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# gstr

12 posts in `gstr` tag

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GST

Restoring Archived GST Return Data: An All-Inclusive Guide for Taxpayers

This blog explores the importance of providing Indian taxpayers with access to their historical GST return data. It gives taxpayers a step-by-step tutorial on how to obtain and analyze their prior returns and describes the goals and extent of the restoration procedure. It highlights the advantages, like improving compliance, maximizing taxes, and fixing mistakes. In order to reduce penalties, the essay also emphasizes the significance of prompt action and expert counsel.
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GST

Update on GST Data Retention until 2024: Important Information for Indian Taxpayers

Beginning in September 2024, the GST Portal will begin deleting return data older than seven years, which is a significant change for Indian GST filers. Cost reasons, issues related to data security, and regulatory compliance have all motivated this adjustment. Taxpayers need to move quickly to protect their data by printing or downloading copies, utilizing external hard drives or cloud storage, and strengthening record-keeping procedures. Businesses will remain audit-ready and compliant even when past data is archived or removed from the GST Portal thanks to these proactive measures.
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Finance

Re-opening of ITC Reversal Opening Balance: A Simplified Guide

A concise overview of the new guidelines, due dates, and procedures for adhering to the amended requirements is given in this blog article about the resumption of ITC reversal opening balance reporting. It aids companies in comprehending the ramifications of the updated reporting and in acting promptly to avert fines and uphold GST compliance.
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GST

GST Composition Scheme: A Simplified Tax Payment Option for Small Businesses

Instead of paying tax on each transaction, small firms can opt for the GST Composition Scheme, which is a tax payment scheme that allows them to pay a predetermined proportion of their sales as tax. The purpose of this program is to facilitate small business operations and lessen the burden of compliance for them.
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GST

New Rule for Filing GSTR-1: What Taxpayers Need to Know from September 2024

A new GSTR-1 filing rule was introduced by the Indian government and will take effect in September 2024. Taxpayers will receive guidance on the modifications and necessary actions to comply with the new regulation from this blog post.
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GST

Understanding GSTR 11: An All-Inclusive Manual for Compliance and Filing

This blog offers a thorough explanation of GSTR 11 and covers its regulations, qualifying requirements, return filing procedure, and non-compliance penalties. For embassies, UN agencies, and other notified parties who must file GSTR 11 and adhere to Indian GST legislation, it is an extensive resource.
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GST

GSTR-3B Revisions and Input Tax Credit (ITC) Reporting

Input Tax Credit (ITC) reporting is now subject to additional limitations as a result of the most recent GSTR-3B modifications. An extensive examination of the modifications, ramifications, and recommended strategies for compliance can be found in this blog article. To reduce the possibility of receiving notices and fines, become familiar with the updated GSTR-3B format and make sure that ITC reporting is accurate.
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GST

Complying with Rule 10A: Providing Bank Account Details for GSTR-1/IFF

This blog provides a comprehensive guide to furnishing bank account details for GSTR-1/IFF as per Rule 10A of the CGST Rules, 2017. It covers the importance of furnishing bank account details, the step-by-step process to comply with this requirement, and the consequences of non-compliance.
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Income tax

GST Relief: Unlocking the Benefits of Section 128A for Taxpayers

The Union Budget 2024 has introduced a new Section 128A, offering relief to taxpayers with conditional waiver of interest and penalties for certain non-fraudulent GST claims. This blog provides a detailed guide to the amnesty provisions, benefits, limitations, and exclusions under Section 128A, helping taxpayers to understand and take advantage of the scheme.
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Income tax

TDS on GST Invoices

This blog provides a comprehensive guide to understanding the Tax Deducted at Source (TDS) mechanism on GST bills. It covers who is liable to deduct TDS, how to calculate TDS, and the benefits and challenges of implementing TDS on GST bills. The blog also provides best practices for implementing TDS on GST bills and answers frequently asked questions.
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GST

Understanding Section 122(1) of the GST Act: A Complete Guide

This blog provides a detailed analysis of Section 122(1) of the GST Act, outlining the various offenses and penalties related to GST in India. It covers supply-related offenses, tax evasion, and non-compliance, as well as registration and documentation-related offenses.
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GST

GSTR-1A: New GST Form Details

The Goods and Services Tax Network (GSTN) has introduced a new form, GSTR-1A, to simplify the GST filing process. This comprehensive guide provides expert advice on how to navigate the new form, make corrections, and ensure seamless reconciliation. Learn how to file GSTR-1A accurately, avoid common mistakes, and stay compliant with GST regulations.