This is Ravi Verma, In this Article, I will let you know about the new Rule 37A of the GST.

Let’s Begin,

New rule 37A is linked with the GST section of 41

What is rule 41 in the GST?

Under this rule, If you have taken your ITC from your GST portal that is very good but pleases note that point you have taken your ITC and your supplier has not been depositing the GST tax money to the government. And your supplier has received that GST amount from you.

After that, the GST department will send you a notice about this matter, and he will connect you through e-mail and the GST portal, in that e-mail, he will say you that, please return the excess ITC amount with interest which has been availed by you at the time of ITC claiming.

What is Rule 37A?

In the new rule 37A, there are two mechanisms in this rule

1. ITC reversal
2. ITC reclaim

Let’s know about this new rule. The GST department will try to implement this rule, and after coming to this rule full profit will be taken by the GST department. Suppose that you purchased a piece of machinery from Mr. A, and Mr. A has released a tax invoice, after doing all these steps when I have filed my GST return and availed my ITC, after that, if your supplier has not paid the GST amount to the GST government, then the government will send you a notification in your portal and through the e-mail and say that please reverse the GST amount with interest which was claimed by you at the time of filling of your GST return. And after giving this notification your supplier will pay the pending GST amount to the government, then the GST department will give you a chance to reclaim your previous ITC and avail of it.

Let’s see when this rule will be fully implemented for us.

This is Ravi Verma, In this Article, I will let you know the important things about GST & Income tax, and it should be done before the 31st of December 2022.

Let’s Begin,

You need to file your important return before the 31st of December 2022

• Income tax return – If you do not fill your ITR return for the financial year of 2021 – 2022 before the 31st of December 2022 after that late fee will be applicable to you due to the delay in filling your ITR return. And if you have filed your ITR return before the due date and you want to revise your ITR return due to some problems then, please do it before the 31st of December 2022 because after missing the due date you can not file your revised return.

Note – For the financial year of 2021 – 2022, ITR returns due date was the 31st of July 2022 but the government has changed the due date for ITR filling, the ITR filling due date is now the 31st of December 2022.

• GSTR-9/9C – The due date for the filing of GSTR-9/9C for the financial year of 2021 – 2022 is the 31st of December 2022. If you would be filed your GSTR-9/9C after the due date then the late fee will be applicable to you due to delayed filing of GSTR-9/9C.

Note – For the financial year of 2021 – 2022, GSTR-9/9C returns due date was the 31st of July 2022 but the government has changed the due date for GSTR-9/9C filling, and now the GSTR-9/9C filling due date is the 31st of December 2022.

This is Ravi Verma, In this Article, I will show you how to check our TDS filing status on the traces portal.

Let’s Begin,

Why is the statement status required?

After the filling of our TDS return, we have no idea about the statements status of our TDS returns. Due to this reason, A great feature is enabled on the traces site and we can use this great feature for knowing our TDS filling statement status.

Please look at these Steps

• Go to your web browser and open it.

• Search www.tdscpc.gov.in/ and click on the enter button, after that click on the 2nd heading option of the login

• After that please enter your credential correctly and click on the login button.

• Click on the statements/payments button.

• In the dropdown of this selected section, you will be seeing the option of statements status please click on it.

• After clicking on it, you will enter the dashboard of statements status.

• So after doing these steps you have to enter your statement financial year, quarter, form type, and lastly click on the view statement status.

• After doing this step you can see your status is this filed or not, I mean to say that there is an error or not that’s why I have suggested you choose this way for knowing the status of your TDS return.

Thanks

This is Ravi Verma, In this Article, I will show you how to download the CSI file from the income tax portal.

Let’s Begin

What is the importance of a CSI file for the TDS return filling?

The CSI file is the most important part of the TDS return filing process because after we have paid our TDS liabilities per month wise then it is important to know what is the payment amount, date, section, payment type, etc. All these things are available in the CSI file, and because of this, the CSI file acts as a date and payment management agent when we file our TDS return.

That’s why the CSI file is the most important part of the TDS return process.

Steps to download the CSI file

• Go to your web browser and open it.

• Search Incometax.gov.in and click on the enter button after that click on the 1st heading option of the income tax page.

• After that, you have to enter your login ID i.e your TAN number and password in the given field.

• After that, go to the e-file option.

• Under the e-file option, you will see the e-pay tax option then click on it.

• After that, click on the payment history option.

• Click on the filter button and select your quarter’s payment date.

• Only select the date nothing select the other option, after doing this step click on the filter button.

• After selecting your payment do scroll down, here you will be given the option to download the challan file, then click on this button.

• After doing these steps your CSI file has been downloaded to your desktop.

Thanks,

This is Ravi Verma, In this Article, I will let you know about the cash ledger balance.

Let’s Begin.

In my case of GSTR-3B filling, I have paid my tax payment of Rs 70,000.00, and my ITC is showing Rs 75,000.00. After the payment of my all taxes, 5000.00 rupees is showing in my cash ledger.

In which column will I enter my cash ledger balance in the GSTR-3B return?

If my cash ledger column is showing 50,00.00 after all the payments of taxes, I can use this balance in my next GSTR-3B return at the time of tax payment and I will enter this amount under the column name of UTLIZABLE CASH BALANCE.

After taking this step, my total tax amount is showing (Total tax – Cash Ledger = Correct Tax Amount) Exact tax payment amount is in the column name of Additional Cash required.

Thanks,

This is Ravi Verma, In this session, I will let you know how to check the TDS challan status.

Let’s begin.

• Login to the traces portal – https://contents.tdscpc.gov.in/

• Click on the login button.

• After that enter your login id, password, TAN number of the deductor, and the captcha code as well and click on the login button.

• Now you are entering the dashboard of Traces. look at the left side of your dashboard here you will see the challan status option then click on it.

• Now click on the go button.

• After clicking on the Go button, please select the date on which you want to view your challan details.

1. Select your starting date.
2. and ending date.
3. in challan status – select whatever you want to see.
4. And the last click on the go button.

• Now you can see your challan status on the traces portal.

Thanks,

This is Ravi Verma, In this session, I will let you know about the HSN code.

