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All those goods supplying business ventures who have an annual turnover that exceeds ₹ 40 lakh in a financial year need to register themselves as a normal taxable entity. This threshold is ₹20 lakh for Jammu and Kashmir, Himachal Pradesh, Uttarakhand and North eastern states of India. All those service providers whose annual turnover exceeds ₹20 lakh in a financial year are required to register for the GST as a normal taxable entity. For the special category states i.e. Jammu and Kashmir, Himachal Pradesh, Uttarakhand and North eastern states, the annual turnover limit is ₹10 lakh. Thus, unless you are making more than 20 LPA on freelancing site like Upwork, Fiverr, etc you need not register for GST. Businesses For Whom GST Registration Is Mandatory Regardless of Annual Turnover : Section 24 of the CGST Act 2017 ·      Agents or suppliers of goods via an e-commerce portal ·      Any casual taxable person ·      Any Input Serv...

“After obtaining due clearances from the Election Commission in view of the  Model Code of Conduct , Government has extended due date for furnishing Annual Return in  GSTR-9  and  GSTR 9C  for 2018-19 from 30.09.2020 to 31.10.2020,” said a tweet from Central Board of Indirect Taxes and Customs. " => The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due date for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for the Financial Year 2018 – 19 to be extended to 31st October 2020.  GSTR-9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes. Basically, it is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps in extensive reconciliation...

  Blocked Credit {Sec.17 (5) of CGST Act, 2017} ITC is not available in some cases as mentioned in section 17(5) of CGST Act, 2017. Some of them are as follows: a)    motor vehicles and other conveyances except under specified circumstances. Exceptions to ITC on Motor Vehicles and Conveyances:- ITC will be available when the vehicle is used for making taxable supplies by the following:- ·         Further Supply of such vehicles or conveyances, vessels or aircrafts [i.e. if you are in the business of supplying cars then ITC will be available]. ·         Transportation of passengers [i.e. if you are providing transportation of passengers then ITC will be allowed on the vehicle purchased]. ·         Imparting training on driving, flying, navigating such vehicle or conveyances or vessels or aircrafts, respectively. ITC would further be admissible for leasing, renting or hi...

  All about GSTR 2B “GSTR 2B will help the government as well as the assessees in matching the input and output of ITC in forms GSTR 3B, GSTR-1, and GSTR 2A, accordingly. ” The main feature of the new form GSTR 2B return is that it will be generated monthly, just like the other GST return filing forms. A PDF and email feature is also added to the form for the ease of assessee. The form will show whether ITC is available to the assessee or not. The form will summarise the ITC credits attached with GSTR 3B. The assessee can download the form in PDF or EXCEL file form anytime he wants. The advance search and filter option in the form will also help the assessee to view documents beyond 1,000 records. GSTR-2B will be available from July 2020 onwards. It can be generated by recipient taxpayers once a month on the 12th for the previous month. For instance: GSTR 2B for July 2020 can be accessed on 12th August 2020. The timelines for the generation of GSTR-2B can be checked out...

  As notified by the GSTN, Aadhaar Authentication has now been made mandatory for GST Registration. Now anyone applying for new registration can opt to undergo e-KYC authentication of their Aadhaar number. It has also been notified that one who fails to do so would be subjected to site verification by the tax department. Here is the official update as hosted on the GST Portal: Aadhaar Authenticatiobn process has been introduced, for the persons applying for GST registration as Normal Taxpayer/ Composition/ Casual Taxable Person/ Input Service Distributor (ISD)/ SEZ Developer/ SEZ Unit etc, in Form GST REG 01 (refer  Notification No 62/2020-CT dt 20.08.2020  ). Under this, Individuals, Authorised signatory of all types of businesses, Managing and Authorised partners of a partnership firm and Karta of an Hindu undivided family, applying for new registration, can opt to undergo e-KYC authentication of their Aadhaar number. Applicants, who, either do not provide Aadhaar, whil...

What is PMT-09 ? Form GST PMT-09 is a challan that enables a registered taxpayer to transfer any amount of tax, interest, penalty, fee or any other amount available under one head (major or minor) to another head (major or minor) as available in the electronic cash ledger. Thus, such a form allows a taxpayer to perform intra head or inter head transfer of amount as available in electronic cash ledger. Many times mistakes or errors occur by the tax payers while preparing the GST challan. Sometime the taxpayers pay the amount under the wrong head and it cannot be used to discharge the liability that may be due under the other head. In such cases the taxpayers has to claim the refund. The process of filing the refund claim and its disbursement may lead to blockage of funds for the tax payers. Here the Form GST-PMT-09 becomes useful. Form GST PMT-09 Format-   Important Notes -> 1. If wrong tax has already been utilized for making any...

Press Release- The government plans to improve existing GST return filing system instead of rolling out a new model. The new system was supposed to be launched on 1 October this year. Yogendra Garg, Principal Commissioner, GST Policy at CBIC, while speaking at a webinar hosted by Assocham, said that the move is aimed at making compliance much easier. The GST Network, the IT support of the GST regime, is working on modifying and improving the current returns and will soon announce an advanced version of the existing system. They are going to introduce a new form GSTR 2B, which like the GSTR 2A will have details of purchases of the company or business with added information on input tax credits. The existing GSTR 1 form, which captures sales-related information, will be more detailed. The Form GSTR 3B, which gives the tax computation, will be auto-populated. New features likely to be added in the new improved version of the existing return system include matching tool for comparison of G...

Press Note - Clarification on GST Rate on Hand Sanitizers.       Clarification on issue of GST rate on alcohol based hand sanitizers The issue of GST rate on alcohol based hand sanitizers  has been reported in few sections of media. It is stated  that hand sanitizers attract GST at the rate of 18%. Sanitizers are disinfectants like soaps, anti-bacterial liquids,  dettol etc which  all  attract duty standard rate of 18% under the GST regime. The GST rates  on various items are decided by the GST  Council where the Central Government and  all the state governments together deliberate and take decisions. It is further clarified  that inputs for manufacture of hand sanitizers are  chemicals packing material, input services,  which also attract a GST rate of 18%. Reducing the GST rate on sanitizers and other similar items would lead to an inverted duty structure and put the domestic manufacturers at disadvantag...

Following are the returns whose filing status can be viewed by the taxpayer: GSTR-1 :- This return has monthly/quarterly sales details. GSTR-3B :- In this return, the taxpayer gives summary details of sales and input tax credit. Taxpayers can determine the monthly tax to be paid in cash by decreasing the input tax from the output tax. GSTR-9 :- This is annual return, which will be filed by December 31st of the year following the end of the financial year.   The applicant may notice any of the following statuses based on the performance of obligations: Submitted but not valid – The return is filled and validated but isn’t filed yet. Filed and valid – The return is filed and found to be on par with the requirements. Filed and invalid – The return is filed, but the tax remains unremitting , either partly or fully.   Disclaimer :   The contents of this article are solely for informational purpose. It does not constitute any professional advic...