bssridhar

Aug 012019
 

The New return form CMP-08 , for GST dealers who have opted for payment of tax under Composition scheme is now available in the GST portal.

The return for the period Apr 2019 – June 2019 can be filed now using the new form CMP 08.

The last date for filing the CMP-08 for the above period has been extended upto 31st of Aug 2019.

The relevant notification is provided below

Download (PDF, Unknown)

Jul 242019
 

The Central Board of Direct Taxes (CBDT) vide its Order u/s. 119 of the Income-tax Act,1961 , dated 23rd July 2019 has extended the due date for filing the Income-tax returns in respect of all taxpayers who are liable to file Income tax returns. The extended due date is 31st Aug 2019 (earlier due date was 31st July 2019).

The relevant order is provided below

Download (PDF, Unknown)

Source :- www.incometaxindiaefiling.gov.in

 

 

Jul 192019
 

The Composition dealers are required to comply with Payment of Tax & File yearly return from the year 2019-20 onwards. (As per notification 21/2019 -Central Tax – dtd 23rd April 2019)

The above said payment shall be made by Composition dealers through form CMP-08 on or before 18th July 2019 (For quarter Apr 19 to Jun 19)

The GST portal has not enabled the form CMP-08 yet for composition dealers.

In view of the above, the last date for the payment of tax for the Quarter Apr 19 to Jun 2019 , in CMP-08 , has been extended till 31st July 2019.

The notification to this effect is provided below

Download (PDF, Unknown)

Jun 082019
 
Mar 212019
 

The much awaited notification for prescribing higher Turnover limit for GST Registration in Tamilnadu has been issued.

As per this notification, Any person who is engaged in exclusive supply of goods and whose aggregate turnover in a financial year does not exceed Rs. 40 lakhs, are exempt from taking Registration under GST.

The benefit of this notification can be availed if the following conditions are satisfied :-

1) You should exclusively deal in Supply of goods. This means if you are a service provider, the existing limit of Rs. 20 Lakhs continues. Works contractors are also not eligible for this benefit since they are service providers.
2) You should deal only within state. If you are doing a inter-state taxable suppply, you are not eligible
3) You should not be a person required to pay tax under Reverse Charge mechanism
4) Existing registered persons who opt to continue their registration will not be covered under this
5) If you are trading in Ice cream and other edible Ice, Pan Masala, Tobacco and manufactured tobacco substitutes.

The extract of the notification is attached herewith.

The CGST notification regarding the same is also attached herewith.

Download (PDF, Unknown)

Download (PDF, Unknown)

Feb 062019
 

GST Set off rules changed w.e.f. 01st Feb 2019

The GST Amendment Act has been made applicable w.e.f. 1st Feb 2019. One of the important changes in the GST Amendments is that the manner of set off of Input Tax credit.

 

Before amendment, the GST was Set off as under :-

 

Towards Payment of First Setoff toThen Setoff to
SGSTSGSTIGST
CGSTCGSTIGST
IGSTIGSTCGST/SGST

 

As per the new rules as applicable from 1st Feb 2019, the following will be new set off procedure :-

 

Towards Payment of First Setoff toThen Setoff to
SGSTIGSTSGST
CGSTIGSTCGST
IGSTIGSTCGST/SGST
Sep 222018
 

In the previous months if you have classified any Invoices as B2C invoice and uploaded the invoices and now if you want to reclassify the same as B2B Invoice with GSTIN details of your customers, the same was not possible till now.

THE GSTN has enabled the option now. You can reclassify your B2C invoices as B2B invoices with GSTIN of your customers as follows :-

How to amend B2C invoices as B2B invoices of previous months.

B S Sridhar & Co., Contact us @ 91-44-45540180 / 91-90804 33131. 

For Quick Response email :- sridharca@gmail.com

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