GSTR 2A Form removed from GST Portal by GSTN – From January 2022
GSTR-2A has been deleted from the GST Portal January 2022 onwards by the Goods and Service Tax Networks (GSTN). The following are the key changes in CGST Rules notified in Notification No. 40/2021 – Central Tax With effect from 1st January 2022, ITC shall be allowed only to the extent invoice/debit notes are reported in GSTR-1 […]
INTEREST INCOME TAXABLITY AND IMPLICATIONS UNDER GST LAW
TYPES OF INTEREST INCOME AND ITS TAXABLITY As per the provision of GST Law a person is required to take registration if aggregate turnover exceeds the threshold limit. Exempt income is part of aggregate turnover and hence question arise whether all types of interest income is part of aggregate turnover? Meaning of Interest “Interest” means […]
Guidelines for recovery of tax in case of difference in GSTR -1 and GSTR-3B
Tax declared under GSTR-1 but not included in GSTR-3B, will be considered as “Self Assessed Tax” and hence, direct recovery of such tax under Section 79 will be possible even without issuing any Show Cause Notice. (Amendment in Section 75(12)). There may, however, be some cases where there may be a genuine reason for difference […]
Upcoming functionality – Interest Calculator in GSTR-3B
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. Interest computation The interest computed by the system has been aligned with the Section-50 of the CGST Act, 2017, as amended. Consequently, interest […]