Tag Archives: GST Consultant in Bangalore

International passengers need not pay GST at airport ‘duty-free’ shops

International passengers buying goods at airport ‘duty-free’ shops will not be subject to GST and the revenue department will soon clarify on this exemption, an official said.

Following an order passed in March by the New Delhi bench of the Authority for Advance Ruling (AAR) stating that GST would be leviable on sale of goods from ‘duty-free’ shops at airports, the revenue department had received a number of representations seeking clarification on the issue.

“The position of the revenue department has always been that we cannot export our taxes. We will issue clarification stating that duty free shops would not levy GST,” the official told PTI.

The revenue department will clarify that duty-free shops will have to only collect a copy of the passport from the passenger to whom it sells the goods and later on seek GST refund from the government, the official added.

This means, like exporters, duty-free shops can claim refund from the government for the GST it has paid in procuring goods from manufacturers. The copy of passport will be treated as proof of sale of the goods.

Experts said that the Authority for Advance Ruling (AAR) order had put such shops in a fix, since they were exempt from central sales tax (CST) and value added tax (VAT) in the earlier indirect tax regime. In the erstwhile regime, sale from such shops were considered as exports and supplies were taking place beyond the ‘customs frontiers’ of India.

The AAR held that the supply of goods to international passengers going abroad from ‘duty free’ shops are happening within the territory of India under the Central GST Act.

Since the ‘duty free’ shops are situated within the territory of India and was not taking goods out of India, hence their supply cannot be called ‘export’ under Section 2(5) of the IGST Act, 2017, or ‘zero rated supply’ under Section 2(23) and Section 16(1) of the IGST Act,2017.

Under section 2(5) of the IGST Act, export of goods takes place only when goods are taken out to a place outside India. The country is defined under Section 2(27) of the Customs Act as “India includes the territorial waters of India”.

Under Section 2(56) of the CGST Act, India means the territory of India, including its territorial waters and the air space above its territory and territorial waters.

Hence, the goods can be said to be exported only when they cross the territorial waters of India and the goods cannot be called to be exported merely on crossing the Customs Frontiers of India, as per the discussions before the AAR.

The Delhi AAR in case of ROD Retail Private Ltd ruled against the age-old policy of not levying taxes on them by ordering that GST will be payable by duty-free shops in India.

Source : DNA / Press Release

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E-commerce companies may need to prepare for withholding tax in two months

India Inc, in particular e commerce platforms such as Amazon and Flipkart, may need to prepare for withholding tax provisions in two months under the goods and services tax (GST).

The tax deducted at source (TDS) and tax collected at source (TCS) provisions had been
put on hold following petitions by industry that this would increase the compliance burden.

But with the GST regime stabilising, these provisions may be imposed from July 1, said a
senior government official.

The TDS provision mandates that notified entities have to deduct up to 1% state GST and
1% central GST on intrastate supplies of over Rs 2.5 lakh.

In the case of interstate supplies of over Rs 2.5 lakh, TDS will be 2% integrated GST. These provisions are aimed at checking tax evasion as TDS/TCS will leave a trail of transactions. In the case of e commerce companies, it means that when they make payments to suppliers for goods sold on their platforms, they have to collect 1% tax and deposit this with the government.

“The GST Council decision was to extend suspension of TDS/ TCS proposal till June 30,” said the official cited above. On June 26, 2017, days before the July 1rollout of GST, the government had deferred implementation of the provisions after industry feedback.

The Odisha state government has already issued a circular on TDS provisions that says identified deductors need to register themselves, with the likelihood of these coming into force on July 1. It asked the state tax authorities to identify deductors within their respective jurisdictions and facilitate registration. “A nodal officer should be nominated at the circle level to handle all TDS-related activities,” according to the circular, which ET has seen.

Other states are expected to follow suit. E commerce firms are likely to lobby the government against the move, reiterating that TCS provisions will add to their compliance burden and could squeeze cash flow for small and medium-sized enterprises. Although TDS / TCS can be claimed, industry is of the view that it could lead to working capital issues.

