Tax Calendar Due date Form/Return/Challan Reporting Period Description 11th August 2021 GSTR – 1 July 2021 Details of outward supplies of goods or services 13th August 2021 IFF July 2021 Details of B2B supplies on the IFF (optional facility for the taxpayers opting
Instructions: – Terms used: a. GSTIN: Goods and Services Tax Identification Number b. UQC: Unit Quantity Code c. HSN: Harmonized System of Nomenclature Code 2. It is mandatory to file all FORM GSTR-1 and FORM GSTR-3B for the financial year for which the return is
Importance of Correct Classification The term “Classification” is defined as a systematic arrangement in groups or categories according to established criteria. Under the given concept, the arrangement of varied items is into mutually exclusive but related classes. An essential and integral part of the
Loosely speaking, reconciliation can be defined as, “Comparing different sets of data on the same category, prepared by different people, methods, or organizations. It includes identifying & investigating differences, & taking corrective action when necessary.” It is not merely a fault or difference finding
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Circular No. 15/2021 New Delhi, Dated 3rd August 2021 Subject: Extension of timelines for electronic filing of various Forms under the Income-tax Act,1961 1. On consideration of difficulties reported by the
If you are working in the Private or the Public sector & your total income exceeds the exemption limit, you must file your income tax returns. For an employee, their main source of income is via salary. Such employees need to file their Income-tax
New in – Two sections of the Finance Act 2021 are notified from 1st August 2021. Section 110 and 111 of FA 2021 are notified by CBIC. These two sections belong to GST. It contains the removal of section 35(5) of the CGST Act and
Food, clothing, and shelter are three basic needs of any human being. Construction activity not only provides homes by virtue of building houses but also provides food and clothing by giving them employment. It was the construction activity only, which turned out to be
Introduction There’s a new (static) monthly statement out, known as the ‘GSTR-2B’. Launched back in August this year, effective from 12th September, this is designed for regular users (taxpayers). This is on the common portal without any import data & inward supplies from SEZ units
Registered Persons having “Aggregate Turnover” up to Rs. 2 Crore are exempted from filing of Annual Return- Notification No. 31/2021 – Central Tax dated 30th July 2021 Registered Persons having “Aggregate Turnover” above Rs. 2 Crore required to file Annual Return (GSTR 9) with
