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Income tax notices and what should the tax payer do

The government has extended the Income tax return filing date till August 31st, 2018 which means that you get more time to file the return carefully and ensure that there are no mistakes. However, in case you have received the notice from the Income Tax Authority, there is a process to go about it. Recently, there have been an increase in the number of Income tax notices sent by the department due to changes made in the income tax rules about which most of the income tax payers are not aware. Section 143(1) – Customary Notice - You don’t…
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GST Training in Bangalore | GST Classroom cum online training in Bangalore

Being July 1st 2017  date fixed for GST roll out all over India many of us are worried about GST preparedness??  We have one good opportunity with GST training in Bangalore DBA Cosmic IT services pvt. Ltd. Bangalore with it's 16 years of rich industry experience in US and Indian financial market has launched 3 days and 2 days GST training session from 3rd of July to 7th of July  2017 . Following are the topics covered in these 5 days: One more greater advantage you will have once you attend session and write exam you will get Certificate…

NOTICE FOR CANCELLATION OF GST REGISTRATION-REG

NOTICE U/S. 29(2) (C) OF THE KGST ACT, 2017 READ WITH RULE 22(1) OF SGST RULES, 2017 FOR CANCELLATION OF REGISTRATION-REG: We are heading for 1 year completion of GST implementation but we have a bunch of registered GST dealers who haven't bothered to file either GSTR3B nor GSTR-1 . But remember this will be a big bomb to both your business and pocket. If you wish to comply now you will end-up paying heavy fine for delay in filing on per day basis as well as your GSTR rating. Department has started issuing notices like the below: : GOVERNMENT…
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Different type of GST ledgers a Taxpayer should maintain under GST

Under GST, the government requires every tax payer to maintain three GST ledgers and calculate the GST liability on monthly basis. During the calculation the Input tax liability should be calculated and matched with the Outward tax liability. Whatever is the balance should be paid to the government. There are three GST ledgers needed to be maintained: Electronic Tax Liability GST Ledger Electronic Cash Ledger Electronic Credit Ledger Electronic Cash Ledger – Under this ledger, one must show the total tax liability of the registered taxpayer.…

Penalty under GST law for non filing and related offences

The GST laws has clearly put out the rules and regulations that the taxpayer should follow, failing which he would have to pay the penalties. To avoid any sort of confusion the government has categorized the offences and Penalty under GST law to be laid on it. What are the major offences In total the government has come out with 21 offences related to the GST and penalty against it. However, the major ones are as follows: - No registration under GST Issuing the invoices using the GSTIN of another bona fide taxpayer. Uploading fake…
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How to change GST Username and Password ?

GST registered users have often complained that they are facing issues in changing their username and password. In several cases, the intermediaries who were hired by these taxpayers to complete the process of registration used their own email and mobile number which has made it difficult for them to take the full control of their account. Keeping this in perspective the Finance Ministry has now come up with the option of changing GST username and password. The concerned ministry has  laid down the steps which are required to be fulfilled by the…

How foreigners can apply and get the NRI GST registration?

India is a very lucrative market for the businesses at home and abroad alike and therefore recently number of Non resident Indians have been looking for the opportunity to invest in various businesses in the country. However, just like an Indian resident, the foreigner businessman would also need NRI GST registration in order to pay taxes in the country as well as claim the rebate. Documents required PAN of the applicant Business Incorporation Certificate Identity and address proof of the promoters with photographers Address proof…

Voluntary payment option is now available on GST portal

Individuals can now find the Form GST DRC-03 on the GST Portal for making voluntary payments for the taxpayer. Through the form, a taxpayer can make the voluntary payments before getting the show cause notice under section 73 or 74 of the CGST Act, 2017. The Voluntary payment can also be made within the 30 days of the issue of show cause notice. Both the facilities are not available on the GST Portal. Pre-requisites for making voluntary payment There are certain conditions mentioned for the taxpayers who want to make the voluntary payment. These…

GST notice from the authorities - How to respond?

A registered dealer needs to file the GST return in time but sometimes he could receive the notice even after filing the returns. The authorities can send the GST notice to the taxpayer for various reasons. Some of these reasons are: Mismatch in filing the return Late filing of GST return Verification of Pre-GST claims A typical  GST notice from the authorities to the tax payers would look like this:- To: REG_NAME:  -----    GSTIN:  ----- TRADE_NAME: ----- Address :  ---- Contact No: ---- Tax period : Oct-17 to Dec-17 Notice…
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Filing GSTR after due date - GST late fees to be given

A registered dealer should file the GST returns in time, else it could attract the GST late fees and penalty. For instance, earlier a registered dealer should have filed the GSTR-1 return due for months of July to Nov 2017 and July to September 2017 by 10th Jan 2018. In case the details are missing, he would now be liable to pay late fees for Rs 200 (has changed after the CBEC notification about the same as on March 7th 2018) on the daily basis for the number of days that have passed after the due date until the day of finally filing the return. Further,…

New fuctionality update in GST Portal

New update in GST Portal: Given below are updates on functionalities which were made available on GST Portal recently: (A) Registrations: (i)  Facility to apply for Revocation of cancellation of Registration has been enabled on GST Portal. This form will enable Tax payers whose registration has been cancelled via Suo-moto Cancellation process, to apply for revocation of cancellation of registration. (ii) Facility to apply for grant of Unique Identity Number to UN Bodies/Embassies/Other Notified Person has been enabled on GST Portal (refer Rule…
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Companies roll out GST App to assist the taxpayers

Goods and Services Tax is a relatively new and the confusion in filing the taxes is quite evident. Even the experts in handling tax matters would need to be attentive regularly if they want to be aware of the recent amendments made, items included and rates changed. However, some companies have been ready in advance for GST and started offering the convenient GST app to the businesses as soon as the tax structure rolled out. Here, we have rounded up few apps that are not only reliable but also help filing the tax in a one swift stroke. Karvy GST…