Advisory for Taxpayers Filing of Quarterly Returns FORM GSTR-1

Taxpayers opting for quarterly filing of return will have to select the last month of the quarter from the drop down menu. However, for the month of July 2017, GSTR-1 has to be filed separately by all taxpayers, as option to file quarterly returns is applicable for returns from August 2017 onwards. Continue reading

Posted in GST |

Five-star approach to a robust & easy to understand valuation model

As complexity of valuation models increase, it becomes difficult to understand not only by the user, but many times by its creator too. The aim of this article is to provide a five point approach that will help new entrants of business valuation shift the burden of organizing from their brains to the excel sheet. Continue reading

Posted in Regulatory |

Government asks exporters to file Table 6A of GSTR-1 correctly for quick refunds

Government issues clarification on delay in grant of refunds pertaining to IGST paid on exported goods and similarly ITC on exports. According to Govt., errors by exporters while filing their returns such as incorrect shipping bill number in GSTR-1, mismatch of invoice number and IGST amount paid, and wrong bank account are the main reasons for delay in grant of refunds, or rejection thereof. Continue reading

Posted in GST |

Functionality to claim Refund of Excess Amount in Electronic Cash Ledger Enabled on the GST Portal

If inadvertently, GST has been paid under the wrong head like IGST instead of CGST / SGST, the remedy available to the assessee is to seek refund of the amount wrongly paid. Recently, a functionality has been provided to the taxpayers on GST Portal to claim Refund of Excess amount in their Electronic Cash ledger. Continue reading

Posted in GST |

Government appoints Shri B.N. Sharma (IAS:1985) as Chairman of the National Anti-profiteering Authority under GST

In an immediate follow up action of last week’s Cabinet approval for creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority under GST, the Government today issued orders appointing senior IAS officer Shri B.N. Sharma, as the first Chairman of this apex Authority in the rank of Secretary to Government of India. Continue reading

Posted in GST |