Category: GST

Purchase return & Sales Return in GST

1.The Purchase & sales returns are common in day-to-day business transactions. This concept is treated in a slightly different manner under GST Act 2017 2. Purchase Return: The purchase return is the return of the goods by the customer to the seller. From the GST perspective, it is a return by the recipient to the […]
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Extension of closing date of late fee amnesty scheme and time limit for filing of application for revocation of cancellation of registration under GST Act

The Government, vide Notification No. 19/2021- Central Tax, dated 01.06.2021, had provided reliefto the taxpayers by reducing / waiving late fee for non-furnishing FORM GSTR-3B for the tax periodsfrom July, 2017 to April, 2021, if the returns for these tax periods are furnished between 01.06.2021to 31.08.2021.  The last date to avail benefit of the late […]
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GST on sale of old and used vehicles

After the implementation of GST sale of used and old vehicles were taxed at the same rate as applicable on new vehicles which was 28% + Applicable cess which was up to 15%, and due to this effective tax on sale of old vehicles was upto 43%. This higher rate of tax was causing the […]
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Opting-in for Composition Scheme for Financial year 2021-22

How to opt-in for Composition Scheme: The eligible registered taxpayers, who want to opt-in for composition scheme for the FY 2021-22, need to file FORM GST CMP-02 application, on or before 31st March, 2021, post login on GST portal. The taxpayers may navigate as follows: Log-in>Services > Registration > Application to opt for Composition Levy>Filing […]
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Latest Official Updates Under GST by Indian Government

CBIC has extended the due date of GST compliance till 31st march 2021, Read Notification Central Board of Indirect Taxes and Customs enables GST Return 9 of the financial year 2019-20 on an official government portal Centre government transfers the sixth payment installment loan to states to meet the GST (Goods and Services Tax) compensation […]
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