Some tax experts also cautioned against the timing as the return filing process is expected to undergo a revamp with the upcoming GST Council meeting this week is likely to approve two new forms. “It may not be the best time to introduce TDS or TCS while the whole return processes are being reworked,”

“Also, since the GST system is based on self policing with invoice-matching mechanism, there may not be a need of TDS or TCS, unless there are specific cases of tax evasion that have surfaced.”

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GST Council meet on May 4, simplifying returns on agenda

Finance Minister Arun Jaitley-chaired GST Council will meet on May 4 to discuss a simpler return form and the amendments required in the indirect tax regime rules.

The 27th meeting of the Council, comprising state finance ministers, will meet through video conferencing and will also mull over the proposal of converting GSTN into a government company.

A decision on return simplification could be on the cards with the Sushil Modi-led Group of Ministers putting before the Council the three models of new return form for discussion, an official said.

With Jaitley been advised by doctors to stay in isolation to avoid contracting infection, the meeting has been planned through video conferencing.

The Council had in March discussed on two models of GST returns and suggested that the GoM would work further simplification.

The official said the amendment to the law would also be taken up once the Council clears the new GST return format.

One of the models presented before the Council was that provisional credit should not be granted unless the taxpayers file returns and pay taxes.

The second model stated that provisional credit could be granted to a taxpayer, but returns have to be filed within 3-4 months and taxes have to be paid or else the credit amount would be reversed.

After consulting the stakeholders, the GoM earlier this month worked out a third model for return filing as per which credit could be extended once the invoice uploaded by the supplier is verified by the purchaser on the GSTN portal.

Jaitley had earlier this month asked Finance Secretary Hasmukh Adhia to “examine the possibility” of converting GSTN into a majority government company or a 100 per cent government company. GSTN provides the IT backbone for the new indirect tax regime.

Currently, five private financial institutions — HDFC, HDFC Bank, ICICI Bank, NSE Strategic Investment Co and LIC Housing Finance Ltd — hold 51 per cent stake in GSTN, which was incorporated on March 28, 2013, in the erstwhile UPA regime.

The remaining 49 per cent stake is with the Centre and States.

Sources :  Press Reports

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Government to mandate single GST return a month to ease burden

The government inched closer to putting in place a revamped return for goods and services tax (GST) to ease the burden on businesses by mandating only one monthly filing, with the supplier submitting the form and an alert going to the buyer.
Although officers and Infosys chairman Nandan Nilekani, who is advising the government on returns, have not been able to reconcile their differences on how the input tax credit will be given and whether it should be linked to actual tax payment, Bihar deputy CM Sushil Modi, who heads a group of ministers, said the panel was looking at the new return being a blend between the two proposals.

The panel held detailed discussions with stakeholders on Tuesday and another seven days have been given for the feedback before the final draft will be sent to the GST Council, comprising union and state finance ministers, Modi said. After the meeting, Modi said apart from moving to 12 returns annually, instead of 36 currently, the idea was to move away from computer system based matching of returns, which generates large mismatches between claims of suppliers and buyers.

“The supplier will upload the details and the recipient will do the matching,” Modi said, adding that the buyer will be able to see what has been uploaded. He also said that continuous upload of returns by the seller will be allowed and the idea is to ensure that returns are in line with the current business practices.

Although the detailed content of forms was yet to be finalised, Modi said adequate time will be given to GST Network, which provides the IT backbone, as well as businesses for transition. Till then the interim arrangement will continue.

“Returns are the soul of GST and credit is based on that,” Modi said. Returns have been a sore point with businesses, who have cited this as a major burden although the government had earlier dismissed it as a bogey to avoid detailed scrutiny. But under pressure before elections in Gujarat, the government softened its position and scrapped the system and decided to move to a new format.

While e-way bills and reserve charge mechanism were also put on the backburner, the anti-evasion tools are once again in focus. Modi said the panel will deliberate on the details for rolling out the reverse charge mechanism in the first week of May, with the time table and the coverage to be decided.

