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Composition Scheme under GST- Key Highlights A taxpayer whose aggregate annual turnover is below Rs 1.5 crore* can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the limit is Rs 75* lacs. The composition dealer enjoys high liquidity as taxes are at a lower rate (1% -6%) but no Input Tax Credit on … Read more Composition Scheme under GST

Input Tax Credit Rule Sub-rule 4 of Rule 36 As per the new sub-rule (4) inserted in rule 36 of the Central Goods and Service Tax Rules, 2017, a taxpayer filing GSTR-3B can claim provisional Input Tax Credit (ITC) only to the extent of 10% of the eligible credit available in GSTR-2A. The ITC claim … Read more The 10% Input Tax Credit Rule in GST

Start Reconciling GSTR-2A for FY 2019-20 Last date to rectify mistakes in terms of Non Availment/ Excess Availment of ITC or ITC reversal for FY 2019-20 is 20.10.2020 GSTR 2A means a statement of Input Tax credit and we need not  file GSTR 2A legally. Hence there is no concept of due date for GSTR2A Unless supplier has … Read more Reconcile GSTR 2A for FY 19-20 before 20.10.2020

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

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 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 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