Registration process under GST w.e.f. 21 August 2020
Aadhar Authentication for new GST registration Aadhar based authentication for GST Registration has been introduced to further simplify the GST registration process and ensure speedy and hassle free allotment of GST number. Aadhar vbased authentication shall be applicable for new GS registration and is applicable from 21 August 2020. Key highlights An applicant opting for … Read more Registration process under GST w.e.f. 21 August 2020
GSTR 2B Auto Drafted Input Tax Credit Statement
First GSTR 2B generated on 12 Sep 2020 GSTR 2B is a static statement meaning NO CHANGE can be made in GSTR 2B once it has been generated This statement is generated once on the 12th of the following month i.e the statement for August 2020 shall be generated on 12th September 2020 and this … Read more GSTR 2B Auto Drafted Input Tax Credit Statement
Key Updates- GSTR 3B filing made easier for monthly GSTR 1 filers
Key updates in GSTR 3B August 2020 Table 3 (liabilities) of GSTR 3B shall be computed automatically by the GST portal based on GSTR 1 filed by the assessees. As of now this facility is available for monthly GSTR 1 filers. It will be made available for quarterly GSTR 1 filers too in due … Read more Key Updates- GSTR 3B filing made easier for monthly GSTR 1 filers
Due Date GSTR 3B Aug 2020 – Notification 54/2020 Central Tax
Due Date- GSTR 3B August 2020 Notification No. 54/2020 Central Tax (Click here to View) Due Date 20 Sep 2020 Where the Turnover of the Taxpayer in the previous Financial Year (FY 2019-20) is greater than 5 Crores irrespective of whether the Taxpayer falls under Group A or Group B states Due Date 01 Oct … Read more Due Date GSTR 3B Aug 2020 – Notification 54/2020 Central Tax
63/2020 – Interest on delayed payment shall be charged only on the Net GST Liability
The Ministry of Finance on 25-Aug-2020 released a notification in the official Gazette Notification number 63/2020 – Central Tax dated 25th August 2020 The Interpretations is as below: Changes were made in Section 50 by inserting a proviso to Section 50(1), via Section 100 of Finance (No.2) Act, 2019 Section 50 is related to payment … Read more 63/2020 – Interest on delayed payment shall be charged only on the Net GST Liability
Why No One Talks About Late Fee & Interest On GST Returns Anymore ?
1. Due Date, Interest and Late Fee for GSTR 3B June 2017 to Jan 2020 2. Due Date, Interest and Late Fee for GSTR 3B Feb 2020 and onwards where aggregate turnover is greater than 5 cr 3. Due Date, Interest and Late Fee for GSTR 3B Feb 2020 and onwards where aggregate turnover is … Read more Why No One Talks About Late Fee & Interest On GST Returns Anymore ?
GST Compliance Calendar for August 2020
Keeping in view the need for social distancing to prevent the spread of the Novel Coronavirus and difficulties faced by the taxpayers, the Ministry of Finance, Department of Revenue and the Central Board of Indirect Taxes and Customs have proposed the following due dates for compliance of GST for the month of August 2020. Group … Read more GST Compliance Calendar for August 2020
Identifying Customer Avatar
Who is your Audience? If you think Everyone is my audience, then probably no one is your audience. When I heard it for the first time, I was puzzled. I thought that I heard it wrong. This is where, the concept of Targeting Audience comes in. Take an example – Let’s say you are at … Read more Identifying Customer Avatar