Table 5A Turnover (including exports) as per audited financial statements for the State/UT (for the multi-GSTIN unit under the same PAN the turnover shall be derived from the audited annual financial statement) The turnover as per the audited annual financial statement shall be declared here. There may be cases where multiple GSTINs (State-wise) registrations...
Continue readingReconciliation of Tax paid & ITC in Form9C
Reconciliation of tax paid: Table 9 Reconciliation of rate wise liability and the amount payable thereon: The table provides for cancellation of tax paid as per reconciliation statement and amount of tax paid as declared in annual return (GSTR 9). Under the head labeled “RC”, supplies where tax was paid on a reverse charge...
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About: GSTR 9C is a statement of reconciliation between the annual returns in GSTR-9 filed for a financial year, first being 2017-18, and the figures as per audited annual financial statements of the taxpayer. It is certified by the Chartered Accountant. It can be considered to be similar to that of our tax audit...
Continue readingNominations for Gratuity
Gratuity is paid to the employee by his employer, where his services are terminated due to any reason in his lifetime, but after the death of the said employee, the earned gratuity is to be paid to his successors and to avoid any type of complications and controversies, the provision of the nomination by...
Continue readingEmployer’s Duty Regarding the Payment of Gratuity
Determination of the amount of gratuity by the employer As soon as gratuity becomes payable, the employer shall, whether the application for the payment of gratuity has been given or not by the employee, determine the amount of gratuity and give notice in writing to the person to whom the gratuity is payable and...
Continue readingPenalties for Fake Invoices and False Entries
The Finance minister has announced certain new provisions in GST. According to Clause 124 of the Finance Bill 2020 Section 122 of the CGST Act, 2007 is being amended by inserting a new subsection 122(1A) to make the beneficiary of the transactions of passing on or availing fraudulent Input Tax Credit liable for penalty...
Continue readingSection 61 Scrutiny of GST Return
According to Section 61 of the CGST Act, 2007 Dealt with the provisions relating to scrutiny of returns Section 61 is divided into three subsections:- As per section 61 Sub-Section (1): The proper officer may scrutinize the return and related particulars furnished by the registered person to verify the correctness of the return and...
Continue readingIncome Tax benefit for salaried person
Salaried persons constitute a large portion of total taxpayers in India and their contribution to total tax collection. As there are various allowances and perquisites available to an employee, and so forth. List of benefits available to Salaried Persons House Rent Allowance, Children Education Allowance, Hostel Expenditure Allowance, Transport Allowance and other allowances Perquisites...
Continue readingAmendment of registration
Where there is any change in any of the particulars furnished in the application for registration in FORM GST REG-01 or FORM GST REG-07 or FORM GST REG-09 or FORM GST REG-10 or Unique Identity Number in FORM GST-REG-13, either at the time of obtaining registration or Unique Identity Number or as amended from...
Continue readingCancellation or Suspension of Registration
Application for cancellation or suspension of registration A registered person, seeking cancellation of his registration shall electronically apply FORM GST REG-16, including therein the details of inputs held in stock or inputs contained in semi-finished or finished goods held in stock and of capital goods held in stock on the date from which the...
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