Let’s begin.

What is HSN Code? And why HSN code is mandatory while filing the GSTR-1?

The full name of the HSN code is Harmonized System of Nomenclature. HSN code is the most important thing while filing the GSTR-1 because our government has created a group for knowing all the services, goods, and supplies.

And in our language, we are telling the HSN code of this group. because many types of goods and services are there in India and outside of India that’s why the government has created a group and given a unique code for all the goods, supplies, and services, due to the unique code we can easily find out any types of goods and services whatever suppliers have supplied to the customers.

New Update on the HSN code in the GST.

1. From the 1st Nov 2022 if any suppliers whose annual aggregate turnover is up to 5 crores. he is required to enter the 4 digits of the HSN code while filling out the GSTR-1. except for B2C supplies otherwise, you have to enter the HSN code of your all supplies at the time of GSTR-1 filling.
2. Taxpayers will now have to mandatory report a 6-digit HSN code of all the supplies whose annual aggregate turnover is more than 5 crores. No change in other conditions.

Thanks

This is Ravi Verma, and in this article, I will let you know about how to generate the GSTR-3B report from QuickBooks and, export it in JSON format.

Let’s get started,

What is Quickbooks online?

Intuit has developed this greater software that is Quickbooks online, in Quickbooks we can enter our day-by-day transaction report very easily, like:- sales report, purchase report, sales return report, purchase return report, expenses report, salary report, and other reports.

With help of this software we can generate our GSTR filling report and TDS filing report also, and we can see our profit and loss account, balance sheet, BRS Account, and all the companies related to this by using the Quickbooks online software.

How to generate the GSTR-3B report?

• Go to your browser and search QuickBooks login.

• Click on the Sign in button.

• After clicking on it please enter your login ID and Password and go to the dashboard of Q/B online.

• Now go to the reportsection in Q/B online.

• After this go to the find section and GSTR3B. and click on the GSTR3B option.

• Select your report period what ever you have find.

• And now select accrual method and click on the run report option.

• And now you can see your GSTR-3B report.

How to Export the GSTR-3B report in JSON formate.

• Look at your right side here you will see a export button option.

• Please click on it and select the JSON option for your report.

• After click on ityou can easily download your GSTR-3B report in JSON formate.

Thanks for reading my blog.

This is Ravi Verma, In this article, I will let you know about applying for the GSTIN number.

Let’s get started.

First of all thanks for reading my knowledge full blog, I would give you the surety that after reading this you can easily Do your GST registration without any problem.

Please Follow these steps for a better understanding of GST registration.

A. Go to the official website of GST.

B. Scroll down and click on the button of Register Now under the head of Taxpayers (Normal/TDS/TCS).

C. So in this option you would be happening 2 steps the 1st is for new registration and 2nd is after taking the TRN number.

D. In the first step, you would enter your user credentials and your details. now move on to the first step.

1. Select your nature.
2. Select your state.
3. Select your city.
4. The legal name of your business is as per the PAN.
5. Enter the PAN number of your business.
6. Enter your registered email id. in this ID you will get an OTP for the TRN generation.
7. Enter your mobile number, in this number you will get an OTP for the next process.
8. After that click on the PROCEED button.

E. After clicking on the PROCEED button, you would get an OTP in your email ID and, your mobile number for the next process. then enter this OTP here and click on the PROCEED button.

E. After that, your TRN number (Temporary Reference Number) will show on your dashboard please make sure you have noted down this number. then click on the proceed button.

F. After the proceed button you have to enter your TRN number and captcha code as well and click on the Proceed button.

G. Again you will get an OTP in your mail id please enter this OTP here and click on the proceed button.

H. You will get a confirmation message for your New GST Registration.

I. Now click on the action button.

J. Now you have to fill the details in these columns properly.

K. After doing all these tables the last one is Aadhar authentication so make sure your number is linked with your Aadhar card after that you can complete this process.

L. After 07 working days you would be received your GSTIN number.

SPECIAL NOTES

• After getting the GSTIN number first you would apply for your professional tax registration.
• You have a DIN number
• If you are opting for regular GSTIN taxpayer then you don’t need to select ” composition scheme and Casual taxpayer person please don’t tick these two columns”

• Reason to obtain registration – you can select the voluntary basis option and crossing the threshold limit.

• In the column of authorized signatures, you have to select one of the primary authorized signatory options and do scroll down lastly click on the save and continue button. you do not need to fill in any info in this column.

Thanks,

This is Ravi Verma, In this Tutorial, I will let you know about the correct way for claiming ITC.

Let’s start,

What is ITC in the GST?

When a person’s business turnover is more than the threshold limit of Indian rule, then this time he needs to get registered his business under the GST act 2017.

After getting the registration under the GST act, he needs to file his GSTR-1 and GSTR-3B every month according to the GSTR rule & regimen.

And now he would issue a tax invoice to his vendors and clients, after issuing the tax invoice he needs to file GSTR-1 and GSTR-3B on given that due to this his vendors and client would get their ITC.

For example:- There are two businessmen "Ram" and "Shyam", "Ram" is a seller and "Shyam" is a purchaser, when Ram sold his goods to Shyam then this time he would give a tax invoice to Shyam, and now Ram will file his GSTR-1 on the given due date after that Shyam would receive own ITC which was already paid to Ram at the time of purchasing goods.

What is rule 38, 42, and 43 of the CGST rule and section 17(5)?

According to rule 38 of the CGST Act –Its full name is a Claim of credit by a banking company or a financial Institution. When the details of outward supply are furnished by the registered person under sub-section(1) of section 37, the details of ITC will show in their vendor’s GST portal under the GSTR-2B column. But vendors will not able to get their full ITC due to some reason the GST act.

• You can not avail of your ITC because your suppliers have taken a new registration in the GST Act that’s why.
• By any registered person, who has defaulted in the payment of tax, he did not pay his tax to the GST department due to this reason you may not avail of your ITC.
• By any registered person, who has filed his GSTR-1 and the total value of out-word supply is Rs 100000 but he has not paid the full taxable amount to the GST department, due to this shortfall you can not avail your ITC.
• By any registered person, who claimed excess ITC during the time of Tax payment, due to this error you can not avail of your ITC.
• By any registered person, who has paid his taxes with the help of its credit ledger he did not pay their 1% tax in the cash form due to this you can not avail of your ITC.

