Confused on filing GST Returns? Here’s all you need to know. Every registered taxable person has to furnish outward supply details in Form GSTR-1 (GST Returns-1) by the 10th of the subsequent month. On the 11th, the visibility of inward supplies is made available to the recipient in the auto-populated GSTR-2A. The period from 11th to 15th will allow for any…
Accounting and tax professionals have the authority to file returns on behalf of taxable persons under the indirect tax regime of the country. Under the erstwhile regime, chartered accountants, sales tax practitioners, and advocates undertake this job. Under the GST regime, the draft model states that a GST practitioner shall step into the role of…
What is a tax refund? A tax refund is any amount returnable to a tax payer, by the government. Dealers and businessmen alike can claim refunds on specific events such as when excess tax has been paid, there is unutilized input tax credit available, or in case of inverted duty structure where the rate of…
Every person is required to pay tax and hence is known as a taxpayer. However, the amount of tax payable by various persons, meaning their tax liability towards the government, varies due to several factors. Determining the amount of tax or the liability of tax of a person requires assessment. Under the GST regime, such…
Accounting and reporting form the backbone of compliance of any company. The indirect tax GST regime in India prescribes the standards that need to be maintained for accounting pertaining to tax and other ancillary information. Records need to be maintained for the financial year starting in April and ending in March of the subsequent year….
GST returns are mandatorily required to be provided on a monthly basis under the GST regime. Ever taxpayer must file his returns diligently by the 20th of every subsequent month. In case such tax due has not been paid, it shall accrue from the day on which it was due to be paid. Further, the…
The Goods and Services (GST) Council so constituted, convened on May 18, 2017 to discuss and finalize GST rates for approximately 1200 goods spread across in almost 100 categories. Additionally, on May 19, 2017, the GST Council met to settle on the rates on services spread across 36 categories. According to the Revenue Minister Mr….
Transitioning under the GST is imperative for all businesses once the GST regime sets in. Every business must understand what category it falls under to ensure smooth transitioning from the erstwhile indirect tax regime into the GST regime. Review of accounting procedures, procurement and logistic decisions, and finally availing of Input Tax Credit (ITC) under…