Accounting and Taxation Services, Bellary

02/05/2021

GST – Major Change to be executed in GSTR 1 filed from 1st May 2021 onwards.

1st April 2021 marked the new change for imposition of 4/6/8 digit HSN/SAC codes regarding HSN/ SAC codes as below link.

https://taxguru.in/goods-and-service-tax/16-bullet-points-gst-hsn-code-requirements.html

12 points need to be noted for the GSTR-1 for the month of April 2021 to be filed from 1st May 2021 onwards:

1. GST returns need to be reported with HSN codes.

2. Businesses with turnover exceeding INR 5 crores need to upload HSN summary with 6 digit HSN codes.

3. If one is filing monthly GSTR-1, HSN details of April need to be filed in May 2021. If one is filing quarterly GSTR-1, 4 digit HSN codes of April to June 2021 need to be filed in July 2021.

4. Businesses can choose to mention HSN codes Voluntarily also. Businesses upto 5 crores can mention 6 or 8 digits and businesses above 5 crores can mention optionally mention 8 digits HSN. There is no bar in mentioning higher digits but there is bar in mentioning lower digits.

5. Due to this change, now in Table 12 of GSTR 1 (i.e., details of outward supplies of goods or services), minimum 4/6/8 digits need to be mentioned there.

6. Also, in Table 12, total value in HSN summary is replaced by rate of tax, implying both HSN wise and rate wise sales reporting need to be done in Gstr 1’s filed from 1st May 2021 onwards.

7. Businesses need to take stock of the different types of products and/ or services so that the HSNs can be jotted down; which may fall under the same chapter and same heading or different chapters with different headings.

8. Last 2 digits need to be emphasized and to be ensured to be correctly mentioned in case of businesses above 5 crores turnover. That means, last 2 digits of 6 digits need to be ensured to be correctly reported in Gstr 1.

9. The accounting or the Gst software need to be updated accordingly, to save last minute glitches while filing Gstr 1’s from 1st may 2021 onwards.

10. The description of goods column will now auto populate based on HSN reported in Gstr 1.

11. In the previous Gstr 1’s filed for the March 2021, the criteria for HSN summary used to be HSN, description and UQC. Whereas for Gstr 1’s for April 2021 field from May 1st onwards, the criteria will be HSN, Rate and UQC.

12. Section 125 wrt General Penalty- Specifies fines for mistakes related to non-mentioning or mentioning wrong HSN/ SAC Code on the tax invoices and Form GSTR-1, which may extend to Rs. 25,000/- each for CGST and SGST.

16 Bullet Points to be taken care of while impleme.... Read More

02/05/2021

*Major Relaxation Announced by Government in GST on May 1, 2021*

1. No late fees for filing 3B of March/April 3B upto 15 days and 30 days from original due date for taxpayer with turnover more than 5 cr and upto 5 cr respectively. For quarter ending 31st March, no late fees if 3B is filed within 30 days from original due date.

2. GSTR-4 due date extended to 31st May

3. ITC-04 due date extended to 31st May for Jan-Mar quarter

4. GSTR-1 due date for April'21 extended to 26th May and IFF due date extended to 28th May.

5. Timeline for all other proceedings, order etc..whose due date of completion falls between 15th April to 30th May is extended to 31st May.

6. Relaxation in rate of Interest for March and April return

08/04/2021

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08/04/2021

23/03/2021

Accountng services that make tax filing easy for you. Give a call on 9986394449 or drop me a mail at [email protected]

23/03/2021

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13/03/2021

Various losses incurred by an individual or a business cannot be shown for exemption in subsequent years for the purpose of tax calculation if your return is not filed. These losses could be both speculative as well as non-speculative, short-term as well as long-term capital losses, and various other types of losses not recorded in the income tax return in a financial year. So it’s best to file returns regularly because you never know when you may want to claim an adjustment against past losses.
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13/03/2021

How to Save Tax Outside Section 80C?

Section 80D Mediclaim Premium
Section 80E Interest on Education Loan
Section 80G Donations to Charitable Institutions
Section 80GGC Donations to Political Parties
Section 80EE Interest Repayment on House Loan
Section 80CCD1(B) National Pension Scheme (NPS)

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13/03/2021

Many think that filing tax returns is optional and therefore dismisses it as unnecessary and burdensome. Filing tax returns is an annual event and is a moral and social duty of every responsible citizen. Filing IT returns helps you in declaring your assets as legal.
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13/03/2021

Want to know how to save taxes. Plan ahead and save taxes. Call for a free consulting session on Tax planning ph: 9986394449