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Every Registered taxpayer needs to file an annual return under GSTR 9 . It is the consolidation of monthly and quarterly returns in the assessment year. GST Return GSTR 9 & GSTR 9C is filed at the end of every financial year. As per Notification No. 15 dated 17th September, the GST Council has announced that taxpayers with an annual turnover of up to ₹2 crores are exempt from filing GSTR-9, and GSTR-9C is not required for FY 2024–25. For taxpayers with a turnover of more than ₹2 crores and up to ₹5 crores, filing GSTR-9 is mandatory, while GSTR-9C is optional. For those with a turnover above ₹5 crores, filing both GSTR-9 and GSTR-9C is mandatory. This is filed by all those who are registered, barring a few exceptions, which are: Taxpayers opting for the composition scheme Casual Taxable persons Non-Resident Taxable Person Input Service Providers Any person paying TDS under Section 51 of the CGST Act Late Fees and Penalties for GSTR 9 and 9c: The late fees for not...

If you have made tax payment to the Government more than the actual tax liability, then you can claim for the refund. The TDS, advance tax or TDS deducted by the taxpayer, if more than the actual tax liability, then the person needs to file return during the previous year in the prescribed format and verified to claim the Income Tax refund . The problem can happen if the taxpayer missed filing the return in time when the income tax claim was due. CBDT has given powers to the income tax authorities to accept the income tax return. If the taxpayer does not file the return the Income Tax Department issued a circular dated 09/06/2015 pardoning such delays and has laid down the procedure to be followed in such situations. The following provisions allow the claim to be made after the expiry of the period for: Exemption Deduction Refund Other Relief under the Act Authorities Responsible for Income Tax Refund Application to be submitted Authorities Details of Claim The...

As per the announcement, the last date of income tax return filing for FY 2018-19 has been extended till 31st August 2019. Those who fail to submit their tax returns by the due date will have to pay a hefty penalty as decided by the Income Tax Department. The delay in paying tax returns from your side can attract a penalty up to INR 10,000 as per the amended rules of Section 234F, which came into effect from 1st April 2017.  As a taxpayer, if you fail to pay your returns on time, you also have to pay interest on the unpaid tax amount. The interest charged on the outstanding amount will increase with the delayed tax period. A particular taxpayer, failing to furnish his/her returns also losses some other tax perks & benefits, given by the tax department. These new changes have been proposed by the income tax department and should be abides by all the taxpayers by filing their tax dues on time to avoid any penalty and interest charges. Various Types of Income Tax Returns...

There are many entities operating in India which can be used for listing of companies. These have their own structure and functioning way. Sole Proprietorship is one way of doing business in which the regulatory obligations are minimal. But in case of sole proprietor model the company is not having its own existence. The proprietor and the company share all the legal and financial provisions and compliance. Thus in order to safeguard the assets of the owner, it becomes important to limit the boundaries of business into a separate entity. This can be done only through the registration of companies . Limited Liability Partnership The business can be registered in the form of LLP which is Limited Liability Partnership. In case of LLP, there is a formation of an entity which can be viewed as a separate entity than the owner. The LLP has its own legal and compliance regulations which are different from the directors/ partners. The LLP Act has been introduced in 2008 which mentions t...

Form  GSTR-2A  is meant for the filing of inward supply for a receiver taxpayer. Form  GSTR-2A  is available in the view-only mode for a certain period of time. It is created for a recipient when the Form GSTR-1 or 5,6, 7 and 8 is filed and submitted by the supplier taxpayer.  If you need to view the Inward Supplies Details in the Form  GSTR-2A , some simple steps are needed to be followed. The Steps Can be Enumerated as Follows: Step 1: Visit the website www.gst.gov.in. The GST Homepage will be displayed. Step 2: Login to the GST Portal with valid credentials. Step 3: Click Services>Returns> Returns Dashboard Step 4: Now select the Financial Year & Return Period (Month) for which you want to view Form GSTR-2A from the dropdown list. Step 5: Now click on the Search file. Step 6: Then File Returns page will be displayed Step 7: Now GSTR-2A can be seen as auto drafted supplies and can be downloade...

In this meeting of GST Council, it has been declared that the input tax claim will not exceed 10% of the available credit limit ( Central Tax Notification ). Earlier this limit used to be 20% of the available input tax credit limit. The GST Council has made changes in the rate of input tax credit restriction limits. The input tax credit is restricted to be withdrawn when the details furnished by the supplier does not match that furnished by the dealer or the manufacturer. Under the following circumstances input tax credits are restricted: If the supplier is unregistered.  If the supplier has chosen composition scheme. If the goods are not purchased with invoice. If the invoice is not having the details of the amount of tax. If the goods purchased are in the exempted category other than exports. If the goods are purchased for personal consumption. In case of interstate good purchases. In case of motor vehicles and conveyances. Read Also:  ITC Effect of GSTR ...