Extension of closing date of late fee amnesty scheme and time limit for filing of application for revocation of cancellation of registration under GST Act (GST notification 33/2021,34/2021 dated 29 Aug 2021)

The Government, vide Notification No. 19/2021- Central Tax, dated 01.06.2021, had provided relief to the taxpayers by reducing / waiving late fee for non-furnishing FORM GSTR-3B for the tax periods from July, 2017 to April, 2021, if the returns for these tax periods are furnished between 01.06.2021 to 31.08.2021.  The last date to avail benefit of the lateContinue reading “Extension of closing date of late fee amnesty scheme and time limit for filing of application for revocation of cancellation of registration under GST Act (GST notification 33/2021,34/2021 dated 29 Aug 2021)”

Functionality to check and update bank account details (GST Portal update 29 July 2021)

How to add bank account in GST registration details. A functionality to check status of bank account details update for the taxpayers who have taken new registration at GST Portal but have not yet furnished the same, has been introduced, in view of Rule 10A of the CGST Rules 2017. Such taxpayers are required toContinue reading “Functionality to check and update bank account details (GST Portal update 29 July 2021)”

CGST Zones and Directorate General of GST Intelligence booked about 8000 cases involving fake ITC of over Rs. 35000 crore in FY 2020-21

Ministry of Finance Press release dated 13th July 2021 Misuse of the beneficial provision of Input Tax Credit (ITC) under GST regime is the most common modus of evasion under the GST Law. The field formations of the Central Board of Indirect taxes and Customs (CBIC) have beenregularly detecting such cases from very beginning ofContinue reading “CGST Zones and Directorate General of GST Intelligence booked about 8000 cases involving fake ITC of over Rs. 35000 crore in FY 2020-21”

Shri Nitin Gadkari says GST will help in achieving the vision of five trillion dollar Indian economy by 2025, calls for performance audit alongwith financial audit

Minister for Road Transport & Highways and MSME Shri Nitin Gadkari has said that GST will help achieve the vision of five trillion dollar Indian economy by 2025. Addressing a webinar on the “GST Day” on the theme “THE JOURNEY OF GST AND WAY FORWARD – AATMANIRBHAR BHARAT” organised by the Institute of Cost Accountants of IndiaContinue reading “Shri Nitin Gadkari says GST will help in achieving the vision of five trillion dollar Indian economy by 2025, calls for performance audit alongwith financial audit”

On the eve of completion of 4 years of the GST, CBIC to honour the tax payers contributing to the GST success story

On the eve of completion of 4 years of the GST, CBIC to honour the tax payers contributing to the GST success story CBIC to issue certificates of appreciation to honour contributions of tax payers Government reaffirms its commitment to continuous improvement in taxpayer services GST is a historic tax reform introduced on the 1stContinue reading “On the eve of completion of 4 years of the GST, CBIC to honour the tax payers contributing to the GST success story”

44th GST Council Meeting highlights – 12.06.2021

The tax rate on ventilators, medical grade oxygen, COVID-19 testing kits, oxygen concentrators and BiPAP machine have been brought down to 5 percent from 12 percent at present. The GST on anti-coagulants like Heparin, high flow nasal canula (HFNC) device and pulse oximeters has been reduced to 5 percent from 12 percent at present. TheContinue reading “44th GST Council Meeting highlights – 12.06.2021”

Weekly YouTube video compilation on Income tax, GST, Financial awareness & Entreprenurship (06th June 2021 to 12th June 2021

Dear Sir, Please find below Weekly YouTube video compilation on Income tax, GST, Financial awareness & Entreprenurship (06th June 2021 to 12th June 2021: Date 12-06-2021 GST Topic New functionalities on GST Portal -11 June 2021 https://www.youtube.com/watch?v=I6rTi0Zsc5cMinute 5.18 Date 12-06-2021 GST Topic GST on E-Commerce & Electronic Commerce Operator https://www.youtube.com/watch?v=1Ttjb0ltyX0Minute 4.42 Date 11-06-2021 Entreprenurship TopicContinue reading “Weekly YouTube video compilation on Income tax, GST, Financial awareness & Entreprenurship (06th June 2021 to 12th June 2021”

New functionalities on GST Portal-11 June 2021

Dear Sir, Please find below *YouTube video Link on *New functionalities on GST Portal-11 June 2021*https://www.youtube.com/watch?v=I6rTi0Zsc5c 1.Ledgers: Negative liability statement made available to composition taxpayers 2. Returns: Download of Form GSTR-4A in excel and auto-population of its details in Form GSTR-4 of the composition taxpayer 3. Front: Office Inclusion of common names in the HSNContinue reading “New functionalities on GST Portal-11 June 2021”

Monthly compilation of Video on Company Law, Succession planning, Income Tax & GST

Dear Sir, Please find below YouTube link of Monthly compilation of Video on Company Law, Succession planning, Income Tax & GST for your easy reference: 👉 Company Law Setting of Branch offices of Foreign Company in Indiahttps://youtu.be/Y30q0ZgcMcU Nidhi Company-each & everythinghttps://youtu.be/maS_1205vO4 Producer Company-each & everything https://youtu.be/MP-t3sg_qWg CSR Funding: Ngo registration for getting CSR Funding https://youtu.be/j-OG40NJl9QContinue reading “Monthly compilation of Video on Company Law, Succession planning, Income Tax & GST”

Accounts and records maintained under GST(Updated by Finance Act, 2021)जी इस टी टैक्सपेयर को एकाउंट्स एंड रिकार्ड्स रखने की अनिवार्यता

Dear Sir, Please find below YouTube video link on Accounts and records maintained under GST(Updated by Finance Act, 2021)जी इस टी टैक्सपेयर को एकाउंट्स एंड रिकार्ड्स रखने की अनिवार्यता Topic cover ✅ List of documents to be maintained by every registered person ✅ Additional records ✅ Books of Accounts-For Agent, registered manufacturer, Supplier of service,Continue reading “Accounts and records maintained under GST(Updated by Finance Act, 2021)जी इस टी टैक्सपेयर को एकाउंट्स एंड रिकार्ड्स रखने की अनिवार्यता”