Reading Time: 2 minutesNIL filing of GSTR-1, In order to further simplify the return filing experience a single click NIL filing of GSTR-1 has been introduced on GST Portal. Taxpayers can now file NIL GSTR-1 return by simply ticking the check box File NIL GSTR-1 available at GSTR-1 dashboard. Eligibility to file NIL GSTR-1: Taxpayers may file NIL
Read More

Reading Time: 2 minutesmandatory HSN codes, As per Notification No. 78/2020 – Central Tax dated 15th October, 2020, it is mandatory for the taxpayers to report minimum 4 digit or 6 digit of HSN Code in table-12 of GSTR-I on the basis of their Aggregate Annual Turnover (AATO) in the preceding Financial Year. To facilitate the taxpayers, these
Read More

Reading Time: 2 minutesNew Table 3.1.1 in GSTR-3B, According to the provision of section 9(5) of CGST Act, 2017, Electronic Commerce Operator (ECO) is required to pay tax on supply of certain services notified by the government such as Passenger Transport Service, Accommodation services, Housekeeping Services & Restaurant Services, if such services are supplied through ECO. For reporting
Read More

Reading Time: < 1 minuteGST Exemption for National Flag ,The Flag Code of India, 2002, was amended by the government in December 2021. Govt has clarified that GST in exempt on on final cost of Indian National Flag Tiranga supplied under Har Ghar Tiranga programme. Relevant clarification is as follows:- Sale of the Indian national flag, irrespective of whether
Read More

Reading Time: < 1 minuteThe Central Board of Indirect Taxes and Customs (CBIC) said a technical glitch has been reported by Infosys in the generation of April 2022 GSTR-2B and auto-population of GSTR-3B on the portal. The due date for filing FORM GSTR-3B for the month of April 2022 has been extended to 24th May 2022 (refer to notification
Read More

Reading Time: 3 minutesINTEREST CALCULATOR IN GSTR3B,  To facilitate taxpayers in doing self-assessment, the new functionality of interest calculator is being released in GSTR-3B. This functionality will assist taxpayers in calculating the interest applicable for delayed filing of returns. Taxpayers will have to verify and discharge the correct interest liability as per law, as payment of interest is
Read More

Reading Time: 4 minutesRevamped Search HSN Code Functionality, Goods and Services Tax Network (GSTN) has revamped the  ‘Search HSN’ functionality has been  by linking it with e-invoice database and Artificial Intelligence tools in the following ways: 1. The Search HSN Code functionality has been enhanced, where the taxpayers can search the HSN code and the applicable Technical description
Read More

Reading Time: 2 minutesMandatory Aadhaar Authentication, CBIC has made mandatory Aadhaar authentication for registered person as a measure to check anti-evasion and gaps, the CBIC has made Aadhaar authentication mandatory for the purposes of registration and claiming of refund. It has further notified that GST refunds shall be disbursed only in bank accounts which have been linked with the same
Read More

Reading Time: 2 minutesTDS on Payment of Rent, Under section 194I TDS on rent exceeding Rs.2,40,000/- @ 2% in case of plant and machinery and @10% in case of land or building or furniture or fitting is to be deducted by the person paying the rent except for individual/HUF not liable to audit u/s 44AB (total sales, turnover
Read More

Reading Time: 2 minutesGSTR-2B is a progressive auto-drafted statement that provides input tax credit (ITC) details to every recipient of supplies, based on the suppliers’ data, It is a constant auto-drafted statement that provides input tax credit (ITC) details to every recipient of supplies, based on the suppliers’ data Here are some important QnA regarding GSTR-2B # What is GSTR-2B?
Read More