GST TAX RETURNS - GSTR 1, GSTR 3B, GSTR 2B, GSTR 2A, GSTR 4, GSTR 9, GSTR 9A,QRMP SCHEME, IFF

  With the latest update of GST came on 02.01.2021, the taxpayers have to be now more precise and alert in filing their returns as there are many hard changes that has came into effect from 01.01.2021 Claim of ITC has been reduced from 120% to 105% of GSTR 2B. A proper officer can cancel GSTIN of  a taxpayer if the taxpayer has availed ITC more than 105% of GSTR 2B in any month. A proper officer can cancel GSTIN of a taxpayer if the Tax paid in GSTR 3B is less than the tax payable in GSTR 1 for any month, means if the outward supply of GSTR 1 is greater than GSTR 3B then cancellation of GSTIN can be initiated . If a proper officer has initiated the cancellation of GST and he has reasons to believe that the GSTIN has to be suspended of a taxpayer then the opportunity of being heard will no longer be available with the taxpayer. If there will be any difference in the comparison sheet means if there will be any difference in outward supplies of GSTR 3B & GSTR 1 and ITC of GSTR 3

  This is to brought in notice to every taxpayers that any leniency and ignorance of rules of ITC under GST Act can lead the taxpayers to a serious accusation and cancellation of GSTIN. Before there was no restrictions of claiming ITC as to what amount or proportion of ITC a taxpayer is claiming on the basis of the invoices they have. Before the taxpayers were allowed to claim ITC against all those invoices that are with them either visible in the GSTR 2A or in physical copy, which means that if any invoices that were not in GSTR 2A and the taxpayer claiming of having the hard copy of GST Invoice were allowed to claim ITC against that invoices(Not in GSTR 2A) also. But, now things has been changed a lot and at present the taxpayers can claim ITC with limits. Let us get explained in detail Recently when GSTR 2B came into effect there was a clause that taxpayers can claim ITC equal to GSTR 2B or maximum of 120% of GSTR 2B. Now this maximum of 120% has got reduced to 105% only . It me

Outward Supply and ITC Comparison Sheet is a sheet that shows the difference of outward supplies filed in GSTR 1 VS GSTR 3B and the difference between your claimed ITC in GSTR 3B vs ITC in GSTR 2B. Usually the ITC Comparison sheet was visible in the Return Dashboard next to GSTR 2A, but after introduction of GSTR 2B the ITC Comparison sheet is no longer can be accessed from return dashboard. Here are the Steps from where you can access the ITC Comparison sheet easily. Go to www.gst.gov.in Login with your credentials. Click on Services next to Dashboard on the top bar Click on Returns next to ledgers from the drop down menu In the drop down menu right hand side you can see Tax liabilities & ITC comparison sheet. Below is the image for better understanding. Then select Financial year for which you want to download the comparison sheet and click on search Then your comparison sheet will get open and will be visible as shown below in the image. You can also Download Excel file

  As we all know that the taxpayers wanting to opt for new or fresh GST Registration has to compulsorily get AADHAAR Verification done while registration by providing AADHAAR No or AADHAAR details or incase of NO AADHAAR by E-KYC process. But the existing taxpayers are in trouble as what they have to do, whether they have to also get their verification done or not. So here is the details for what the existing taxpayers has to do for their AADHAAR Verification. First of all at the very present point of time AADHAAR verification for existing taxpayers is available at their portals and the existing taxpayers have to do nothing much but simply click on the POP UP MESSAGE that will appear instantly after logging in to the GST Portal. After clicking on that POP UP MESSAGE (preview shown in below Image) a page will be displayed asking to choose one option out of SEND AADHAAR AUTHENTICATION LINK UPLOAD E-KYC DOCUMENTS If you choose the option of REMIND ME LATER then the pop up message will be

  Due dates for filling of GST returns for the period December is listed below: After the recent changes in GST the dates of return filing has a slightest difference based on the states where the business is situated. The due dates of return filing can be different for two different states which is shown below: Type of Return Period of Return Turnover of the Taxpayer/ Type of Taxpayer State where Principal place of Business is Situated Due date for Return Filing           GSTR 3B           DECEMBER 2020             LESS OR UPTO ₹ 5 CRORE   Chhattisgarh, Madhya Pradesh , Gujarat, Maharashtra , Karnataka, Goa, Kerala, Tamil Nadu, Telangana and Andhra Pradesh, the Union territories of Daman and Diu, Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep           22 th JANUARY 2021      

