Updates in GSTR 3B – July 2022 | GSTR 3B and ITC Eligibility GSTR 3B witnessed a bunch of updates in July 2022 after the two-day-long 47th GST Council Meeting. The CBIC has announced a bundle of clarifications and updates through the latest GST Council Meeting recommendations, GST Notific...
In July, there were several GST updates; one of which was related to the important changes and updates in GSTR 3B and ITC eligibility. And, taxpayers with an annual aggregate turnover between Rs. 5 Cr. to Rs. 20 Cr. are enabled for testing on Sandbox for e-invoicing. Thus, we have...
registered under GST, you are eligible to claim input credit for tax paid by you on your purchases. In this section, we will give you a thorough understanding ofITCas a mechanism; including its calculation, eligibility and the treatment of exceptional scenarios in which ITC has already been av...
# Return Filing & Payment:-Every GST registrant requires to file three monthly/quarterly returns and One annual return. Requires paying tax every month. # Composition Scheme:-Business units having an annual turnover less than INR 1.5 crore may opt the scheme. Requires to pay subsidize tax range...
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The frequency of GST filing depends on the type of taxpayer and the type of return. For example, regular taxpayers with an annual turnover of more than Rs.5 crore must file two monthly returns (GSTR-1 and GSTR-3B) and one annual return (GSTR-9). How long is a GST registration val...
Eligibility criteria for availing Composition Scheme The composite scheme is subject to fulfilment of following terms and conditions:- No Input Tax Credit can be claimed by a dealer opting for composition scheme The dealer cannot supply goods not taxable under GST such as alcohol. The taxpayer ha...
GST Annual Return Types of Return: GSTR 9 - Normal tax payer (other than ISD, casual taxpayer, foreigners) GSTR 9A – Composition Person GSTR 9B – E-commerce Operator Minimal Records: 35. (1) Every registered person shall keep and maintain, at his principal place of business, as mentio...
Date of GST registration and date of eligibility to claim ITC Refund of Input Tax Credit (ITC) of GST, FAQ Refund of GST paid in India, FAQ 4 Conditions when applying for refund of Input Tax Credit (ITC) under GST Difference between types of goods and services and types of GST ...
Required GST return forms Eligibility Criteriafor GST Return Filing Here is a list of eligibility criteria for GST return fillings. Business owners and dealers registered under the Goods and Service Tax Act 2017 should file for GST returns accordingly based on the nature of the business and transac...