 Reverse charge is to be paid by registered GST payers on behalf of small suppliers, who are exempted from registration. The registered dealer or the buyer, who has to pay GST under reverse charge, has to undertake self-invoicing for the purchases.
Source : Press Reports
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Simplified GST Returns Proposal on the way

A ministerial panel, chaired by Sushil Modi, on Tuesday worked out a new simplified model for GST return filing as per which credit could be given on a provisional basis once the supplier uploads the sales invoice. As it looks to finalise a single-page return form for businesses under GST, the panel on Tuesday met about 40 industry representatives and 15 tax experts to discuss simplification of return filing process.Briefing reporters after the meeting of the Group of Ministers (GoM), Modi said a “fusion” model of return filing after incorporating stakeholder suggestion has been worked out, which will be placed before the GST Council for approval.“Till the simplified return filing process is finalised, GSTR-3B will continue,” Bihar Deputy Chief Minister Modi said.

The GST Council, headed by Finance Minister Arun Jaitley and comprising state counterparts, last month discussed on two models of GST returns and suggested that the GoM would discuss further simplification.One of the models presented before the council was provisional credit should not be granted unless the taxpayers file returns and pay taxes.The second model stated that provisional credit could be granted to a taxpayer, but returns have to be filed within 3-4 months and taxes have to be paid or else the credit amount would be reversed.After consulting the stakeholders, the GoM on Tuesday worked out a third model for return filing as per which credit could be extended once the invoice uploaded by the supplier is verified by the purchaser on the GSTN  portal. Explaining the contours of the “fusion” model, an official said the Central Board of Indirect Taxes and Customs (CBIC) is now working on mechanism to deal with instances of non-payment of taxes even after availing credit.

The official said the model, being drafted by the tax officers, would be to send notices to taxpayer in case he fails to pay the due taxes seeking explanation, following which the credit could be reversed.Modi said there was unanimity in the GoM that businesses would have to file only one return every month, instead of GSTR-1, 2 and 3 as was conceived earlier.Also there was unanimity that there would be no system-based matching and purchaser would have to verify the invoice uploaded by the seller.Modi said the model for simplified return filing that is being worked out would safeguard the interest of revenue to the exchequer, and avoid inconvenience to the taxpayers.

A new simplified form is in the works for filing goods and services tax (GST) returns and could be taken up for consideration at the next meeting of the GST Council.

“A new form incorporating best features of a ‘fusion’ of two models that have been under
discussions will be prepared. This will also take into account all suggestions that have
come from the stakeholders,” said Sushil Modi, Bihar deputy chief minister and chairman of the group of ministers tasked by the GST Council to look at the IT issues.
Addressing media after two day meetings to finalise the reverse charge mechanism and
returns simplification, Modi said the issues ware discussed with industry stakeholders and
a draft would be prepared to be taken to the Council for its consideration. The GST
Council is the apex decision-making body for issues related to the goods and services tax
that rolled out on July 1 last year. The new regime still faces some teething troubles. Modi said the best features of both the models – allowing for provisional credit and linking provisional credit to tax payments – were discussed at the meeting.

“Returns are the soul of GST as tax payments are based on returns,” he said, adding that the industry would get time for adoption of new forms. The GoM was set up following an outcry that GST return forms were cumbersome.

The problem was compounded by glitches in IT interface leading to continuous deferral of deadlines. Modi said the current form GSTR3B would be used till the new form is adopted. On reverse charge mechanism, he said the GoM also discussed various issues, including whether it should be brought back, Modi said some more states, including Madhya Pradesh, Tripura , Jharkhand, Bihar, Haryana and Uttarakhand, are looking to introduce intra-state eWay Bill from April 20 So far 1.22 crore eWay bills have been generated. State authorities have to also file verification reports. “So far 543 verification reports have been uploaded,” he said, adding that tax payers have filed 20 detention reports. Detention reports can be filed if a vehicle is detained for more than 30 minutes.

