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GST ANX-2 Inward Supplies Annexure for GST RET-1

Applicable under the new tax collection system, there will be one main return i.e. Form GST RET-1 and two Annexures Form GST ANX 1 and GST ANX 2 to be filed by businesses. Monthly compliance is mandatory for such returns excluding the small taxpayers (whose annual turnover is up to 5 Crores) who can go for quarterly return filing. About GST ANX-2 Meant especially for all inward supplies, Form GST ANX 2 is the Annexure of the main return form GST RET-1. The supply recipients approve the details by accepting the documents. Depending on the situation, they have the option to reject the improper documents or keep them pending to work upon later. Acceptance by the recipient denotes that the entries done by the supplier in Form GST ANX-1 are correct. Composition of Form GST ANX 2 Following are t...

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Procedural Concerns in Focus as GST Completed Two Years Successfully

As the Goods and Services Tax enters its third year, tax consultants and industry groups point to the extreme need to ease the complexity surrounding procedures, especially with regard to registration and return filing, in order to build on the gains of the past two years. According to Mr. Mahendra Singhi, the president of the Cement Manufacturers Association, “In the third year of the GST regime, addressing procedural complexities of the GST portal system, implementation concerns and making compliance easier will further accelerate ease of doing business for the industry in India”. Further, he added, “GST has been one of the proactive steps by the government and the way the concerns are addressed by the Council makes it one of the most effective mechanisms”. A key highlight of the new ind...

Important F&Q For Annual Return Form GSTR 9A Under Composition Scheme

Those who are not conscious about the Annual GST return, GSTR-9, it has become available to file on the GST portal. The taxpayers who fall under the composition scheme be prepared to file their Annual GST return in Form GSTR 9A. It is possible that some sorts of issues or doubts can arouse while filing GSTR 9A form under composition scheme. So here in this post, we are putting light on the doubts which are more common and asked frequently by the taxpayers under the composition scheme. Q1. Which Law Makes Form GSTR-9A Filing Mandatory? The filing of Form GSTR-9A is mandatory for traders having GST registration under composition scheme following Section 44 of CGST Act 2017 including Rule 80(1) of CGST Rules. Q2. What is the Last Date for Filing GSTR-9A? Going by the GST law, the due date for...

Important Compliance Due Date of GST Act August 2019

GST Act was introduced by Modi Government in the year 2017 to develop a provision for levying and collecting tax on intra-State supply of goods or services or both by the Central Government and for the concerned and connected matters or incidents thereto. The compliance calendar dates forma that were have included have been included in this compliance sheet and not be to be missed if the penalty has to be avoided. The GST return forms included are GSTR 8, GSTR 1, GSTR 6, GSTR 5, GSTR 5A, GSTR 3B Form, GSTR 9,9A,9C etc. The notable deadlines wrt GST Act for the year 2019 is mentioned below: Compliance Requirement under Goods & Services Tax Act, (GST) 2017 Forms/ (Filing mode) Due Dates Compliance Particulars GSTR 8 10.08.2019 TCS Collector (for the month of July, 2019) GSTR 1 11.08.2019...

A Complete Guide on Tax Payments under GST

The birth of GST in India has completely wiped out the complications of different taxes at different stages and has played a pivotal role in the removal of cases like tax-evasion, bribery and other forms of corruption. Implementing its unique slogan ‘One Nation – One Tax – One Market’ it has successfully covered a long distance in this way too. Consequently, it has had a tremendous impact on the whole Indian Economy. GST is completely a techno-based, transparent and systematic tax structure that helped the Govt. boost its Revenue at par. In the GST administration, there are various provisions to deal effectively against cases, such as intentional or intentional late filing/non-filing of tax payments, tax-evasion activities, suppressing of facts/details, choosing a wrong format, etc. Here i...

Digital and Invisible Threads of Oil and Gas

The digital transformation of the oil and gas sector is a tangible reality.  We talk and read about digital twins, autonomous robotic drilling, pipeline scheduling, leak detection, drones etc. and how these technologies have improved efficiency and productivity levels.  Today, oil and gas companies have greater agility to expand or change their business models and deploy innovative strategies to meet fluctuating market expectations.  All this is common and verifiable knowledge, and digitalization is just the tip of the iceberg. The Digital and Invisible Threads of Oil and Gas At ARC, we have written reams about the digital thread that connects manufacturing processes and systems – the framework which connects data flows and produces a holistic view of an asset’s data across its...

Scope of Supply in the regime of Goods and Services Tax – Test of Profit Motive

In the previous indirect tax regime, there was nothing like this new concept of Supply. The stage at which indirect taxes were levied varied under different tax heads and laws. Excise duty, Service tax, VAT were some of the taxes in the previous indirect-tax regime. However, the emergence of GST has subsumed almost 17 types of similar taxes. And consequently, some new terms, such as, ‘Scope of Supply’ have come up. Under the GST structure, the term ‘Supply’ is considered a taxable event for charging tax. One becomes liable to pay tax at the ‘time of supply of goods or services’. Henceforth, to decide GST’s applicability, determining whether or not a transaction falls under the meaning of supply, is very crucial. Following points would bring out a detailed and clear clarification of this ne...

10 Major Challenges of Filling GSTR-9

In the GST Regime, filing an annual return by registered taxpayers and composition dealers is mandatory. And this annual return is known as ‘GSTR-9’. On the basis of different kinds of taxpayers, there are, in total, four different types of annual returns, i.e. GSTR-9, GSTR-9A, GSTR-9B, and GSTR-9C. However, in this blog, we will discuss mainly the 10 major challenges of filing GSTR-9. Primarily, it is good to know, before stepping ahead, that following persons are not required to file GSTR 9 (as they are subject to file different Annual Returns) – Composition Dealers (as they are subjected to file GSTR-9A) Casual Taxable Persons ISDs Non-resident taxable persons TDS Collectors The most specific difficulties in Filing of Annual GST Return are – difficulty in filing Details of 6A of Table N...