What said section 49(12) – According to this section you have to pay 1% tax in the cash form at the time of GSTR-3B filling, you can not be filed your tax amount only with your credit ledger.

According to rule 43 of the CGST Act – When we are buying capital goods for business purposes and the value of the goods is Rs 100000 and we get ITC of Rs 18000 from these goods. And if we have used these capital goods for our personal use then this time it is our duty to reverse their ITC on account of personal use of capital goods.

Note - The government has implemented a rule that if you are buying capital goods for business purposes and you have used these goods for 5 years and after that, you have sold these goods to any other person after deducting the depreciation amount of these goods after that, you do not need to do any ITC reversal to the GST Department.

Rule 42 of the CGST Act – This rule is not covered to rule 43 of the CGST Act. according to this rule, we would get our ITC according to the GSTR-2B, we will not claim any extra ITC under rule 42 of the CGST act.

Example - If we have purchased goods from Mr. A and Mr. A has not paid the tax amount for these goods to the GST department and we have claimed ITC in our GSTR-3B return, the government will issue a notice to Mr.A due to non-payment of tax liability, after payment of this amount we will get our ITC otherwise we have to reverse the ITC amount which was claimed by me.

Due to this finding, we cannot claim such ITC which did not fulfill the conditions of CGST Rule 38, 42, and 43 of section 17(5).

Hello guy’s

This is Ravi Verma, In this article, I will tell you about the GTA service

Let’s start

The Indian ministry department has Implemented a new guideline under the GTA service taxpayers.

From 18th July 2022 onward if you take any service from GTA then you have to pay 5% GST in your Taxable supplies. The government has removed the previous GST exemption i.e 750rs and 1500rs.

If you avail of any service from the GTA then you will have to pay 5% GST in your taxable amount. due to this amendment, we will have to pay the GST amount in the GSTR-3B, under Table number 3.1 Tax on outward and reverse charge inward supplies, in column number D Inward supplies (liable to reverse charge)

Now From 18th July 2022 if you have any Invoices for your GTA service then you can furnish your GTA invoice by adding a 5% GST rate.

Thanks

This is Ravi Verma, in this Article I will tell you about the new method for filing the GSTR-1 NIL return.

Let’s start,

Why do we have to file the NIL GSTR-1 return?

If a business has no sale or purchase in a month, it must file its NIL GSTR-1 return for this month on the GST portal. but make a note for this, if you want to amend any invoice and if you will issue a credit note and Debit note to your client in that case you need to file your GSTR-1 return on the regular basis. you don’t need to file the NIL return in that case.

How to file my NIL GSTR-1 return in a new way?

a. Open your GSTR portal with your credentials.

B. After logging into your GSTR portal click on the continue to dashboard button.

C. Click on the file return button.

D. Select your GSTR-1 filing quarter, financial year, and the period after that click on the search button.

E. Click GSTR-1 Column.

F. Click the button on the NIL GSTR-1 file.

G. Please read this instruction that is for NIL GSTR-1 filing.

H. Do scroll down you will get a button of file statement then click on it.

I. After completing this process select your filing mode like EVC, DSC, or any which you have for filling. After that, you can file easily your NIL GSTR-1 return by yourself.

Thanks

Hi Guys

This is Ravi Varma In this article I will tell you about the applicability of e-invoicing.

Let’s start

The Government of India is introducing a new invoicing method i.e e-invoicing. In this scheme who person their aggregate turnover is 20 crore that type of person can do their all invoicing processes by using of e-invoicing portal otherwise, their invoice is not a vailed for a tax invoice. by using the e-invoice portal you can send your invoices to your clients.

The Government of India has a plan to introduce a new circular if the turnover of a person is 5 crores or more than 5 crores then that type of company comes under the e-challan facility. Because on January 1, 2023, our government has to present an e-challan circular. For every company whose turnover is more than 5 crores or 5 crores then this type of company would generate its tax invoice using the e-invoicing portal.

And after that, our Indian government has a new plan for e-invoicing usability. All taxpayers who have GST numbers then such persons will generate all their tax invoices with the help of the e-invoicing portal otherwise their invoices will not be valid invoice and their suppliers may not be able to collect their ITC.

NOTE POINT***

Our government has made an e-invoicing scheme and their scheme is for every type of person who has a GST number. He will generate all taxable invoices by e-invoicing method otherwise his supplier may not be able to collect ITC.

Thanks

This is Ravi Verma, In This Article, I would tell you about Quarterly ITC.

Let’s start,

That is a very simple way to find Quarterly GSTR-2B in our GST portal. Under this table, we can see our Quarterly ITC monthly wise.

We would know what is the month wise ITC which we can avail. we would know what is our eligible ITC and what is our uneligible ITC with the help of the quarterly GSTR-2B table.

_{The government helps us a lot to know the amount of our ITC.}

Steps to know how to see quarterly GSTR-2B.

• Goto to your browser and enter GST.

• After that put in your User ID, Password, and Captcha code as well, and now click on the login button.

• After that click on the Continue to dashboard button.

• Now Click on the File return Button.

• After that select your period, year, and quarter.

• Do scroll down and click on the GSTR-2B Quarterly table.

• Under this Table, you can see easily your all ITC Amount accordingly month-wise.

• And you can also download the summary in PDF and Excel format.

Thanks

This is Ravi Verma, In this article, I will tell you how to generate form 16

Let’s begin,

What is Form 16?

Basically, Form 16 is declared as the deduction of the salary of every individual. With the help of this form, every person can file their ITR, under this form all the deduction dates and amounts are entered in that form, after that, and every person can file their ITR with the help of this form.

Because when we file our ITRs, we need our deductions amount and amount deduction date after that we can avail of our tax credit.

So basically I want to say that, if we don’t receive our form 16, we can face many problems because we have no idea which dates our amount had deducted and what is their dates, that is the main thing we need our form 16 for file the ITRs.

