If the turnover exceeds the threshold limit mentioned in the GST Act, then the person is mandatory to take GST registration. In some cases, people are mandatory to take GST registration like in case of the interstate supply of goods, reverse charge, selling on e-commerce portal, etc. Many times taxpayers take GST number but he […]
Month: August 2020
GST Deadlines that ends on 31st August 2020
Many GST compliance deadlines ended on 31st August 2020. To avoid late fees and penalties, these due dates need to be remembered and file the returns. Let’s see which deadline ends on the 31st of August, 2020. Deadlines that ends on 31st August 2020 GSTR-4: GSTR-4 is an annual form to be filed by a […]
Transparent Taxation – Honoring the Honest
PM Narendra Modi launches a platform for Transparent Taxation to Honor the Honest. TAXPAYER’S CHARTER A. Commitment to taxpayers by Income Tax Department To provide fair, courteous, and reasonable treatment Treat taxpayer as honest To provide mechanism for appeal and review To provide complete and accurate information To provide timely decisions To collect the correct […]
CBDT unearths money laundering worth over Rs 1000 Cr involving Chinese nationals
Central Board of Direct Taxes (CBDT) has unearthed money-laundering worth over 1,000 crore rupees involving Chinese and Indian nationals. The Income Tax Department has conducted searches on premises of Chinese entities, their close confederates and a couple of bank employees. CBDT said, based on the credible information that few Chinese individuals and their Indian associates […]
FAQs on Offline Tool for Form GSTR-4 Annual Return by Composition Taxpayers
An EXCEL based offline tool has been provided on GST portal for composition taxpayers to prepare their GSTR-4 Annual Return. Steps to use the offline tool: Navigate to Downloads – Offline Tools – GSTR-4 Annual Return Offline Tool to download the tool. Prepare Form GSTR-4 in offline tool in following steps: Fill up the details […]
Clarification by MSME regarding existing Udyog Aadhaar Memorandum (UAM) and New Udyam Registration
Ministry of MSME issued an office memorandum on 06.08.2020 for Clarification on existing Entrepreneurs Memorandum (EM) Part-II or Udyog Aadhaar Memorandum (UAM) or New Udyam Registration-regarding. No. 1/1(5)/2019- P&G/Policy (pt. IV) Ministry of MSME Office of the Development Commissioner(MSME) Ministry of Micro, Small & Medium Enterprises (MSME Policy Division) Subject: Clarification on existing Entrepreneurs Memorandum […]
COMPLIANCE CALENDAR AUGUST 2020
Nature of Compliance Act Due Date/Extended Due Date Reference Quarterly Filing of GSTR-1 by the registered person with aggregate turnover up to 1.5 cr. for April to June 2020 GST 03.08.2020 Notification No. 53/2020 dated 24.06.2020 Filing of GSTR-1 by the registered person with an aggregate turnover of more than 1.5 cr. for June 2020 […]
Rules will be implemented from 1st August, 2020
From 1st August 2020, some rules are getting change. The changes may affect our life. The new rule will be implemented after replacing the old one. These changes include the rate of contribution in EPF, change in insurance, interest rate rules on bank accounts. EPF will be deducted @ 12% The Finance Minister announced that […]