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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…
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GSTR-1 filing deadline extended

Government of India Ministry of Finance (Department of Revenue) [Central Board of Excise and Customs] Notification No. 71/2017 - Central Tax New Delhi, the 29. December, 2017 G.S.R. (E):- In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017), and in supersession of notification No. 57/2017 -Central Tax dated the 15. November, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 1413 (E), dated the 15. November, 2017,…
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Summary for Filing is not Generated or is not available at this time. Please try again later

Getting this error while filing GSTR-1 " Summary for Filing is not Generated or is not available at this time. Please try again later" As GSTR-1 filing deadline for July, August and September 2017 is 31st of December 2017 may of the GST user's are able to submit GSTR-1 but not able to file the same. Once they click on file return getting message as "Summary for Filing is not Generated or is not available at this time. Please try again later" I have checked with GSTN helpdesk and they claim this is an error from GSTN and send screenshot of the…
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NOTICE U/S 46 FOR NON FILING OF GSTR 3B FOR THE PERIOD JULY-2017 TO OCTOBER-2017.

NOTICE U/S 46 FOR NON FILING OF GSTR 3B FOR THE PERIOD JULY-2017 TO OCTOBER-2017. There are many registered GST payers who have taken registration but not filed return i.e. GSTR3B which is due by 20th of each month for the prior month. Department has sent notice under section 46 of GST Act. The notice is read as below: Being a registered taxpayers, you are required to furnish return for the supplies made or received and to discharge resultant tax liability for the aforesaid tax period by due date. It has been noticed that you have not filed the…
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Get ready to file to file GSTR-1

Get ready to file to file GSTR-1: The taxpayers whose aggregate turnover during preceding financial year exceeded Rs. 1.5 Cr or the new registrants who estimate their turnover to exceed Rs. 1.5 Cr during current financial year, have to file return on monthly basis. Filing of GSTR-1 for the tax period of August, 2017 and onwards is likely to commence soon. In the meantime, such taxpayers can upload the invoices for August, September, October 2017 to avoid last minute rush. The taxpayers whose aggregate turnover during the preceding financial year…
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Establishment of National Anti-profiteering Authority under GST

There are many cases where reduction of GST rate is not getting reflected in the price where in establishment increasing their margin keeping MRP same. I am enclosing one of the bill as raised by a Hotel where in price to end customer is same when it was 18% and now after Government reducing to 5% price remains same. If some one fine such type of issues with GST rate even after reduction once can report CBEC GST portal: Visit the portal at https://cbec-gst.gov.in/ When you scroll down you will come across the CBEC Mitra Helpdesk /There…
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File GST return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018

All Taxpayers are required to file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018: Due dates for filing of details in FORM GSTR-1 for the period of July, 2017-March, 2018 are given bellow: A. Taxpayers with annual aggregate turnover upto Rs.1.5 Crore need to file GSTR-1 on quarterly basis before the due dates tabulated below: Period                              Date July-September          31st December, 2017 October-December  15th February, 2018 January-March …
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All about GSTR-1E for exporters to faster refund

A new form GSTR-1E has been released by GSTN that will contain details of Export Invoices to expedite the process of refund for exporters. The details submitted in GSTR-1E will be forwarded to Customs department for verification of actual exports and accordingly refunds will be initiated. This form has been released by GSTN to give effect to Eleventh Amendment of CGST rules- 96A according to “Notification No 51/2017 – Central Tax dated 28th October 2017” This same information will be also be auto populated in Table 6A of GSTR 1 for the said…
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How to prepare GSTR 2 ?

Most of us have already filed GSTR3B and GSTR1 even we have Nil income Nil return need to be filed . We have one more complicated task here which is verifying GSTR2 if not found as per our GSTR3B input need to follow up with other side vendors who have either missed to file GSTR1 or not bothered to file GST return itself. As per the records published from Government still we are missing 10 lakh plus GST registered dealers not filed GSTR1.  1.The window to file Return GSTR 2 for the month of July, 2017 has opened and it can be filed till 31st…
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Interest and Penalty calculation for GST return filing

Interest and Penalty calculation for GST return filing: Government might waive off interest and penalty on late filing of GSTR-3B for August in lieu of load on GSTN Earlier Revenue Secretary Hasmukh Adhia ruled out any further extension of timeline after December for filing GSTR-3B tax returns by businesses. The GST Council had earlier allowed businesses to file GSTR-3B, a summarised return, till December.  Forms pertaining to tax payment under GST Form GST PMT-01 Electronic tax liability register will be maintained in Form GST PMT-01 Form…
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GST changes and Update from GST council meet good news for small traders and exporters

DECISION TAKEN IN 22ND GST COUNCIL MEETING: 1. Composition Scheme Limit enhanced to Rs. 1.00 Cr with 1% Tax for Traders, 2% for Manufactures & 5% for Restaurant : This was earlier Rs.75 Lakh 2. Filing of Returns upto Turnover of Rs. 1.50 Cr - Quarterly (Non Composition Assessee) 3. Refund to Exporters - To be Started from 10.10.2017 for July Month & 18.10.2017 for August Month manually 4. From now On wards Refund will be granted immediately after filing the Return to the Exporters 5. Postponement of RCM till Dt. 31.03.2018 6. E way…