Steps to Generate Form 16

a. Open your browser and enter Traces

b. After that click on the Traces login option

c. Then you get entered the traces portal, under this portal you will be entering your login ID, password, and deductor,s TAN number and select the deductor option as well.

d. After that go to the download option under this option you can see the form 16 option then click on that

e. Then the next step is do scroll down and click on the bulk pan download option. and if you have more then 10 pan number then we can you this option.

f. then next step is to enter your token number/RRR number this number is given by your income tax portal.

g. After that fill in these details like date, challan number, tax deposit date, etc.

h. After that you must enter your employee’s PAN detail that is more than 3 employees PAN of your company and also enter the challan amount, challan number, date, etc.

I. Click the proceed with transaction button.

j. after doing this process go to the dashboard and click the download button under the can see the requested download option then click on this button.

k. Click on the view all button.

L. If your status is showing available then you have to download this bulk file by clicking the HTTP DOWNLOAD option this option is available in your below.

M. After that very important point you must have to download a utility using this utility you can generate your form 16 PDF.

N. After clicking this you are entering the new page under this please enter the verification code.

O. Now you will get a zip file in this option to download Form 16, by clicking on it you have to download this utility.

***The use of this utility will be needed to extract the PDF from Form 16 when we download it.

p. As soon as you download this utility, then you have to extract it and then click on Traces PDF converter.

Q. When you will open this file, you will now have to browse the zip file containing Form 16 in it, after that, you will have to enter the password, keep in mind that your TAN number is your password, then in the last place where you have to save this file. That location has to be set and in the last click on the Proceed button.

r. If you are processing without a digital signature then you will see a popup then you have to click on the yes button.

s. ****The most important thing to note is that you need to have Java installed in your system to generate Form 16/16A

Thanks

This is Ravi Verma, In this article, I will tell you about the questions under the GST

let’s begin

• What is GST?

GST is called the Goods and Services Tax. it is an oblique tax that has changed many oblique taxes in India which include the excise responsibility, VAT, offerings tax, and so on. the products and carrier Tax Act became handed in the Parliament on 29th March 2017 and came into impact on 1st July 2017.

In different words, items and service Tax (GST) is levied on the supply of products and services. items and offerings Tax law in India is a complete, multi-level, vacation spot-based tax that is levied on every fee addition. GST is a single domestic indirect tax law for the whole USA.

• What are Inter-state supply and Intra-state supply?

In GST, the terms interstate and intrastate have brilliant significance inside the willpower of IGST, CGST, or SGST. Interstate supply draws IGST, while intrastate delivery draws CGST and SGST. In this text, we take a look at the definition of interstate supply and intrastate delivery in keeping with the GST Act.

Interstate Supply?

underneath GST, the supply of products or offerings from one nation to some other would be called interstate supply. The GST Act defines interstate supply as while the place of the supplier and the region of supply for the patron is in:

Two different States; or
Two special Union territories; or
Nation and a Union territory.

similarly to the above, the delivery of products imported into India, until they cross the customs station is likewise categorized as interstate delivery. also, the supply of products or services to or with the aid of a unique financial region developer or a special financial zone unit is classed as interstate delivery.

Intrastate Supply?

beneath GST, the delivery of goods or offerings inside the identical state or Union territory is called an intrastate supply. however, the delivery of goods or offerings to a special monetary sector developer or unique monetary zone unit located in the equal country would now not be intrastate supply. Any delivery of products or offerings to a special financial region developer or special monetary region unit is assessed as interstate delivery.

• What is RCM?

commonly, the dealer of goods or services will pay the tax on supply. below the opposite fee mechanism, the recipient of goods or services turns into liable to pay the tax, i.e., the price ability gets reversed.
The objective of transferring the weight of GST payments to the recipient is to widen the scope of levy of tax on diverse unorganized sectors, to exempt specific classes of providers, and to tax the import of offerings (for the reason that provider is based outdoor India).

• What is input Tax credit?

Input Tax Credit score approach at the time of paying tax on output, you could reduce the tax you’ve got already paid on inputs. Say, you are a Company – tax payable on output (final) is Rs 500 tax paid on entering (PURCHASES) is Rs 250 you can claim to Input Tax credit score of Rs 250 and you handiest want to deposit Rs 250 in taxes.

• What is the due date for filing GSTR-1?

The due date for filing GSTR-1 is the 11th.

• What is the due date for filing GSTR-3B?

The due date for filing state-wise GSTR-3B is 20th and 22nd.

• What is GSTR-2B?

GSTR-2B is a vehicle-drafted ITC statement this is generated for each everyday taxpayer on the basis
of the records supplied with the aid of his suppliers in their respective GSTR-1/IFF, GSTR-five (non-resident
taxable person) and GSTR-6 (input carrier distributor). The assertion suggests the supply and non-availability of input tax credit to the taxpayer towards each file filed through his suppliers.

• How GST is set of?

• When E-Way bill is required to be generated?

E-way bill technology is a digital way invoice required to be generated at the time of the delivery of goods by each registered man or woman if the fee of the consignment exceeds INR 50,000.

It means if the cost of one consignment (invoice/ bill/ delivery challan) exceeds Rupees Fifty Thousand, then an E-way bill is needed to be E-way bill generated.

An e-way bill is needed to be carried by means of a person who’s in the price of the conveyance sporting any consignment of goods for which values exceed as prescribed above

• What is the Time Limit to cancel the E-Way bill?

In case wrong facts are entered while generating an E-Way bill, such an E-Way bill can be canceled within 24 hours of generation. a brand new e-way bill shall be created with accurate information.

• What is the validity of the E-Way Bill?

An e-way bill is valid for intervals as indexed underneath, which is based on the gap traveled with the aid of the goods. Validity is calculated from the date and time of era of the e-manner bill-

• What is the detail required in the E-Way bill?

1. Invoice/ Bill of Supply/ Challan related to the consignment of goods
2. Transport by road – Transporter ID or Vehicle number
3. Transport by rail, air, or ship – Transporter ID, Transport document number, and date on the document

• What is IFF?

