Goods and Services Tax : Step-by-step guide to file GST-4 annual return for composition taxpayers. Learn deadlines, penalties, and filing procedure with co...
CA, CS, CMA : Understand the difference between Regular and Composite GST dealers, their tax rates, compliance requirements, ITC eligibility, an...
Goods and Services Tax : Understand the GST Composition Scheme: eligibility, tax rates, invoicing, returns, RCM, and its pros and cons for small businesses...
Goods and Services Tax : Introduction The Goods and Services Tax (GST) in India offers a simplified tax compliance option known as the Composition Scheme, ...
Goods and Services Tax : Explore the Composition Scheme under GST: A simplified tax regime for small manufacturers, traders, and retailers offering the ben...
Goods and Services Tax : While filing Annual Return GSTR-4, if composition taxpayers have deposited excess tax, they will now be able to file for GST refu...
Goods and Services Tax : A memorandum is submitted to Finance Minister on Grievance related to scheme of annual return filing for the composition dealers...
Goods and Services Tax : A representation has been sent to CBIC requesting Waiver of late fees for non- filing of annual return ( GSTR-4) by composition de...
Goods and Services Tax : It is respectfully requested to please provide the benefit of Amnesty Scheme to Composition Dealers and allow them to file GSTR-4 ...
Goods and Services Tax : In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under Goods & Services Tax (GST) ...
Goods and Services Tax : In re Pioneer Bakers (GST AAR Odisha) Q. (a)Whether supply of Cakes, bakery items, ice creams, chocolates, drinks and other eatabl...
Goods and Services Tax : Del Small Ice Cream Manufacturers Welfare’s Association (Reg.) Vs Union Of India & Anr (High Court Of Delhi) Hon’ble H...
Goods and Services Tax : Merely exercising option under composite scheme cannot prevent Revenue Department from demanding recovery of GST The Hon’ble And...
Goods and Services Tax : In re Empathic Trading Centre (GST AAR Karnataka) 1. The applicant is eligible to be in the composition scheme under section 10 of...
Goods and Services Tax : The supply of goods or services for 'setting up of network' would qualify as a Composite supply of works contract as defined in cl...
Goods and Services Tax : CBDT shifts CGST functions to Superintendents of Central Tax. Circular No. 223/17/2024-GST details changes for registration and co...
Goods and Services Tax : Notification No. 50/2023 - Central Tax amends Notification No. 66/2017 to exclude specified actionable claims under CGST Act secti...
Goods and Services Tax : Learn about the new tax procedures for eCommerce operators facilitating goods supplies by composition taxpayers under the CGST Act...
Goods and Services Tax : The government has now decided that the negative balance in the cash ledgers of such taxpayers should be nullified. Accordingly, t...
Goods and Services Tax : Seeks to extend due date of furnishing FORM GST CMP-08 for the quarter ending June, 2022 till 31.07.2022 – Notification No. ...
Composition Scheme is uncomplicated and simple scheme under GST for small taxpayer. They can get relaxation from monotonous GST formalities and can also pay tax at a fixed rate of Turnover. This scheme is only applicable to those whose turnover is not exceeding Rs. 1.5 Crores. ELIGIBLITY FOR COMPOSITION SCHEME: A taxpayer whose turnover is […]
Meaning and applicability of composition Scheme Section 10 of the CGST Act, is an exception to the charging section i.e. section 9 of the CGST Act, 2017. Composition scheme in simple words can be explained as payment of tax at concessional rate on the basis of turnover. This scheme is designed to give benefit to […]
It is respectfully requested to please provide the benefit of Amnesty Scheme to Composition Dealers and allow them to file GSTR-4 for FY 2019-20 and earlier periods with minimum late fees.
Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4 Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4 Instances have come to notice where taxpayers are reporting negative liability appearing in their GSTR-4. Background: Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on […]
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 […]
In response to outbreak of Covid-19 pandemic, the government has issued various notifications ranging from Notification No. 07/2021-Central Tax dated 27.04.2021 to Notification No. 27/2021-Central Tax dated 01.06.2021 extending certain due dates under GST and granting relief to taxpayers in terms of waiver of interest cost on delayed payment of tax and late fees on […]
Who can opt for such scheme? As per Section 10(1), subject to sub-sections (3) and (4) of section 9 of CGST Act 2017, a registered person whose aggregate turnover in the previous financial year is not more than Rs. 1.5 Crore in relation to supply of goods and restaurant services, can opt, in lieu of […]
1. Waiver of Interest for the delay in deposit of tax for the month of March and April 2021 (Notification 08/2021-Central Tax dated 01st May 2021) 1. Taxpayer having turnover of more than Rs 5 crores 15 days from the due date: – 9% of the tax payable After 15 days from the due date:- […]
Introduction: 1. COVID–19 situation has been absolutely alarming and the Central & State Governments alongwith local authorities are trying their level best to combat the current situation. To ease the burden, there are certain relaxations announced by the CBIC like the relaxations announced in 2020. The present note explains the relaxations announced vide various notifications […]
A. GSTR 3B Reduction in rate of interest and waiver of late fees – March 21 & April 21 Vide Notification No. 08/2021 – CT dt. 01.05.2021 as well as Notification No. 01/2021 – IT read with Notification No. 09/2021 – CT dt. 01.05.2021, the relaxations are as under for the given tax period: Taxpayer […]
