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Filing of Annual return has been made optional for the registered person with T/O < 2 crores.

Category : | Author : MasterGST
The govt. has notified that, filing of annual return is optional for the tax payers with turnover up to 2 Crores for the financial year. However, such option has been provided only for the Financial years 2017-18 and 2018-19. Further, it is specified that, if the tax payer doesn’t file the same with in the … "Filing of Annual return has been made optional for...
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Due dates for GSTR-3B and GSTR-1 for Oct’19-Mar’20 have been notified

Category : | Author : MasterGST
Notification / Order Return Related to Period Due date 44/2019 GSTR-3B_Monthly All Oct’19-Mar’20 20th of following month 45/2019 GSTR-1_Quarterly Persons with t/o < 1.5Crs Oct’19-Dec’19 31-Jan-20 Jan’20-Mar’20 30-Apr-20 46/2019 GSTR-1_Monthly All Oct’19-Mar’20 11th of following month Notes:  It is planned to introduce the new returns from Apr’20, unless the same are postponed, the GSTR-1 and 3B … "Due dates for GSTR-3B and GSTR-1 for Oct’19-Mar’20 have...
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The total ITC claimed should not be more than 120% of the credit available as per Invoices / Debit notes appearing in GSTR-2A – Rule 36(4)

Category : | Author : MasterGST
1. New sub-rule 36(4) has been inserted to specify that the total credit availed on invoices & Debit notes not appearing in GSTR-2A should not exceed 20% of the matched and eligible credit. 2. The effective date for the same haven’t beennotified. Hence, the same shall be effective from the date of notification i.e. 09-Oct-2019 … "The total ITC claimed should not be more than...
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What is Reconciliation in GST ?

Category : | Author : MasterGST
What is Reconciliation? In GST one specific requirement is filing GST returns and reconciling the data inserted at taxpayer’s end with the data entered by our vendors. The taxpayer can view the GSTR 1 (auto populated GSTR 2A) filed by their vendors and the vendors shall also have the access to the data inserted in … "What is Reconciliation in GST ?"

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