An invoice Furnishing Facility (IFF) facility has been provided to taxpayers below QRMP Scheme (Quarterly filers of shape GSTR-1 and also of shape GSTR-3B returns), as in step with sub-rule (2) of Rule-fifty nine of the CGST guidelines, 2017.

• How much interest rate is in GST?

There are two types of rates under the GST (1) 18%- Tax paid after the due date and, (2) is 24%- If we claimed excess ITC then we will pay a 24% GST interest rate.

• How much the late fee is in GST?

the number of overdue expenses to be paid might be Rs.one hundred fifty, The late fee could be Rs.75 below CGST and Rs.75 underneath SGST. If the above return changed into a return with ‘Nil’ tax legal responsibility then late fees would be Rs. 60, The past charge could be Rs.30 under CGST and Rs.30 underneath SGST.

• What are the time limits for claiming ITC?

The time limit for claiming ITC is 180 days.

• GST implication in case of the sale of fixed assets?

The use time of any property is for 5 years after that this property is removed, so if we sell any immovable property then we claim ITC till the age of 5 years, and if he completes 5 years, then we cannot claim his ITC.

This is Ravi Verma, In this article, I will tell you about new changes of GSTR-1

Let’s start,

The government has implemented new changes in GSTR-1.

• When we file our GSTR-1, we see a submit option, this option is used to submit our GSTR-1 report.
  Now the government has removed this option from our GST portal.

Since there are many useless options available in the GST Portal, the government is planning that no additional options appear under the GST Portal.

• As soon as we click on the Generate summary button then we will see the new button that is proceed to the File/Summary button,

After clicking on this button we will see all the columns of GSTR-1 by the GST Portal, under this option we will see the data of all our columns as per the GST table and we can also see the total amount under this column, which will appear the consolidated summary in front of me of my all transactions.

• After clicking the file statement you can file your GSTR-1 return by your DSC and EVC

This is Ravi Verma, In this article, I will tell you about Trail balance.

let’s start,

Trail balance is a book in which posting of all ledgers is done.
The amount of debit and credit of any business in which there is a ledger is written in the trial balance and the closing amount is calculated.

Method of Calculation of Trial Balance

There are two methods of calculation of trial balance.

1. Total method.
2. Balancing method.

This is Ravi Verma, In this article, I will tell about the rate of TDS

Let’s start,

The Government of India has imposed different rates of TDS on all the individuals on different incomes so that all the individuals continue to pay tax on their income to the government.

TDS rate chart for FY 2022 – 2023

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This is Ravi Verma, in this article I will tell you about the late fee and interest of GSTR-3B.

Lets Start,

As per the GSTR rules, when a company does not file GSTR-3B by its due date, interest and late fees are levied on the company.

• Calculation of Interest.

Under GSTR-3B, we can calculate our interest as follows,

Case 1:- If we pay tax for January month after the due date of February, then we have to calculate interest according to net liabilities.

***Net Liabilities = Gross liability Tax – ITC = Net Liability

Example – If our tax amount for the month of January is Rs 1,00,000 (Tax 120000 – ITC 20000 = Net tax 100000) and our due date is February 22, suppose we pay the tax with a delay of 5 days, then the interest is calculated in the net liability Basic.

Formula:- (Total tax – total ITC)Net Tax *18%*day / year(365) = Interest amt.

Case 2:- If we pay tax for the month of January after the month of February, then we have to calculate the interest as per the gross liabilities.

Example – If our tax amount for the month of January is Rs 1,20,000 (without ITC claim) and our due date is February 22, suppose we pay the tax with a delay of 1 month i.e March, then the interest is calculated in the gross liability Basic.

Formula:- (120000) Gross Tax *18%*day(08+31=39) / year(365) = Interest amt.

Note point *** If you are paying your taxes in the same period, the interest tax rate will be 18% and the tax will be calculated as the basic salary of the net liability.

If you do not pay your taxes in the same period, pay the tax next month then we calculate the gross liability payment tax and the tax rate is 18%.

Case3:- If we claim excess ITC for the payment of tax then the interest rate will increase by 24% p.a.

Formula:- 120000*24%*day / 365 = total interest

Calculation of late?

Date of Filing – Due date of Filing * 25Rs = Total late fees.

In case of NIL liability

Date of Filing – Due date of Filing * 10Rs = Total late fees.

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This is Ravi Verma, in this article I will tell you about the ITR-01.

Lat’s start,

Any person in India, whether he runs a business or receives a salary, the government has fixed a limit for all. Any person who earns income more than this limit has to tell all types of sources of getting his income to the government.

And if his income exceeds the limit set by the government, then tax is deducted on that income, and that tax is paid to the government.

And when a person files his income tax return last, the tax levied on all his income is deducted from the tax paid earlier, and the balance amount is calculated on that tax.

• There are 7 types of tax in India

1. ITR – 01
2. ITR – 02
3. ITR – 03
4. ITR – 04
5. ITR – 05
6. ITR – 06
7. ITR – 07

• ITR-1 (Sahaj form)

The person who is an individual and is paid a salary can fill this form
In this, if that person’s income is from salary or pension, then he can fill this form.

Income from one house property (except in cases where losses of previous years are brought forward)

Income from other sources (excluding lottery winnings and horse racing income, Interest, commission, family pension, etc)

He must be a resident of India having a total income up to INR 50 Lakhs if the income is from salary?

Agricultural income up to Rs.5 thousand.

• Who cannot file ITR 01 Form?

A person exceeding its limit cannot fill this form.

Director in a company.

Unlisted equity shares held for the previous year.

Income from outside India.

Agricultural income More than Rs.5 thousand.

Income from more than one house property.

the person who is a non-resident in India.

Thanks.

This is Ravi Verma, In this article I will tell you about e-invoicing portle.

Let’s start,

What is e-Invoice?

When a registration person’s turnover in a financial year exceeds twenty crores or more, then the rule of e-invoicing becomes applicable to that person and he is required to register on the portal of e-Invoicing.

If a person does not do so, his invoice becomes invalid and his supplier cannot get input credit.

