The government may review the pattern of monthly GST (Goods and Services Tax) Filing every month under GST regime. The main idea behind the same will be to provide some ease to the taxpayers. Currently, the businesses have to file returns as GSTR-1, GSTR-2, and GSTR-3 for every month. The forms with outward supplies detail … Continue reading “Monthly GST Filing process may be reviewed by the Government”

The Income Tax Department has selected 20,572 Income tax returns for detailed investigation. Reason being there were discrepancies in income before and after demonetization. Moreover, as per an official, the department has identified 1 lakh cases of tax evasion for detailed investigation. The I-T Department initiated the first phase of the Operation Clean Money+ on … Continue reading “Detailed investigation by Income Tax Department for 20,572 Income Tax Returns”

The Government has given clearance for deduction of tuition/school fees paid for the education of children. The summary for the same is as follows: Deduction from taxable income under Section 80C is available to individual taxpayers up to a maximum amount of Rs1 lakh for education expenses incurred for one’s children. Each parent can claim … Continue reading “Clearance for Deduction of Tuition/School fees paid for education”

Central Board of Direct Taxes (CBDT) decided to boost the deadline for e-filing of income tax returns for those taxpayers who file audit reports for Assessment Year (AY) 2017-18. Taxpayers and professionals appealed to authorities through several modes to extend the last date for tax audit reports. Reason being, deficiency of clerical staff at chartered … Continue reading “Date extended for ITR/Tax Audit Reports for ay 17-18 to 7 Nov, 17”

In the following article we will be illuminating steps through which you can prepare offline file for filing GSTR-2. First and foremost you need to need to log in to GST Portal and Select Returns Dashboard. Select return period and the select Prepare Offline on the GSTR-2 Returns file. Go across to download section and … Continue reading “How to prepare offline file for filing GSTR-2?”

Some new accomplishments have been introduced on Goods and Services Tax (GST) Portal which will be a helping hand for the taxpayer: 1. GSTR-2 offline version 2.1: This will allow taxpayers to export data of GSTR-2 from JSON tool to excel. It will assist them in comparing the data with purchase register to take actions … Continue reading “6 New accomplishments now available on GST Portal”

In the recent course of time, taxpayers are taking a lot of time to comply with Goods and Services Tax Return-2 (GSTR-2) report with purchase invoice by using the offline utility software provided by the GST Portal. In the following article we will be talking you through a benefit created in the Microsoft Excel Format … Continue reading “How to Convert GSTR-2 JSON File to Excel Format?”

As per a tweet by official twitter handle of the GoI for the queries on Goods and Services Tax (GST), the due date for filing GST TRAN-1 is extended to November 30, 2017. The order will be issued shortly. The GST TRAN 1 form is transition form for the already registered taxpayers in old schemes … Continue reading “Due date extended for filing GST TRAN-1 till November 30”

With reference to twitter handle of the GoI for queries on Goods and Services Tax (GST), the due date has been extended for filing GST Input Tax Credit (ITC)-04 for details of goods/capital goods sent to job worker and received back. The notification for the same will be issued in due course. (ITC)-04 is required … Continue reading “Input Tax Credit (ITC)-04 Due Date has been Extended”

After demonetization, there has been cases where in the businesses or individuals have deposited huge amounts in to their bank account. In such cases they received income tax department’s notice to explain the source of the cash. Although the cash deposited was made out of sale, individuals were asked for explanation. There can be possibility … Continue reading “File an Appeal if your Claim gets Rejected by Accessing Officer”

From this week, exporters who paid Goods and Services Tax (GST) can claim for refunds for the month of August and September. As per Chief Executive, GST Network (GSTN) will launch separate online application this week for claiming Integrated GST (IGST) would be made available from this week. This app is developed wherein exporters can … Continue reading “Exporters who paid GST can claim for Refund This Week”

Seems like a good news is on its way subsequent to Diwali. The Goods and Services Tax (GST) rate on restaurants including luxury hotels is in the cards to be reduced by next month. GST Council set up a ministerial panel of 5 members who are expected to examine the above-mentioned proposal for reducing tax … Continue reading “GST Rate on restaurants to be cut off by next month”

Payments Exempted under Reverse Charge Mechanism Exempts payment of tax under reverse charge basis in terms of section 9(4) of the CGST Act, 2017, section 5(4) of the IGST Act, 2017 & section 7(4) of the UTGST Act, 2017 till 31.03.2017. Composition Scheme The composition scheme threashold has been increased to 1 crore for taxpayers … Continue reading “Notifications Passed in Relation to 22nd GST Council Meeting”

For the Goods and Services Tax (GST) related shortfall in the revenue for the month of July-August period Rs. 8,000 crore has already been spared for the States. The reason behind the same was that all States except 1 or 2 have looked for the constitution ensured help. As per an official, matching the invoices … Continue reading “Rs 8,000 crore discharged to States for GST related Income Setback”

About 70% of the assessees under the Goods and Services Tax (GST) had filed detailed sales returns for July on Tuesday, as it was the official deadline. No further extension was given as earlier the GST filing deadline had been extended twice earlier. About 4.59 million entities of the eligible 6.5 million filed the Goods and … Continue reading “Only 70% filed accurate GST Returns for July”