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This time in GST new things are in the Tax Invoice. W.e.f 1st April 2021, all GST taxpayers will have to furnish HSN or SAC in their Tax Invoices. Further if turnover in PYs is more than 50 Cr then E-invoicing is mandatory.
Only minimum changes that are required due to amendment in the Income Tax Act have been incorporated in the ITR forms. Some of these changes have been listed in this article.
More transparency has been brought into the GST System by introducing the "Know Your Supplier" facility. This facility will help in reducing the non-compliance by the suppliers as if any supplier has defaulted in filing his returns, it will be shown on the portal.
In this article, Krishna and Arjuna discuss whether the ITR filing exemption to senior citizens above the age of 75 given in Union Budget 2021-22 is actually beneficial and useful for them, or is it just a fiasco?
Analysing the new provision for TDS i.e. Section 194Q, that has been proposed in the Union Budget 2021-22 and what will be its impact on the taxpayers.
Importance of filing GSTR-1 on time,the due date of filing GSTR-1 and the consequences of non-furnishing of GSTR-1 within the due date
The Central GST department has been issuing Show Cause Notices for differences in receipts as per Service tax returns & ITRs for FY’s 14-15, 15-16 and so on. This is a critical topic to discuss.
In this article, we compare the situation of the taxpayers and professionals to the "Duckworth Lewis" Rule in which due to rain or other interruptions, more runs have to be made in fewer balls. This is with regard to the due date extension made by the government.
The year 2020 has seen a large number of false transactions & malpractices of the taxpayers. In order to curb malpractices used by taxpayers for tax evasion, the GST department is now implementing its new tools to brush out anomalies in the system.
In this article, Krishna and Arjun discuss four warnings in GSTR 3B w.e.f. November 2020 onwards, which the taxpayers can't afford to ignore and the solutions to the issues faced by taxpayers as a consequence of these warnings.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
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