How to register on e-invoice portal.

1. Open your Browser and click the einvoice1.gst.gov.in portal.

2. Click on the einvoicing system.

3. After that click on the registration option, under this you will see the option of portal login.

4. After clicking on the portal login option you will see the registration dashboard.

5. Enter the GSTIN number of your firm as well as fill the captcha code and click on Go option.

6. Your data gets autofetched from your GST portal as soon as you click on the Go button and click on the send OTP button

7. And your autofetch data is nt correct then please you click on the update from GST common portal and fill your correct data properlly.

8. Enter your OTP and click verify OTP button.

9. In the last step you have to create the User ID and Password, after doing all this you have successfully registered the e-invoice portal.

• IMPORTANT POINTS:- If you have already registered under e-way bill portal then you directly enter same credentials in your e-invoicing portal, you do not need to do registration process on e-invoice portal, you can directly enter your e-way bill crediential on e-invoicing poral by clicking on the login button.

Hi Guy’s

This is Ravi Verma, In this article, I will tell you about adding new UAN holders to the EPFO portal.

Let’s Go,

• Employee’s most important point before registration on EPFO portal of employees.

If we want to add any new employee on the APFO portal of the employer then before that we have to take some details from the employee.

All these details are very important for us at the time of registration.

1. Aadhar card
2. Bank details
3. Pan card details
4. Marital status
5. Mobile number
6. Email ID
7. Date of Joining
8. Monthly wages

In this case, if your employee is a foreigner

1. Passpor Copy is required.

How to generate a new UNA number of employees?

1. Open your browser and seach www.epfindia.gov.in

2. Go to the option of Services and below it, you will see the option of Employer, click on it.

3. And click on the online ECR/challan submission option.

4. Now enter your User ID and Password and click on the Sign-in button.

5. After log-in please go to the member option and under this, you will see the register individual option you will click on this option.

6. In this step your employer portal will have many options like employee name, date of birth of employee, joining date, email id, qualification, nationality etc. You fill all these required columns accordingly.

7. In this option, we have to enter the required KYC details of our employee, only then the portal provides his UAN to the employee, In this we can work with the Aadhar card of the employee.

NOTE:- Inside this, you have to fill the same name which is written in the Aadhar card of the employee.

8. After clicking on save when we will scroll down we will see our employee data which we have just saved

9. After doing all these procedures, we now have to approve the data of our employee, only then it will be visible on our portal, so for that we have to
We have to go back to the member portal and click on Approvals inside it and on that we will get the option of approval.

10. If we go inside Approvals then we will get the option to Approve our Employee, by clicking on that we have to Approve our Employee.

11. If you want to verify your employee’s data, you can verify again by clicking View.

12. After this you will get the approved message

Thanks,

If you want to know how to check UAN number of employees then visit my next blog

This is Ravi Verma, In this article, I will tell you about how to file CMP-08 under the composition scheme,

Let’s start,

• What is composition scheme?

A small number of compliances have been brought under this scheme by removing many compliances, due to low compliance small businesses focus on their business and their business grows.

In this scheme, the turnover of any person is 1.5 Crore can opt for this scheme and in this scheme, the taxpayers have to file only a limited number of returns.

1. GSTR-4
2. CMP-08
3. GSTR-9A

• Filing process of CMP-08

1. Log in to your GST portal with your User ID and Password and also enter the captcha code.

2. Go to the Dashboard and click on the FILE RETURN button.

3. Select your financial year, quarter, and your period, and click on the search option.

4. After clicking on the search button you will see the option of CMP-08 then click on Preparation Online

5. Inside this, you will see 4 columns which you have to fill.

. Outward supplies (including exempt supplies):- In this column, you’ll need to report all your sales types. And according to the nature of your business, you have to calculate the tax on your sales and submit it to the government.

. Inward supplies attracting reverse charge including import of services:- Whatever you have imported in this and if the tax is to be paid through reverse charge mechanism, then you will also have to put it.

. Tax payable (1+2):- Any taxes you paid in columns 1 and 2 will appear in this column.

. Interest payable, if any:-If you have not filed your return on the due date then the penalty will be applicable to you.

6. After doing all these things, please click on the save button.

7. Once you click on the save button you will be able to go to the proceed to file button and then click on it.

8. Click on CREATE challan bottom and enter your tax amount under this challan.

8. After that, tick the notification option and select your authorized signatory, finally click on the FILE GST CMP-08 button.

9. Now you have to file your return with the help of your digital signature / electronic verification code

The late fee of CMP-08 is Rs 200 per day i.e. 100 CGST and 100 SGST. This late fee does not exceed Rs.5000.

in addition to late fees, the taxpayer is also required to pay interest @ 18% per annum in the event of failure to make payment within the prescribed due date. Such interest is to be calculated on the amount of tax payable.

Thanks,

Hi Guy’s

This is Ravi Verma, In This Article, I will tell you about how to File an EPF return.

Let’s Start,

• What is EPF ?

Provident fund (PF Act, 1952) is one of the main savings platforms in India, When an employee works in a company, he is paid a salary by the company and under this, the employer deducts some amount from his salary and deposits it in the Employees Provident Fund, And the percentage by which the employer deducts some amount from his employee’s salary and deposits it in his employee’s provident fund, the same amount is deposited by the employer in his employee’s provident fund on his behalf.

• Mandatory Columns to fill EPF

1. UAN number.
2. Name of employee
3. Grosss wages
4. EPF wages
5. EPS wages
6. EDLI wages
7. EPF contribution(12%)
8. EPS contribution 8.33%
9. Different between EPF and EPS 3.67%
10. NCP (If any employee has taken leave, enter the day in this column)
11. Refund of Advance

Note – Don’t use (,) commas.

• How to create a csv file from excel?

After making your reports in excel

1. Click on the File button.

2. Click on the save as an option.

3. And choose CSV (comma delimited)

4. Select your location and save this data.

5. After saving your file go to your file location and right-click on this file and select the Open with Notepad option.

6. First of all, remove the dot (.) of your data.

7. After removing all dots (.), now change all commas to hashtags (#).

8. Please click on the edit option and under that you will click on replace option.

9. Click the replace all option.

10. Now save your data and turn it off.

• Steps of the online EPF filling process.

