FORM GSTR 9 – What you need to know about it?

FORM GSTR 9 is an annual return that should be filed by the taxpayers who are registered under GST. It should be filled by even those who are registered under the composition Levy scheme. In GSTR 9 form, you would see various information related to supplies received and done during the whole year under various tax heads such as CGST, SGST and IGST. You should also understand the types of return under GSTR-9 form. There are four different types of form under the GSTR-9 forms. These forms are as follows: GSTR 9 – This form should be filed…
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Government weighs the idea of GST E-way bill link with FASTag

The Government is looking to link the GST network (e-Way bill) with FASTag mechanism of the National Highways Authority of India and Logistics Data Bank  services of the Delhi Mumbai Industrial corridor. For those who are not aware of what FASTag is, it is a device that with the help of Radio Frequency Identification technology enabled toll payments directly from the prepaid or savings account linked to it. The tag is pasted on the windscreen of the vehicle thus enabling the commuter to drive the plaza without having to stop by at the toll…
GSTIN 9A
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GSTR-9A – Everything that you should know about before availing the Composition Scheme

The GSTR-9A is a simplified annual return for the business owners who are looking to avail the Composition Scheme under the GST regime. The return would consist of all the quarterly returns filed by the compounding dealers/vendors in that financial year. Simply, the form consists of all the information provided in the quarterly returns by the composition taxpayers during that financial year. You would need to file the GSTR-9A form annually by 31st December following the financial year which is being reported. For instance, an Individual who is…
NFRA
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NFRA – National Financing Reporting Authorities and its Powers

National Financing Reporting Authority was approved by the Central Government this year to ensure better regulation in the financial audit of the large companies. NFRA is an independent regulator that supervises the auditing professions. Central Government took the decision to approve this regulatory authority post the report of Standing Committee on Finance in its 21st report. In addition to that, the Cabinet has also approved various posts within the regulator. These posts would be of a Chairman, one secretary and three full-time members.…
e-Sanchit

How to upload supporting documents in exports through ICEGATE

The Central Board of Indirect Taxes and Customs (CBIC) in one of its recent circulars has requested all the beneficiaries transacting with customs, including importer and exporter,to register themselves at ICEGATE. It has already introduced Single Window Interface for Facilitating Trade (“SWIFT”) for integrating Customs and other Participating Agencies (“PGAs”) for seamless processing of Import or Export procedures and the process was implemented successfully. One of the main elements of SWIFT is eSANCHIT, which allows traders to…
GST-Audit
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Here is everything you should know about the Audit Process under GST

Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person to verify the correctness of turnover, tax paid, refund claimed and input tax credit availed by the taxpayer. There are three types of audit under GST: Audit by CA or CMA: As per the provisions of CGST Act,2017, every taxable person who is registered under GST and whose turnover is more than INR 2 crore during a financial year, shall get his accounts audited by a Chartered Accountant (CA) or a Cost and Management Accountant…
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How to apply for the new Loan under 59 Scheme by the Government

Prime Minister Narendra Modi has announced an ambitious scheme of getting loan up to 1 Crore in just 59 minutes. The scheme has been started for the Micro, small and medium enterprises. Among the 12 schemes that were generated, one that was highlighted was the facility of availing loan under 59 minutes. With this initiative, the Government is working towards pushing the growth in automation and bringing down the time and process involved in cumbersome Loan facilities. Quick Approval Process An Individual who qualified for such loan would…
GST

GST RFD-01 - Form for Refund and how to file it?

GST RFD-01 A form is introduced by GSTN for online processing of refund under GST.Who can file the GST Refund Application?The application for refund can be filed by any taxpayer in favor of whom the refund order has been issued.2) Filing of GST refund Application by unregistered person:An Unregistered person can file GST refund Application by his temporary login.3) No separate application for refund of GST deposited under the CGST/SGST/IGST for a refund order:If the refund order is the same for the CGST/SGST/IGST, a single refund application can…
TCS in GST

TCS under GST - What do you need to know?

1) TCS under GSTTCS under Goods and Service Tax refers to the tax which is collected by the e-commerce operator when a supplier supplies some goods or services through its portal and the consideration for such supplies is collected by the electronic commerce operator. The Rate of TCS to be collected by an e-commerce operator is 1% under the IGST Act (0.5% under the Central GST Act and 0.5% under the State/Union Territory GST Act). However, tax is not collected on exempt supplies and import of goods/services and supplies on which the tax is…