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Keeping aware of the key dates regarding taxation is important for taxpayers. It can save them from unnecessary penalties, help them manage their finances, file their returns on time, and stay updated with any changes in tax laws and regulations. By keeping the due dates of tax payments like advance tax payments and self-assessment tax payments, taxpayers can plan their finances accordingly and avoid any legal or financial issues. Filing tax returns on time also helps taxpayers in saving money from interest charges. Moreover, keeping aware of the update with any amendments in tax laws and regulations is necessary to satisfy tax laws and provisions constructively. Keeping the key dates in mind related to tax can assist taxpayers to stay compliant with the tax laws, avoid hefty penalties and other charges, and maintaining finances effectively. Important Tax Due Dates in May 2023 Following the tax calendar provided by the official website of the Income Tax Department, below are the impor...

GST registration cancellation is the functioning of de-registering the business entity from the GST system. GST registration would be essential for businesses that secure a yearly turnover of more than a specified limit. A GST registration could get abolished for any cause, along with that: Closure of business operations. Change in business ownership or structure. Change in the nature of business activities. Non-compliance with GST regulations. Transfer of business ownership. The business entity should file the application in the specified form (Form GST REG-16) for cancelling the GST registration on the GST portal . Under 30 days from the date on which the registration cancellation would need, the GST registration cancellation application would be needed to get filed. Once the application would get filed then the GST officer asks for other data or documents in order to process the application. When All the conditions meet the benchmark and if the officer would get satisfied with the s...

The circular are been released and some key Highlights Of GST Notifications and Clarification Circulars In March 2023  In the 49th meeting of the GST Council, it was suggested that a 5% GST rate be informed on Rab from March 1, 2023, if sold in labelled and pre-packaged form. Furthermore, if the product is not labelled and pre-packaged, there will be Nil GST (02/2023 and 03/2023 dated 28 February 2023).  However, the Central Board of Indirect Taxes and Customs (CBIC) made it clear that the rate applicable in the past period would remain the same as that used by the taxpayer before taking note of the prevailing divergent interpretations and legitimate doubts related to the applicability of the GST rate on Rab for the previous time. Read: GST Circular No. 191/03/2023 On 27 March 2023 Latest GST Technical Updates in March 2023 Below are some major GST-related updates in March 2023: Advisory: The GSTN provides e-invoice registration services through private IRPs Multiple private ...

Ease of doing business for MSMEs: Filing Goods and Services Tax (GST) returns is required for all firms registered under GST, including those with nil returns, in order to disclose the income made from business activities. The GST return contains information on sales, purchases, tax collected on sales, and tax paid on purchases. The company's tax liability to the government is computed as per that. Filing of monthly, quarterly, or annual returns as per the type of business is needed for GST-registered businesses. The business has a turnover exceeding Rs 5 cr and would require to file 25 returns in a year- two monthly returns (GSTR-1 and GSTR-3B) and one annual return GSTR-9 . Those with turnover below Rs 5 crore can opt for quarterly filing. Below Online Procedure to File GSTR-1 You should assure that you would secure a 15-digit GSTIN with you for filing the return. When you do not secure the same then you can tap on the link here and get that online.  Once you have your GSTIN, go ...

The Central Board of Indirect Taxes and Customs (CBIC) informed the GSTR-9 amnesty scheme for non-filers of GST (Goods and Services Tax) yearly returns. The Central Tax notification 07/2023, was issued dated 31st March 2023, with substantial advantages for those who skipped before the last date in order to file their annual returns in Form GSTR-9. The substantial late fee costs, which were frequently in millions of rupees, were a key cause for firms postponing the filing of their GSTR-9. The businesses that skipped the last date for filing their GSTR-9 returns under the amnesty scheme, enable to perform the same by paying the late concessional fee. The announcement provides for an exemption of late costs computed under the legislation, up to Rs.10,000 per return, as per the Act. For example, if a company wishes to submit GSTR-9 for a previous fiscal year, such as 2018-19, it can do so by paying a late charge of up to Rs.20,000. If the computed late charge under the Central Goods and S...