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Saturday 31 December 2022

N. No.15/2022 Central Tax RateFrom 01/01/2023No -GST is payable

N. No.15/2022 Central Tax Rate
From 01/01/2023
No GST is payable where the residential dwelling is rented to a registered person if it is rented it in his/her personal capacity for use as his/her own residence and on his own account and not on account of his business

Applicability of GST in renting a residential dwelling.

Thursday 22 December 2022

TDS on sale of property - Section 194IA

TDS on sale of property - Section 194IA


Regard-Ca Anurag Sharma

Friday 9 December 2022

Detailed analysis of Deduction u/s 80D

Detailed analysis of Deduction u/s 80D
(Deduction in respect of Health Insurance Premium) 

Thursday 8 December 2022

Short Summary on GSTR 9 Tables

Short Summary on GSTR 9 Tables

If your Aggregate Annual Turnover is up to ₹5 Crore then #QRMP (Quarterly Return and Monthly Payment) Scheme

If your Aggregate Annual Turnover is up to ₹5 Crore then #QRMP (Quarterly Return and Monthly Payment) Scheme will save your Late fees in #GST

How it saved is explained here πŸ‘‡πŸ‘‡πŸ‘‡ 

Non QRMP
Monthly GSTR 1 on or before 11th of Next Month so from 12th Late Fee is Applicable 

QRMP
Option to file IFF for Month 1/Month 2 and Quarterly GSTR 1 on or before 13th so late fee is applicable for delay in Quarterly GSTR 1 only

Non QRMP
Monthly GSTR 3B on or before 20th of Next Month so from 21st Late Fee is Applicable

QRMP Tax
GST Payment if any for Month 1/Month 2 on or before 25th of Next month and Quarterly GSTR 3B on or before 22nd/24th so late fee is applicable for delay in Quarterly GSTR 3B only

Summary
Non QRMP
M1 GSTR 1 Late Fee
M1 GSTR 3B Late Fee
M2 GSTR 1 Late Fee
M2 GSTR 3B Late Fee
M3 GSTR 1 Late Fee
M3 GSTR 3B Late Fee

QRMP
M1 IFF Optional
M2 IFF Optional
M3 Quarterly GSTR 1 Late Fee
M3 Quarterly GSTR 3B Late Fee

Another advantage is: if assessee could not pay tax of M1 & M2, he can still file IFF for M1, M2 and GSTR1 for the quarter. But non QRMP will not be able to file GSTR1 from M2, if tax not paid & 3B not filed for M1

Tuesday 6 December 2022

Timely & Proper Payment of Tax is Necessary for Growth of NationDue Date for Payment of 3rd Advance Tax is 15/12/2022

Timely & Proper Payment of Tax is Necessary for Growth of Nation

Due Date for Payment of 3rd Advance Tax is 15/12/2022

https://incometaxindia.gov.in/Pages/tools/advance-tax-calculator.aspx

Must Check 26AS as well as AIS/TIS for proper calculation of Advance Tax

Do Tax Planning but NOT Tax Evasion

Tuesday 29 November 2022

Works Contract Service for Drainage and Sewerage Pipelines Construction Municipal Corporation is Non-Commercial Activity, No Service Tax: CESTAT

Works Contract Service for Drainage and Sewerage Pipelines Construction Municipal Corporation is Non-Commercial Activity, No Service Tax: CESTAT

The Ahmedabad Bench of the Customs, Excise & Service Tax Appellate Tribunal ( CESTAT ) has held that works contract service for drainage and sewerage pipelines construction Municipal Corporation is non-commercial activity, no Service tax attracts Shri Jigar Shah, Advocate, Shri Rahul Patel, CA appeared for the Appellant and Shri. Vinod Lukose, Superintendent (Authorized Representative)


Sunday 27 November 2022

Wednesday 16 November 2022

10 Things to keep handy before you start GSTR 9

10 Things to keep handy before you start GSTR 9 

1. Annual GSTR 2A (even 8A zip) 
Source -Software

2. 21-22 ITC claimed in 22-23 if any
Source-Check in monthly 3B for 22-23. Spcly Apr 22/Sep 22 3B

3. 20-21 ITC claimed in 21-22 if any
Source -check in Last yr GSTR 9
Table 12,13

4. 21-22 sales side Problem solved in 22-23 if any
Source - Check monthly 3B/1 for 22-23. Spcly April 22

5. 20-21 sales side Problem solved in 21-22
Source - check Last year GSTR 9
Table 10, 11, 14

( u must knw reason why POINT 2 to 5 very IMPORTANT)

6. 21-22 GSTR 2A vs 3B Summary
Source -Software
Why? -as we follow 2B for monthly reco But Table 8 still need 2A reco