Step 01:- Go to your browser and search unifiedportal.gov.in and click the EPFO option.

Step02:- Login to your EPF portal with your credentials.

Step03:- After login to your EPF portal go to and click on the payment option under this option you will see ECR return filing option then click on it.

Step04:- Click on the ECR upload option.

Step05:- Enter return filing date, salary credited date, then after doing all the things select your ECR report, also please select your file type and comments and click on the upload option.

Step06:- After clicking on the Uploaded button scroll down and click on the Verify option.

Step07:- After this, you will receive your TRRN number.

Step08:- Now start creating Challan.

Step09:- Click on Create challan option.

Step10:- This is the calculation sheet of EPF.

Step11:- After verifying all the details please do scroll down and click on generate challan option.

Step12:- Now you have to click on the final button, after clicking on this button your challan has been successfully submitted, after clicking on this you can no longer make any changes in the challan.

Step13:- Now click on the payment option you can easily file your EPF return.

Thanks,

This is Ravi Verma, In this article, I will tell you about the UAN number.

Let’s Start,

• What is UAN number?

Its full name is Universal Account Number and this number is 12 digits, when an employee deposits his money in the Employee Provident Fund, then he is given a UAN number from the Employee Provident Fund.

Any person who draws a salary and opens his/her account in Employees’ Provident Fund, in this case, he/she is given a UAN number and this number belongs to him/her forever, if an employer has to move to another company, he/she will always Give this number to her Employer.

• Benifites of UAN Number?

There are many benefits to this UAN Number.

1. With the help of this, we can easily withdraw our Provident Fund balance.
2. With the help of this, we can easily Check our Provident Fund balance.
3. With the help of this, we can easily transfer our Provident Fund balance.
4. With the help of this, we can easily add more Provident Fund accounts to this number.
5. With the help of this, we can easily download our provident fund account passbook.
6. With the help of this, we can easily know our provident fund account queries.

Thanks,

This is Ravi Verma, In this article, I will tell you Questions and Answers about EPF.

Let’s Start,

• What is provident fund?

Provident fund (PF Act, 1952) is one of the main savings platforms in India, When an employee works in a company, he is paid a salary by the company and under this, the employer deducts some amount from his salary and deposits it in the Employees Provident Fund, And the percentage by which the employer deducts some amount from his employee’s salary and deposits it in his employee’s provident fund, the same amount is deposited by the employer in his employee’s provident fund on his behalf.

• What is the contribution for provident fund by the employee and employer?

In any company, the employer deducts 12% of his employee’s salary and pays the remaining amount as salary and the deducted peso is credited to the employer’s provident fund and the employer deducts his employee’s salary and the amount equal to the amount paid and he deposits it in his Employees’ Provident Fund.

• Which establishments are covered under PF Act?

In any organization or establishment, 20 or more persons are employed than the organizations covered under EPF Act, 1952 and they can start a provident fund scheme for the employees.

• What is the threshold limit of provident fund?

The provident fund threshold limit has been increased to Rs.15,000 from Rs.6500.

• What is the employer contribution to the provident fund?

The employer contributes 12% on employee basic salary to the provident fund, however, an employer contribution is bifurcated into 3.67% contribution to provident fund and 8.33% contribution to employees pension scheme.

• What is form 19 & 10C?

Form 19 is used for provident fund withdrawal and form 10C is used for pension scheme withdrawal.

• Will employee get any interest on cumulative provident fund?

The employee can earn interest on the cumulative provident fund, but the percentage varies year to year and the same is declared by the PF board.

• Which employees are excluded from this scheme?

An employee who was a member of this scheme and withdrawn all amounts of his contribution based on either retirement from service after attaining the age of 55 years or who migrating abroad for permanent settlement.
An employee whose salary (BASIC+DA) at the time of entry into the scheme is more than Rs.15, 000.
If a member is considered as an apprentice then he will not come under EPF.

• Who is responsible to deposit to EPF Scheme?

Your employer has the whole responsibility to deposit all amounts, which are deducted from the employee as well as an employer contribution.

• What is UAN number?

UAN stands for Universal Account Number to be allotted by EPFO. The UAN will act as an umbrella for the multiple Member Ids allotted to an individual by different establishments. The idea is to link multiple Member Identification Numbers (Member Id) allotted to a single member under a single Universal Account Number.

• Is UAN and PF Number same?

Your UAN allows you to withdraw the entire amount in your PF account. 

The PF Number allows you to withdraw funds from the corresponding PF account only.

This is Ravi Verma, in this article, I will tell you about the question and answer of GSTR-1

Let’s Start,

• What is GSTR-1?

In GSTR-1 we give a summary of all our sales so that the government can know how much tax we have collected which we have to submit to the government.

• Who is required to file the GSTR-1?

All such taxpayers who have taken registration under GST and they are selling every month, whether of goods or services, in this case, it becomes necessary to file GSTR-1.

• Is GSTR-1 filing mandatory?

Yes, It is necessary for everyone to file GSTR-1, whether they have sales or not, it is necessary to file the return, if no one does this, then the government imposes a penalty.

• What are the available modes of preparing GSTR-1?

GSTR-1 can be prepared using the following modes:
A. Online entry on the GST Portal
B. Uploading of invoice and other GSTR-1 data using Returns Offline Tool
C. Using third party application of Application Software Provider (ASPs) through GST Suvidha Providers (GSPs)

• What details have to be furnished in GSTR-1?

The following details of a tax period have to be furnished in GSTR-1:
. Invoice level details of supplies to registered persons including those having UIN
. Invoice level details of Inter- state supplies of invoice value greater than equal to INR 2,50,000 to unregistered persons (consumers)
. Details of Credit/Debit Notes issued by the supplier against invoices
. Details of export of goods and services including deemed exports (SEZ)
. Summarised state level details of supplies to unregistered persons (consumers)
. Summary Details of Advances received in relation to future supply and their adjustment
. Details of any amendments effected to the reported information for either of the above categories.
. Nil-rated, exempted, and non-GST supplies
. HSN/SAC wise summary of outward supplies

• Which type of registered taxpayers are not required to file the GSTR-1?

