.e., GST Return before 20 April or 22nd April as the case may be. To avoid late fees and penalties. 2. ITC reflected in GSTR-2A should be reconciled with books before filling GSTR-3b. If there is a difference between ITC in books and ITC reflected in GSTR-2A then the effect of such difference may be taken in March 2021 return.
This time in GST new things are in Tax Invoice. With effect from the 1st April 2021, All GST taxpayers will have to furnish HSN (Harmonized System of Nomenclature Code), or Service Accounting Code (SAC) in their Tax Invoices. Further if turnover in PYs is more than 50 Cr then E-invoicing is mandatory.
CBDT has notified the ITR-1 to ITR-7 for F.Y. 2020-21 and stated that no significant changes have been made to ITR forms as compared to the previous year to help the taxpayers and minimize compliance burden in view of the ongoing crisis due to the COVID pandemic.
now a taxpayer can know all the details about his purchaser before making any purchase from his supplier. This facility might work as an information exchange module between the recipient and supplier. Taxpayers and registered persons now can search GSTIN of any other taxpayer and view his profile in detail.
New provision says that; if turnover of the buyer is greater than Rs. 10 Cr. in P.Y., and purchase value is Rs. 50 lakhs or more from a single party, then the buyer needs to deduct TDS at 0.1% of such sum exceeding Rs. 50 Lakhs. Let us discuss about it in detail.
in the Union Budget 2021-22, senior citizen above 75 age are exempted from filing return of income subject to certain conditions. The banks on the other side, is required to deduct the requisite tax from the bank account of such senior citizen. It must be noted such assesses are not exempted from paying tax, they are only exempted from ITR filing.
Many GST taxpayers are getting notices for liability of late fees for delay in filing of GSTR-1. Why are such notices being issued by the GST department?
