Actions for submitting GSTR-2

9 months ago
GSTR-2A

ShareIn our previous blog, we discussed what is GSTR-2 and the relevance of GSTR-2A with GSTR-2. We also understood that auto-populated details of inward supplies from GSTR-2A will be available in GSTR-2. Though the details are auto-populated, you are required to prepare the return before submitting it. The preparation here refers to a reconciliation of […]

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What is GSTR-2 and GSTR-2A

9 months ago
GSTR-2

ShareThe extension of due dates to file GSTR-1, GSTR-2 and GSTR-3 of July 2017 is a welcome move, as it provides an additional time for businesses to prepare the accurate returns for better compliance. Now, the businesses are required to file GSTR-1 by 10th October 2017, GSTR-2 by 31st October 2017 and GSTR-3 by 10th […]

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Recommendations Made by the GST Council

9 months ago

ShareThe 21st GST Council meeting held at Hyderabad on 9th September 2017, discussed some of the crucial issues such as difficulties faced by the businesses in filing the return, increase on Cess on cars, proposals received from various trade associations to lower the rate of GST on certain products and so on. To facilitate the businesses in […]

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How to Correct GSTR-3B?

10 months ago
GSTR 3B

ShareThe deadline for filing the first GST return, the Form GSTR-3B ended last month on dates August, 25 and August 28, 2017. Yet, there are many businesses which are still in the process of filing Form GSTR-3B. This being the first GST return and understating the plight of the businesses, the committee has decided to […]

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Challenges with Manual Billing and Ways to Overcome it

10 months ago
gst

ShareDo you still record your bills manually in the GST era? Two months have passed since GST was rolled out across India. As a business owner, you might be used to managing all your billing and business transactions manually in books? Subsequently, you might also be sharing the manual records with your tax consultant for […]

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Watchout: Payment Patterns may Change after GST

10 months ago
Payment Pattern After GST

SharePayment Pattern After GST With GST one of the biggest change in habit would be that accounts need to be maintained regularly on a daily basis and the pressure on compliance would then become much lesser because then it becomes a normal activity. If the accounts are not being maintained regularly then it could end […]

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4 Steps to become GST Ready

10 months ago
GST

ShareThe much awaited, much debated GST is now a reality. From the midnight of 30th June leading into 1st of July, most businesses across India were able to seamlessly continue their business, since they had taken the necessary steps to welcome the GST era. But in case you haven’t, don’t worry, it isn’t too late […]

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How to File GST Return (Form GSTR-1) using Tally.ERP 9 Release 6

10 months ago

ShareThe day when businesses across India will file the GSTR 1 for the first time is not too far (5th September 2017).  We are happy to announce that GST-ready Tally.ERP 9 Release 6.1  release is available now. Using this release, you will be able to generate Form GSTR 1 as per the requirements of GST […]

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When do you have to Pay Tax on Reverse Charge Basis?

10 months ago

ShareReverse charge is a concept we were familiar with, in the previous tax regime. To put it simply, under reverse charge, the liability to pay tax on a transaction to the Government is to the recipient. Under Service Tax, it was applicable in the case of specific notified services. Under VAT, in almost every state, […]

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Govt extends GST returns filling deadline for cos who want to claim credit for past taxes

10 months ago

ShareThe deadline for first GST Return, GSTR 3B, has been extended (states are still coming up with Notifications) to August 28 from its original deadline of August 20. However, one must keep in mind that this is only for taxpayers who opt to use the opening balance of pre-GST credit in the current month. Those […]

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