7. 22-23 GSTR 2A VS 3B summary
Source -software
Why?-For knowing if any ITC claimed next yr
Very useful insight

8. Annual 3B & System drafted 9
Source - portal

9. Annual GSTR 1 
Source - sofwatre
Mainly for HSN data for table 17 as it compulsory for FY 21-22 GSTR 9

10. All COMPARISONS REPORT
Source - Portal

Like every year,This year also, Staff prepared /downloaded/Printed these 10 things in Party wise Folder, Before Starting GSTR 9

This makes working for GSTR 9 so super Smooth, Super easy
Super fast as all data available in folder
Super useful as you don't waste time in collecting data here and there
It makes u help for CORRECT reporting in GSTR 9

Hope u spent time in this before actually starting GSTR 9

Regard-Ca harshil seth

Tuesday 15 November 2022

NOTIFICATION No. 22/2022–Central TaxEffect given in GSTR 9 for 30th November 2022 (Last Date to Claim ITC for FY 21-22 and Last Date to Amend Invoice Pertaining to FY 21-22)

NOTIFICATION
 No. 22/2022–Central Tax
Effect given in GSTR 9 for 30th November 2022 (Last Date to Claim ITC for FY 21-22 and Last Date to Amend Invoice Pertaining to FY 21-22)

GST Rates under Composition Scheme

GST Rates under Composition Scheme

GSTR-9 and GSTR-9C for FY 21-22Due Date is 31/12/2022

GSTR-9 and GSTR-9C for FY 21-22

Due Date is 31/12/2022

GSTR-9 and GSTR-9C Mandatory V/s Optional Tables for FY 2021-22

Red marked Tables made Mandatory from FY 21-22

Accuracy Checks and Balance Formula for GSTR-9 (Must check before submitting GSTR-9)

Linkage between GSTR-09 and GSTR-9C (Figures to be taken from GSTR-09 while filling GSTR-9C to upload error free JSON file on first Go)

Credit To Ca Deep Koradia

Sunday 13 November 2022

E-Brochures from #cbic_india (updated as on November 2022)

E-Brochures from #cbic_india
(updated as on November 2022)



Kindly refer it 
(Total 23 Brochures in) 

1:Overview of GST
cbic.gov.in/htdocs-cbec/gs…

https://www.cbic.gov.in/htdocs-cbec/gst/12112022/Compendium%20GST%20Brochures_12%20November%202022.pdf


2:GST Benefits
cbic.gov.in/htdocs-cbec/gs…
3:Latest Updates in GST
cbic.gov.in/htdocs-cbec/gs…
4:Composition Levy Scheme
cbic.gov.in/htdocs-cbec/gs…
5:QRMP Scheme
cbic.gov.in/htdocs-cbec/gs…

6:Policy Initiatives for MSME Sector
7:Casual Taxable Person
8:Non-Resident Taxable Person (NRTP)
9:e-Invoice Under GST
10:e-Way Bill
11:Registration in GST
cbic.gov.in/htdocs-cbec/gs…
https://drive.google.com/file/d/1eNsC4TbcTLVToCqXVlbz7p-tRbxCLl4-/view?usp=drivesdk

Friday 11 November 2022

If Income Tax Account get locked after multiple wrong attempts to login

Unlock option added by @IncomeTaxIndia 
(If Income Tax Account get locked after multiple wrong attempts to login)
Unlock e-filing account: 2 Option 
1:OTP on mobile number and email id registered with e-filing
2:One Time Password (OTP) on mobile number registered with Aadhaar

Option 1: OTP on mobile number and email id registered with e-filing

Option 2: One Time Password (OTP) on mobile number registered with Aadhaar

Clarification on new refund formula under inverted duty structure has been issued vide Circular No. 181/13/2022-GST dt-10.11.2022

Clarification on new refund formula under inverted duty structure has been issued vide Circular No. 181/13/2022-GST dt-10.11.2022

Tuesday 8 November 2022

TDS u/s 194Q (TDS on Purchase of Goods) TCS u/s 206C (TCS on Sale of Goods) Examples of TDS u/s 194Q and TCS u/s 206C(1H)

TDS u/s 194Q (TDS on Purchase of Goods) 

TCS u/s 206C (TCS on Sale of Goods) 

Examples of TDS u/s 194Q and TCS u/s 206C(1H)

HSN-wise summary is Mandatory in Table 12 of GSTR-1No. of HSN Code (4 Digit or 6 Digit) Depends on Turnover of Preceding Financial Year πŸ‘‡πŸ‘‡Notification No.78/2020

HSN-wise summary is Mandatory in Table 12 of GSTR-1

No. of HSN Code (4 Digit or 6 Digit) Depends on Turnover of Preceding Financial Year πŸ‘‡πŸ‘‡

Notification No.78/2020

Saturday 29 October 2022