Source : Press Reports

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NSIC ACTIVITIES

BRIEF CORPORATE PROFILE OF NSIC

National Small Industries Corporation Ltd (NSIC), An ISO 9001 :2008 certified ,a Mini Ratna Corporation of Government of India, has been working to promote , aid and foster the growth of Micro , Small & Medium Enterprises (MSMEs) in the coutry, since its establishment in 1995. With enactment of Micro , Small & Medium Enterprises Development (MSMED) Act,2006, ‘medium enterprise’ also come into its ambit. NSIC operates through countrywide network of Branch offices and Technical Centres. To manage operations in African countries, NSIC operates from its office in Johannesburg, South Africa.

NSIC facilitates MSMEs with a set of specially tailored schemes to enhance their competitiveness. NSIC provides integrated support services under Marketing, Technology, Finance & other support services.

  1. MARKETING SUPPORT
  2. Raw Material Assistance
  • NSIC, by making tie-up with bulk manufacturers,facilitates MSMEs with uninterrupted supply of raw materials (like Aluminum,Copper, Zinc, Coal and Iron & Steel etc.)at manufaturers’ price thus enabling the end product of MSMs to be cost competitive.
  1. Single Point Registration under Government Purchase Program
  • Since 1976, DGS&D appointed NSIC as an Agency for Registration of Micro & Small Enterprises (MSEs) under this Scheme.
  • 3rd party inspection of the applicant MSE under the and standards, volume of production and financial capability.
  • Benefits to the registered units includes:- Issue of tenders free of cost Exemption from payment Earnest Money Deposit and Price preference upto 15% over the quotqtions L1 being a nan MSE.
  1. Consortia and tender marketing.
  • Consortia’ of MSEs manufacturing same product formed for building their capacity to supply against bigger orders.
  • NSIC participate in tenders of Government Departments/ PSUs on behalf of an MSE / Consortia of MSEs. For execution.
  • Raw material assistance / credit support also granted to such units.
  1. B2C (Business to Consumer) Web Portal of Marketing (msmeshopping.com)
  • NSIC’s integrated B2C Web Portal facilitates marketing and retail shopping services and connects MSMEs to millions of buyers globally. This portal has features like:- online Registration, Web Store Management, Popular product Section, Multi Product Cart, Customer Support through call centre, Competitive price, complimentary membership subscription and multiple payment options.

  1. B2B (Business to Business) Web Portal of Marketing (msmeshopping.com)
  • NSIC provides an online platform for B2B Marketing activities. This portal has features like:- Interactive data base of MSMEs, Trust Seal of NSIC, Unlimited Global Trade Leads, Global and National Tender Notices, Multiple Language Support, Popular Product Section, Centralized Mail System Call Centre support, self web development tool and payment gateway for membership subscription.
  1. Marketing intelligence (msmeintelligence.com)
  • NSIC has set up a specialized Marketing Intelligence Cell to collect, maintain and disseminate information about rate contracts, Information on Tenders Floated of bulk buyer like Government / PSUs etc. In addition, database is also maintained of Indian MSMEs and International buyers with products etc.
  1. Facilitating Participation in National and International Exhibitions and Buyer-seller Meets
  • NSIC exhibits the products / projects of MSEs in national and International exhibitions.
  • Global exposure provided to MSEs and their reach expanded to new markets.
  • MSEs and Large institutional buyer such as railways / Defence & PSUs etc. brought together by holding buyer-seller meets.
  • Vendor Development Programs conducted by bringing together large buyers and MSEs.
  • Awareness amongst MSEs. Created w.r.t Term/ Quality Standards of bulk buyers by holding buyer-seller meets.

  1. TECHNOLOGY SUPPORT
  • NSIC provides Technology Support to MSMEs through its 8 Technical Centres in areas of Training (which is linked to industry requirements thus facilitating campus placements ), classroom and practical training for skill up- gradation, Material / Equipment testing facilities through accredited laboratories, common facility services and energy & environment audit services etc.
  1. CREDIT SUPPORT
  • Facilitates credit support to MSMEs for Raw Material procurement and marketing activities
  • Tie-up arrangements with public and private sector banks to facilitate MSMEs in accessing term and working capital credit, as per their requirement.
  1. PERFORMANCE & CREDIT RATING SCHEME
  • Facilitates an independent third party rating of an MSE w.r.t. its performance and credit parameters by any of the empanelled rating agencies, which enables MSEs in assessing their strengths and weaknesses.
  • Government subsidies 75% of the cost of rating fee up-to maximum of Rs.40000/-
  • Good rating helps MSEs in accessing concessional credits and procuring orders.

