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Taxpayers often make mistakes while filing GST challan, one of the most common ones is “making payment under the wrong head”. At Present time when countrywide lockdown has been imposed and the end of it is not appearing clear, taxpayers are already going through a liquidity crunch, and on top of that these common mistakes are worsening the condition because their payment gets blocked, What are the steps government has taken to rectify and solve these mistakes? The government had earlier introduced the GST PMT-09 Form through notification no. 31/2019 dated June 28, 2019, for the same and now made it live on April 21, 2020, for taxpayers who made mistakes during making GST Challans. Form GST PMT-09 can be utilized for shifting falsely or incorrectly paid GST through cash ledger. Taxpayers can also use it if they have paid CGST instead of SGST. Who can Fill the GST PMT-09 Form? Each and every taxpayer who wants to correct their wrongly paid tax can fill the GST PMT-09 Form . Authorities ...

Prime Minister Narendra Modi had earlier announced an economic package that was focused on land, labor, law, and liquidity to get the country’s economy on track, and Nirmala Sitharaman, Finance Minister has announced some measures as part of the Covid-19 relief package . The announcements will help businesses in one way or another and also help to boost the cash flows in the markets, but do you know all the measures announced by the Finance Minister? No, Right? Don’t worry, here they are TDS and TCS Rate Reduction A deduction of  25% in existing rates for TDS for non-salary payments made to residents A deduction of 25% in the rate for TCS for specified receipts Now reduced TDS rates will be applied on payment made for rent, dividend, contract, professional fees, interest, commission, brokerage. The reduced TDS will be applied throughout the current Financial year The government expects that the reduction in TDS and TCS rates will result in the release of liquidity of ...