Certain changes have been introduced in HSN Reporting in GSTR-1 from May 2021. So, in this blog, we will discuss all the HSN reporting changes introduced in GSTR-1. HSN Reporting Changes in GSTR-1 As per the new change, total taxable value excluding levies and rate of GST needs to be furnished in Table-12 of GSTR-1 …
AADHAAR authentication will help obtain registration under GST and improve the ease of doing business index. Although AADHAAR authentication is not compulsory, it is advisable to do so. So, in this blog, we will cover all the aspects related to AADHAAR authentication under GST. What is AADHAAR Authentication Process under GST? In the AADHAAR authentication …
Every person who is registered under the category of Non-Resident Taxable Person needs to furnish GSTR-5. So, in this blog, we will discuss GSTR-5 applicability and due-date. What is GSTR-5? GSTR-5 is a type of GST return that needs to be furnished by all those taxpayers who are registered as non-resident taxable persons under GST. …
CBIC has revised due dates and waived off late fees for all the taxpayers for the tax period of March and April 2021. So, in this blog, we will discuss all the details related to the extended due dates and late fee waived underneath: Revised Due Dates and Late Fee Waiver for Normal Taxpayers Filing …
The second wave of COVID has adversely impacted the lives of people and also dented the economy of India. So, to control the spike in COVID cases in India, the government has decided to vaccinate everyone who is above 18 years of age. However, the question arises whether the approved COVID vaccines attract GST. So, …
GST portal has introduced certain new functionalities pertaining to the GST Return module for QRMP Scheme taxpayers. So, in this blog, we will cover all these new functionalities that have been introduced by the GST portal related to GST Returns for QRMP Scheme Taxpayers. 5 New Functionalities for QRMP Scheme Taxpayers S.No. Form/ Functionality New …
Cryptocurrency is digital money that can be traded online for goods or/and services based on cryptography. So, in this blog, we will discuss the applicability of GST on cryptocurrency. Did You Know? Currently, there are more than 4,000 cryptocurrencies but Bitcoin has a huge lead when contrasted with some other cryptocurrencies. As Bitcoin has great exchange value …
In Reverse Charge Mechanism (RCM) under GST, the recipient who has purchased the goods or/and services is required to pay GST instead of the supplier. Reverse Charge Mechanism (RCM) under GST? Generally, the supplier who supplies goods or/and renders services is liable to pay tax under GST. However, under the reverse charge mechanism, the recipient who received goods or/and rendered services needs …
The second wave of COVID has halted and impacted the Indian economy once again. There are no indications of any improvement soon. Henceforth, the CBIC has chosen to provide relief to GST taxpayers during this unprecedented event (COVID). Interest Rates Relief during COVID S.No. Aggregate Turnover Relief in interest rates 1 Up to INR 5 crore For the first 15 …