  1. INCUBATION FOR NEW SMALL ENTERPRISE ESTABLISHMENT
  • Aims at creating self employment opportunities using flexible & cost effective MSE projects.
  • Structured training covering entrepreneurship concept, guidance on selection of project report preparation, setting up of enterprise, preparation of fund proposal to banks starting of business.
  • Turning “Job Providers”.

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26th GST Council Meeting

While the e-way bill was approved, the other measure for checking tax evasion — reverse charge mechanism — has been deferred till June 30.

The Goods and Services Tax (GST) Council in its 26th meeting on Saturday gave nod for the rollout of e-way bill system for inter-state movement of goods valued over Rs 50,000 from April 1, while approving a staggered implementation at the intra-state level. The Council, however, did not reach a consensus on the proposed simplification of returns filing process as the tax bureaucracy emphasised on removing any scope for evasion while moving towards an easier returns filing process.

The present returns filing system (summary return GSTR-3B and sales return GSTR-1) has been extended till June and the Group of Ministers dealing with the IT-related issues will work on the model for further simplification of returns with the help of experts, Finance Minister Arun Jaitleysaid.

Tax exemptions for exporters have also been extended by six months. Decision regarding inclusion of extra neutral alcohol under GST was deferred as states and Centre differed over the legality of the taxation as the output — potable alcohol — stays outside the ambit of GST, two senior officials said. The view of Attorney General was sought by the Centre over the issue, who opined that GST can be levied over extra neutral alcohol since it’s directly not fit for human consumption and hence, cannot be given the same treatment as potable alcohol, the officials said.

However, some states such as West Bengal questioned the legality of bringing extra neutral alcohol under GST, while some other states viewed it as a loss of control of their taxation powers and hence, no final decision was taken, the officials added.

The pending items outside the ambit of GST such as alcohol and real estate are likely to be taken up only after state elections, one of the officials said.

“There were two models which were discussed by the GoM. There was no definitive view so they had left the final call with GST Council. The tax bureaucracy of states and Centre felt that the returns should be simplified but there should be no scope for evasion…the Council was of the view that there should be a single return every month, it should be simple, not prone to evasion and (look at) how to simplify it further. So, no decision was taken today. The existing system has been extended by three months,” Jaitley told reporters after the meeting.

While the e-way bill was approved, the other measure for checking tax evasion — reverse charge mechanism — has been deferred till June 30. For intra-state movement of goods, the Council has approved phased rollout of e-way bill by dividing states in four zones, with the first group to be finalised on April 7. “Karnataka, Andhra Pradesh and Kerala are expected to be among the first states which will roll out the e-way bill system for intra-state movement of goods,” a senior government official said.

The GST Council also decided to extend the tax exemptions to exporters by six months. It has decided to implement the e-wallet scheme for giving refunds to exporters under GST by October 1, 2018 — the date till which exporters can continue to claim tax exemptions given by the Council in its October 6 meeting. Accordingly, merchant exporters can pay a tax at the rate of 0.1 per cent on goods procured for export purposes and obtain a refund for the same.

Also, domestic procurement made under Advance Authorisation, EPCG and EOU schemes are being recognised as ‘deemed exports’ with flexibility for either the suppliers or the exporters being able to claim a refund of GST/IGST paid thereon.

The Council has also suspended till June 30 the provision for deduction of TDS and collection of TCS by e-commerce operators. Besides, the GST implementation committee has been tasked with the work of redressing grievances caused to taxpayers arising out of IT glitches.

