In goods and services tax, returns are built from details of the individual transactions. There may be a need to change these details due to error or omission in the GST return. Due to this reason, section 39(9) of the CGST Act, 2017, allows a taxpayer to change the details of the invoices, debit and credit notes that have already been filed in a GST return. In GST law, it's … [Read more...] about Can errors or omissions in GST return be revised or rectified
GST return for non resident taxable person in form GSTR-5
As per section 2(77), non resident taxable person means any person who occasionally undertakes transactions involving supply of goods or services or both whether as principal or agent or in any other capacity, but who has no fixed place of business or residence in India. In simpler terms, non-resident taxable persons are those suppliers who do not have a business … [Read more...] about GST return for non resident taxable person in form GSTR-5
When GST return to be filed by composition suppliers in India
As per section 39(2) of CGST Act, every registered supplier paying tax under composition scheme has to file a quarterly return in form GSTR-4 electronically through the common portal. GSTR-4 shall be furnished every year on or before the 30th day of April following the end of the financial year. This means GSTR-4 shall be filed between 1st April to 30th April of the following … [Read more...] about When GST return to be filed by composition suppliers in India
When to file monthly summary GST Return for payment of tax in GSTR-3B
Every registered person has to file a monthly return for every calendar month or part thereof in form GSTR-3B by 20th day of the month succeeding the relevant calendar month or part thereof. To de-stress the GST system, the government of India has staggered the last dates of filing GSTR-3B. Now due to this change, instead of 20th of the following month, three dates are … [Read more...] about When to file monthly summary GST Return for payment of tax in GSTR-3B
GST return for outward supplies of goods and/or services in India
As per section 37, except following persons all other registered persons including a casual taxpayer is required to furnish Form GSTR-1 electronically through the common portal; Input service distributor or ISDNon-resident taxable personComposition scheme dealersPerson deducting tax at source - TDS under GSTPersons collecting tax at source - TCS under GST applicable to … [Read more...] about GST return for outward supplies of goods and/or services in India
GST returns – Taxpayer’s guide under goods and services tax law
In simple terms, return means a statement of information furnished to the government by the taxpayer at periodical intervals to comply with the law. In Income tax, individuals, partnership firms, private and public limited companies and other taxpayers are required to file their income tax return or ITR on or before the due dates of filing for the income that they incurred for … [Read more...] about GST returns – Taxpayer’s guide under goods and services tax law
A beginner’s guide to TDS under GST – Tax deduction at source
Initially TDS provisions are introduced in Income tax act, 1962. Section 51 of the CGST Act, 2017 talks about tax deduction at source or TDS under GST law. As per this provision, only few organisations are required to deduct tax while paying to the supplier. It's not applicable to all cases. Who has to deduct tax at source or TDS under GST As per law, following persons … [Read more...] about A beginner’s guide to TDS under GST – Tax deduction at source
Input tax credit in GST – A beginners guide to claim ITC
Under our earlier VAT legislation, input tax credit (ITC) of inputs and capital goods in transactions within the state was allowed. Inputs and capital goods coming into the state from outside the state on which central sales tax (CST) was paid, not allowed as input tax credit. There were also ITC issues in CENVAT credit rules, 2004. These types of issues in earlier input tax … [Read more...] about Input tax credit in GST – A beginners guide to claim ITC
Reversal of input tax credit under special circumstances
We have already discussed when input tax credit is available to a registered taxpayer under GST law and what are the documents required to avail ITC. In this article, we will be discussing certain special circumstances when input tax credit has to be reversed. We have the following four cases, where input tax credit or ITC has to be reversed. Switching from regular scheme to … [Read more...] about Reversal of input tax credit under special circumstances
When and how to issue TDS certificates
A deductor must issue TDS certificates to the deductee for deduction of tax at source. To get started, the person who has to deduct tax must first obtain TAN or Tax Deduction and Collection Account number. Newly registered companies are not required to apply for TAN separately as it gets allotted at the time of company registration. To know your company TAN, please check … [Read more...] about When and how to issue TDS certificates