The following taxpayers are not required to file GSTR-1:
1. Taxpayers under the Composition Scheme (Return to be filled by them in GSTR 4)
2. on-resident foreign taxpayers (Return to be filled by them in GSTR 5)
3. Online information database and access retrieval service provider (Return to be filled by them in GSTR 5A)
4. Input Service Distributors (ISD) (Return to be filled by them in GSTR-6)
5. Tax Deducted at Source (TDS) deductors (Return to be filled by them in GSTR 7)
6. E-commerce operators deducting TCS (Return to be filled by them in GSTR 8)

•  For which class of Taxpayers is DSC mandatory for filing returns?

DSC is mandatory in the case of all Public & Private Limited Companies, Limited Liability Partnerships (LLPs), and Foreign Limited Liability Partnerships (LLPs).

• What is the due date for filing the GSTR-1?

For normal taxpayers due date to file GSTR-1 for a given tax period is the 11th day of the succeeding month and small taxpayers with turnover up to 1.5 crores are required to file GSTR-1 quarterly, And small taxpayers file all their B2B invoices on the 13th of every month with the help of the IFF.

• What is the meaning of  ‘Total Invoice Value’ in GSTR-1?

The Meaning of Total Invoice Value is Taxable Value + GST = Total Invoice Value.

• Different Between Total Invoice Value and Taxable Value?

Total Invoice Value means = Taxable Value + Tax
and invoice value = only the value of the goods or service which does not include tax.

• Can I enter details of Goods and Services in the same invoice?

Yes, you can enter your goods and services in the same Invoice except under the CUMP scheme because under this scheme company provides the bill of supply, not the tax bill.

•  What are B2B Supplies?

when a registered person is purchased goods/services from another registration person then this type of supply is business to business supply(B2B).

• What is meant by B2C Supplies?

when an unregistered person purchases goods/services from another registration person then this type of supply is called business to customer supply(B2C).

•  What are Debit Notes?

When a registered company sells any goods/services to any other registered company and if the goods/services are not received according to the invoice, then that registered company issues a debit note to the other registered company, and with the help of this, he takes the money into its credit ledger.

• What are Credit Notes?

When a registered company buys goods/services from another registered company and supplies them by mistake at a lower rate, in this case, the other company issues credit to him.

• Whether purchases from unregistered person, which are subject to reverse charge, for which the recipient issues a tax invoice, is required to be reported ?

All the purchases from an unregistered person, which are subject to reverse charge, for which the recipient issues a tax invoice are to be reported in GSTR-2 (and not in GSTR-1).

•  Do I need to upload the invoice details at the time of filing GSTR-1?

Taxpayers can upload invoice details any time during the tax period and not just at the time of filing of GSTR-1.

• What is the meaning of B2C large invoice?

It means the B2C invoice value is More than 2.5lakh then this invoice is to enter in this column.

• All Amendmend record Details?

When we need to amend an invoice in our GSTR-1, we can easily amend it by going to the amendment column.

• What is the due date for the payment of monthly tax liabilities for normal taxpayers?

As a normal taxpayer, the due date for payment of tax is the 20th of every month.

Thanks,

Hi Guys

This is Ravi Verma, in this article I will tell you about how to file NIL GSTR-3B return in an online way.

Let’s start,

• What is GSTR-3B?

Goods and Services Tax was implemented in India on 1st July 2017, after which it becomes very important for individuals whose turnover exceeds 20 lakhs in a financial year, then it becomes very important for them to register in GST.

And if a person takes registration in GST, then from that day all the rules of GST apply to him.

Then that person has to file his GSTR-1 and GSTR-3B every month till his due date and if a person does not do so then interest is charged on him by the GST department

• What do you understand by NIL GSTR-3B Return?

When a company does not have any type of transaction in any month, then it becomes necessary for all the people to file nil GSTR-3B and if any person does not file his NIL GSTR-3B return then the government will charge a penalty on him.

• Steps to file NiL GSTR-3B returns.

1. GO to your browser and search gst.gov.in.

2. Click on the login button.

3. Enter your User ID & Password as well as captcha code, and click on the login button.

4. Now you are entering the GST portal, do scroll down and click on the continue to dashboard option.

5. Click on the file returns option.

6. Now select your Financial year, quarter, and period and click on the search option.

7. Scroll down and click on the GSTR-3B Prepare Online option.

8. As soon as click on you the prepare online option then you will see the option to choose your returns type after this you have to choose the NIL return option and click on the Next button.

9. The last step is to tick the acknowledgment box and select your mode whether you want to file your return with the help of DSC or do you want to file your return through EVC mode, select any mode and successfully file your return Do it.

10. Enter your OTP to file your GSTR-3B NIL return.

11. After entering the OTP you have received a message that your GSTR-3B return file is successful.

Thanks,

Hi Guys

This is Ravi Verma, in this article, I will tell you about the process of filing the NIL GSTR-1 return.

Let’s start,

When a company does not have any sales in a month, it will file a nil return in its GSTR-1 in that month.

• The process to file GSTR-1 NIL return.

1. Open your browser and search Gst.gov.in

2. Click on the login option and enter your credentials as well as the captcha code.

3. After clicking on the Login button, please scroll down and click on Continue to Dashboard option.

4. Then click on the File Return option.

5. If you want to file your GSTR-1 return then select your year, quarter, and period as well and then click on the search option.

6. After that, you have to click on your GSTR-1/IFF option which you have selected

7. If your return is nil then there is no need to furnish your invoice details, just click on generate summary then tick the acknowledgment option and click on submit button.

8. And Then click on the file return option, it will enable you after clicking the submt option into your GST portal.

9. The last step is to tick the Acknowledgment option And choose your DSC/EVC which is available to you.

10. And finally you have to enter your OTP and click on Verify Option, after doing all this your return will be filed.

And you will get a message in your mail box that your return has been successfully filed.

Thanks,