GST Filing

She praised the new tax system for being pro-poor and beneficial to 4.4 million small taxpayers and micro, small and medium enterprises (MSMEs)

Tyre maker CEAT Ltd on Wednesday said it has received GST demand and penalties totalling over Rs 19 crore from tax authorities in Maharashtra and Vadodara. The Additional Commissioner, CGST & Central Excise, Vadodara has issued an order for an interest of Rs 3.27 crore along with a penalty of Rs 13.68 crore following a show cause notice (SCN) that was initially issued towards the delay in reflection of input tax credit to the credit ledger, caused due to technical issue of TRAN-1 return, CEAT Ltd said in a regulatory filing. In another case, Deputy Commissioner of State Tax, Maharashtra has issued an order demanding Rs 22 lakh and interest of Rs 26 lakh, together with penalty of Rs 2 lakh on following an SCN initially issued for reversal of input tax credit on non-payment of tax by suppliers. "Interest of Rs 1.59 crore is also levied towards the delay in reflection of Input Tax Credit to the credit ledger, caused due to technical issue of TRAN-1 return," it added. Currently, the ..

During the two-month drive, authorities used artificial intelligence (AI) and data analytics to identify around 69,000 suspects, of which 17,000 were fake accounts

The government has extended by two months till February 28 the deadline for businesses to file GST annual returns for 2020-21 fiscal ended March 2021. "The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022," the Central Board of Indirect Taxes & Customs (CBIC) said in a late-night tweet on Wednesday. GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads. GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement. Furnishing of the annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore while a reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs .

The government had last month extended the last date for filing GST annual return and audit report for the 2018-19 fiscal by a month till October 31, 2020

The government had in May extended the last date for filing annual GST return for financial year 2018-19 by three months till September 2020

Compensation cess issue to be discussed in July meeting, Correction of inverted duty structure for textiles deferred

The committee will come out with detailed SoP within a week, which may be implemented across the country by January-end

These feedback sessions would be attended by all prominent chambers of commerce and industry and other organisations representing taxpayers and tax practitioners

GSTN claimed that more than 11.52 lakh GSTR3B (October) returns were filed on Tuesday out of which about 1.82 lakh returns were filed in a peak hour

The ministry, in a statement said, doubts are being raised about the manner of filing the quarterly return by composition dealers in Form GSTR-4

Taxpayers whose liability is nil for six consecutive months will be required to file six-monthly return

The GST council would look at finalising the module proposed by Nandan Nilekani to simplify filing of returns in its upcoming meeting on March 10, an official said today. "The biggest glitch now in the system is the GST returns. The GST return filing is being simplified. Nandan Nilekani has come out with a fantastic module and a committee has been set-up to discuss all of it and then submit a report. In the 26th council meeting on March 10, they will most probably be discussing and finalising it," GST commissioner M&E sectoral group M Srinivas told PTI on the sidelines of the Ficci Frames here. In the 23rd GST council meeting, it was decided that filing of GSTR-2 and GSTR-3 forms would stop and only the filing of GSTR-1 and GSTR-3B would continue. However, he conceded that the present return filing system is still cumbersome for tax payers and cost of compliance has gone up mainly because people are not able to handle the present system of filing returns. According .

GSTR-2 is the most important return for GST compliance since the availability of input tax credit depends on it

Form GSTR-2 reflects purchases made by a business whereas GSTR-3 is a combination of sales and purchases.