While welcoming the extensions of exemptions to exporters, tax experts said the uncertainty about returns filing and invoice matching creates problem for industry about preparing for compliances. “Taxpayers will need to monitor developments in e-way bills and implement systems that that will consider the staggered manner of e-way bill implementation for intra-state transactions. Uncertainty regarding return filings, invoice matching etc is a cause for worry for industry as this creates a problem on how to prepare for compliances,” Saloni Roy, Senior Director, Deloitte India said.

In a meeting held last month, the GoM headed by Bihar’s Deputy Chief Minister Sushil Kumar Modi had been unable to reach a consensus on simplification of returns as states flagged issues related to allowing input tax credit in the proposed revamp in returns filing process through simultaneous upload of invoices, as has been proposed by Infosys Chairman Nandan Nilekani.

Tax officials have opposed automatic approval of input tax credit and have raised concerns about whether or not provisional input tax credit should be allowed and whether or not input tax credit should be linked with tax payments under GST. The GoM will try to sort out the differences in its next meeting, which will then be taken up by the GST Council for approval, an official said.

The Goods and Services (GST) Council was expected to simplify the return filing process on Saturday, however, the Council could not decide on a simplified GST return form and entrusted the ministerial panel under Sushil Modi to chalk out a single page form which is simpler and evasion proof. Besides, tax exemptions to exporters have also been extended by six months to September.

26th GST Council Meet: Following Major Decisions Were Taken

Return filing deferred: The present system of filing GSTR 3B and GSTR 1 is extended for three months till June 2018 till he new return system is finalized. A new model was discussed extensively and group of ministers on IT has been tasked to finalise the same.

Tax exemptions for exporters extended: Available tax exemptions on imported goods have been extended for a further six months beyond March 31. Now, exporters availing various export promotion schemes can continue to avail such exemptions on their imports upto October 1. By that time, e-wallet scheme is expected to be in place to continue the benefits in future.

E-Way Bill From April 1: The electronic way or e-way bill for movement of goods between states will be implemented from April 1. However, for intra-state movement, the e-way bill would be rolled out in a phased manner starting April 15, and will cover all the states by June 1.

Reverse charge mechanism deferred: The liability to pay tax on reverse charge has been deferred till June 30. Meanwhile, a group of ministers will look into the modalities of its implementations to ensure that no inconvenience is caused to the trade and industry.

Deduction of TDS/TCS deferred: The Provision for deduction of tax at source (TDS) under section 51 of the CGST Act and collection of tax at source under section 52 of the CGST Act shall remain suspended till June 30.In the meantime, the modalities of linking state and central governments accounting system with GSTN will be worked out so that seamless credit is available to the registered traders whose tax is deducted or collected at source.

For redressing grievances: GST implementation committee has been tasked with the work of redressing the grievances caused to the taxpayers arising out of IT glitches.

In the 23rd GST council meeting, it was decided that filing of GSTR-2 and GSTR-3 forms would stop and only the filing of GSTR-1 and GSTR-3B would continue.

According to the recommendation made by Nilekani, instead of supplying invoices to be uploaded, a module can be formed where supplying invoice details can be posted, and based on the invoice data fed by the supplier, the system by itself generates the return.

GSTR-3B Return: Due Dates For February And March

Due date of filing GSTR-3B return is 20th of the next month. For instance, the 3B return for the month of March can be filed anytime before April 20, and similarly, the 3B return for the month of February can be filed anytime before March 20.

GSTR-1 Return: Due Dates For February And March

Taxpayers with an annual turnover that amounts to Rs. 1.5 crore or less are obligated to file their GSTR-1 returns quarterly. The due date for such taxpayers is 30th of the month following the end of respective quarter. For the March (Jan 1 to March 31) quarter, for instance, the deadline would be 30th of April.

Those with a turnover of Rs. 1.5 crore and above are meant to file monthly returns of GSTR-1. The deadline for monthly return is 10th of the month that comes two months after the end of respective month. For instance, the GSTR-1 return for the month of January can be filed by March 10. Likewise, returns for the months of February and March can be filed by April 10 and May 10.

Source : Press Report

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