Advisory for Waiver Scheme under Section 128A

1.    Taxpayer’s attention is invited to the advisory on the above subject issued by GSTN on 29.12.2024. The link for the

 said advisory is given here:

https://services.gst.gov.in/services/advisoryandreleases/read/564

2.    It is to inform that both Forms GST SPL 01 and GST SPL 02 are available in the GST portal and the taxpayers are advised to file applications under waiver scheme.

Implementation of mandatory mentioning of HSN codes in GSTR-1 & GSTR 1A

 After successful implementation of Phase-I & Phase-II now Phase-III regarding Table 12 of GSTR-1 & 1A is being implemented, from return period February 2025. In this phase manual entry of HSN has been replaced by choosing correct HSN from given Drop down. Also, Table-12 has been bifurcated into two tabs namely B2B and B2C, to report these supplies separately. Further, validation regarding values of the supplies and tax amounts involved in the same, have also been introduced for both the tabs of Table-12. However in initial period these validations have been kept in warning mode only, which means failing the validation will not be a blocker for filling of GSTR-1& 1A. To view the detailed advisory please click here

Thanking You,
Team GSTN

जनवरी 2025 से GSTR-1/ GSTR-1A भरना हुआ और कठिन, HSN कोड में दिखाई गयी value को GSTR -1 टेबल 12 से मैच करना होगा

 जनवरी 2025 से, GSTR-1/1A में HSN कोड रिपोर्टिंग का चरण- III लागू किया जाएगा।

1. एचएसएन कोड की मैनुअल प्रविष्टि की अनुमति नहीं दी जाएगी, करदाताओं को ड्रॉपडाउन से कोड का चयन करना आवश्यक है। 

2. रिपोर्ट को B2B और B2C आपूर्ति के लिए दो टैब में विभाजित किया जाएगा, प्रत्येक आपूर्ति मूल्यों और कर राशियों के लिए सत्यापन के अपने स्वयं के सेट के साथ होना जरुरी होगा । 

तालिका-12 के दोनों टैब के लिए आपूर्ति के मूल्यों और उसमें शामिल कर राशि के बारे में सत्यापन भी शुरू किया गया है।  

हालांकि प्रारंभिक अवधि में ये सत्यापन शुरू में चेतावनी के तौर पर होंगे जिसका अर्थ है कि विसंगतियां होने पर भी GSTR-1 फाइलिंग को अआप कर पाएंगे किन्तु आने वाले समय में जबकि ये कंपल्सरी हो जायेंगे तो आप कोई भी विसंगति होने पर GSTR-1& 1A फाइल नहीं कर पाएंगे।   

What will happen if forget to file GSTR-09

Failing to file the GSTR-9 by December 31 attracts late fees and penalties:

• if your aggregate Turnover is up to ₹5 crore:   
  
   ₹50/day (₹25 each under CGST and SGST), Maximum amount up to  0.04% of turnover.


• If your aggregate Turnover is ₹5 crore to ₹20 crore:
  
  
• ₹100/day (₹50 each under CGST and SGST), Maximum amount up to 0.04% of turnover.


• If your aggregate Turnover is above ₹20 crore:
  
  ₹200/day (₹100 each under CGST and SGST), Maximum amount up to 0.50% of turnover.

Late filing also increases scrutiny from tax authorities and can disrupt audit processes.

How to change Company name in India | How to Change Your Company Name |

A business may decide to rebrand for a variety of tactical reasons. Aligning the company's branding with its changing business goals, which take into account adjustments to its offerings, services, or target market, is one common goal. A merger, acquisition, or reorganization may also call for a name change, which would indicate a change in ownership or corporate identity. Important legal goals, like avoiding trademark conflicts or adhering to regulatory requirements, can be achieved by changing one's name. For whatever reason, renaming a business can be a proactive move toward reviving its reputation, bolstering its market position, and adjusting to shifting market conditions. 

Let's examine the necessary conditions and steps involved in achieving this:- 

Income on which no tax payable in india किस आय पर कोई कर नहीं लगता है?

The mere mention of "income tax" can induce stress in many individuals who constantly seek ways to save money. Income tax is a tax imposed on our earnings from various sources such as salary, business, capital gains, rent, awards, prizes, gifts, interest, and more, if we have earned money in a given year. However, not all sources of income are taxable. There are some income sources that are exempt from income tax, and the government cannot charge tax on them. So, if you want to save taxes,

it is essential to know about the top 11 tax-free income sources in India before filing your ITR online. Let's delve into these sources right away.

Never forget to write your query and feedback & share if you like it
टिप्पणी करना, अपने प्रश्न और प्रतिक्रिया लिखना कभी न भूलें

How to file ITR when you don't have Form-16, What an employee can do if Form 16 not received

 For an employee Form-16 is a important document containing the details of salary ,deductions considered by employer, TDS already deducted etc. Form 16 is helpful, but it is not required in order to file an ITR. 

If it isn't there, you can still file your ITR by gathering substitute paperwork and relevant information about your income and taxes. Compiling payslips, bank statements, and other relevant financial documents facilitates income and tax computation. 

How to get more Income Tax refund while filing ITR I आईटीआर दाखिल करते समय अधिक आयकर रिफंड कैसे प्राप्त करें

For many people, filing an income tax return (ITR) can be a difficult taks, but it gets easier if you know the procedures and the possible tax benefits of filing ITR.

Taxpayers can significantly lower their tax liability by claiming a variety of deductions under various sections of the Income Tax Act of 1961 and if they have already paid advance tax or TDS deducted on thier income ,they can get refund of this TDS by saving tax. 

Here are a few easy steps to maximize your income tax refund when filing your ITR by utilizing different exemptions and deductions.

Never forget to write your query and feedback & share if you like it

टिप्पणी करना, अपने प्रश्न और प्रतिक्रिया लिखना कभी न भूलें

Who can file ITR in Form-1 (Sahaj Form)

 “Sahaj Form and Sugam Form are major steps towards simplification of income tax return filing,” these form were introduced to make the process of filing income tax returns simpler and user-friendly.

While Sahaj is for the salaried, the Sugam form is for small businessmen and professionals.

There may many questions in taxpayers' mind while preparing the ITR in Form-1 i.e. Sahaj form, we are giving here FAQ regarding Sahaj which have been made available by the department:-

Filing ITR is easy but reporting correct information in ITR? What are the common mistakes to avoid when filing taxes

Salaried person need to file their Income Tax Returns (ITR) as the deadline of July 31 coming near.

ITR filing is usually simple, but even small mistakes might result in Notice from the tax authorities and possibly even fines and penalty.

generally people forget to mention Complete bank information,or failure to furnish "income from other sources" or "exempted income" which may result notice from department or thier ITR may be treated as defective ITR.

we will discuss here some common mistakes which is done by the tax payers while filing ITR: