Gst Returns News Today

Currently, the deadline is March 31, 2024 and June 30, 2024, for 2018-19 and 2019-20 financial years, respectively

The issues raised include differences in turnover on outward supplies in the monthly GST returns, differences in tax on outward supplies in the GSTR-9 & GSTR-9C returns, excess Input Tax Credit (ITC) availed, and ITC Reversal on credit note. The company said it initially received an audit notice on April 27, 2023, and submitted relevant documents in response.

Goods and Services Tax (GST) annual return has to be filed by every GST registered individual whose annual turnover is over a specified limit. However for filing GST annual return, taxpayers have to file their monthly or quarterly GST return first. GST annual return has to be filed using GSTR 9 and GSTR9C if required.

AMRG & Associates Senior Partner Rajat Mohan said the extension pertains to issuance of orders for the recovery of tax liabilities, whether due to non-payment, underpayment, or erroneous claim of input tax credit, for the financial years 2018-19 and 2019-20.

Bata India: The issues raised include differences in turnover on outward supplies in the monthly GST returns, differences in tax on outward supplies in the GSTR-9 & GSTR-9C returns, excess Input Tax Credit (ITC) availed, and ITC Reversal on credit note. The company said it initially received an audit notice on April 27, 2023, and submitted relevant documents in response.

Experts say hundreds and thousands of GST-registered persons and GST-registered dealers often make natural human errors, such as calculation errors and counting inaccuracies, which can be corrected if an option for revised returns is made available along with pre-filled returns.

GCCI president Ajay Patel, in a letter dated October 16, stated registered businesses are required to furnish their monthly return for the month of October 2023, latest by November 20.

India News: A recent survey by Hansa Research reveals that 71% of Indians prefer planning their holiday trips independently, signaling a decline in the use of tra

The GST Amnesty Scheme for GSTR 4, GSTR-9 and GSTR-10 for non-filers has been extended by the Central Board of Indirect Taxes and Customs (CBIC).

ITC refers to GST credit for tax paid while buying goods or services to be used for business. One example of ITC is the GST paid on raw material. There is a provision to offset the ITC value in the tax liability of the buyer.