   Invoice furnishing Facility (IFF) for Taxpayers under QRMP Scheme An invoice furnishing facility has been introduced for the taxpayers who are opted for QRMP scheme or we can say that for the taxpayers who are now eligible to file their GST returns quarterly both GSTR 1 & 3B. Filling of IFF is completely optional as for now for the taxpayers. This IFF is same or equal to GSTR 1 only but the only difference is that GSTR 1 has been named as IFF for every first 2 months of each quarter. As we know that under QRMP scheme taxpayers will file their returns quarterly on every 3rd month of the quarter, therefore the dealers who are purchasing goods from the taxpayers opted for QRMP scheme will not be able to avail their ITC monthly as ITC can now only be claimed if it is shown in GSTR 2B. So the main concept and purpose of converting GSTR 1 to IFF for the first two months of the quarter that are known as M1 & M2 for each quarter is that the details will be reflected in their dealers

  When a taxpayers GST is cancelled then the tax payer is no more liable to file any returns or claim any ITCs, therefore you can sell to a GST cancelled dealer but it will be a sale to a non GST dealer and it will be treated as B2C sales and you cannot mention their cancelled GST number in your invoice. So yes you can sell them but the seller wont be able to claim ITC of your sales. If the GST has been cancelled before filling of return then it will be termed as cancelled and the taxpayer will not be allowed to file any return as cancellation is now instant.  As soon as for GST REG - 16 / 17 is issued the SCN is issued and the cancellation is done instant at the the time of issuance only. Means if the taxpayer is surrendering his/her GSTIN then within the sec of submitting the form REG-16 the GST will get cancelled. GST number printed wrong on tax invoice can we use stamp on all bills Yes if by mistake you have got printed wrong GSTIN in your hard copy bill then you can use stamp of c

 Any taxpayer who fails to file their returns for the last 6 to 9 months then their registration can also be suspended more than the blocking of Form-49. A SCN will be executed for the return defaulters and will be sent to the concerned taxpayers as per rule 22(1) Notice will be sent to tax taxpayers in GST REG 17 regarding their suspension. Grounds on which a taxpayer will be issued a suspension in GST REG 17 Taxpayers who have not filled their GSTR-3B for the last 6 to 9 months Taxpayers having difference in their value of turnover in GSTR-1 and GSTR-3B , means you should have paid the tax for that sales for which you have provided details in GSTR-1 therefore your GSTR-1 and GSTR-3B sales should be same. Taxpayers with difference in the GSTR 2A and GSTR 2B and GSTR 3B that means there should be no difference in your claimed ITC and ITC available in GSTR 2A and the purchased ITC should be same in all the three returns namely GSTR-3B (Return for filling); GSTR-2B (Return for v

 There are two types of Annual returns GSTR-9 and GSTR 9C where GSTR-9 is a normal Annual return but GSTR-9C is a GST AUDIT return. Tax payers having Turnover  less than  ₹  2 Crore are not required to file GSTR 9 and it is optional for the tax payers having a turnover of  ₹  2 Crore  or less, but GSTR -9C is not applicable on the taxpayers having turnover less than  ₹  2 Crore . Turnover between  ₹   2 Crore to  ₹ 5  Crore has to file GSTR-9 (Compulsory) but GSTR-9C is optional, if anyone wants to file then they can file otherwise there is no need to go for GSTR-9C. T urnover of  ₹ 5  Crore and more has to compulsorily file both the returns GSTR-9 & GSTR-9C. Therefore Taxpayers having a turnover less than  ₹ 50 lakhs has not to file GSTR-9 irrespective of the condition of filling of GSTR-1 quarterly or monthly. For more details you can visit  https://www.gst-return-filling.com/2020/09/how-to-file-gstr-9-for-fy-2018-2019.html You have to make sure that Your Whole turnover shoul

 Every one knows that ratio between CGST (Central Government Service Tax) & SGST (State Government & Service Tax) is 50%-50%. Any Tax paid By a tax payer is distributed equally to both Central Government & State Government. In India, GST is a "Dual GST" with both Central GST and State GST Components levied on the same base. Importantly, there is no distinction between goods and services with common legislations applicable to both. India is a federal country where both the Centre and the States have separate powers to levy and collect taxes through appropriate legislation and accordingly, both the levels of Government have distinct responsibilities to perform. The Central GST and the state GST would be levied simultaneously on every transaction of supply of goods and services made by registered persons except the exempted goods and services and goods and services which are outside the purview of GST.