Return type Maximum late fees cap per return Criteria GSTR 3B & 1 Rs. 500 (Rs. 250 each for CGST and SGST) In case of Nil return Rs. 2000 (Rs. 1000 each for CGST and SGST) Taxpayers having Annual Aggregate Turnover (AATO) in preceding year uptoRs 1.5 crore (Not filing NIL retur...
Author Pinky TyagiPosted on January 13, 2020Categories GST, GST AuditTags Criteria for GST AuditLeave a comment on Criteria for GST Audit GST Returns and Due Dates What is GST Return? A return is a document containing details of income which a taxpayer is required to file with the tax ...
What is the Procedure and Criteria of TDS under GST? With the sole aim of upgrading and enhancing the GST tax structure and combating the tax evasion malice, the GST department had decided to revive the provisions of Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) ...
Under Goods And Services Tax (GST), businesses whose turnover exceeds the threshold limit of Rs.40 lakh or Rs.20 lakh or Rs.10 lakh based on the criteria, must register as a normal taxable person. It is called GST registration. What is registration under GST act? Registration of any bus...
#Turnover Criteria:-All taxpayers who have an annual turnover above 40 lakhs are required to get new GST registration. For Service supply, Turnover limit is 20 lakhs. #Causal taxpayer:-If you supply goods or services in events/exhibitions where you do not have a permanent place of business...
Section 16(1) of the Central Goods and Service Tax (‘CGST Act, 2017’) prescribes the eligibility criteria for taking Input Tax Credit. It states that “Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49...
Turnover criteria or e Invoice limit How does e-invoicing work under GST? This is the process of e-invoicing under GST: Creating an e-invoice: The company uses a bookkeeping or invoicing application that complies with GSTN policies to develop invoices in the designated digital format. Transmis...
You should also go ahead with the GST registration if you meet one of these eligibility criteria: Pre-registered businesses: Businesses already registered to pay taxes pre-GST. Casual taxable person: You’re a non-resident or occasional interstate trader. Non-resident taxable person: You’re a ...
Eligibility Criteria to Claim GST Refunds on Export Any registered taxable person, besides Input Service Distributor (ISD), Compounding Taxpayer, TDS Deductor and TCS Collector, can claim a refund for the taxes paid on exports, if the supplied goods and/or services fulfil the following conditions...
Eligibility Criteria Checklist Types FAQs GST Return Filing GST return filing is a mandatory compliance process for businesses registered under the Goods and Services Tax (GST) regime, introduced in 2017. This process involves reporting business transaction details and tax information, thereby helping to...