GSTR-1 | 3B Due Date Extended Notification

 GSTR-1 holds data of a sale and supply of goods and services of a company or a person which is done by a taxpayer during the tax period. Taxpayers have to fill in the relevant data of their GSTR-1 sales returns. This return is not valid for composition vendors, non-resident foreign taxpayers, and those who are Unique Identification Numbers. If a business owner whose turnover is less than 5 crores can file quarterly GSTR-1 and GSTR 3B.

Documents that are issued during the tax period:- Invoices for outward supply, invoices for inward supply for unregistered persons, revised invoices, debit notes, credit notes, receipt vouchers, payment vouchers, refund vouchers, delivery challans.

Check Here:-  GST Updates

GSTR-1 | 3B Due Date Notification

The government has released an extended due date is June 26 to file a GSTR-1 and GSTR-B. GSTR-1 has to give the details of supplies which they have done in a month.

Also, the taxpayers which are registered under the companies giving them a liability to pay GST returns by electronic verification code not by the digital signature certificate till august 31 2021. You can file the GSTR-3B through the GST portal Form. GSTR-3B done under the return section which is mentioned on the portal. The option is given on the portal to access, you can enter the details by clicking on the services> Returns> Returns Dashboard. After choosing the correct option or fiscal year and tax period, Form GSTR-3B, (if applicable), for the given period. The filing of GSTR-3B is very important for both normal and casual taxpayers also if you are not doing business.

GSTR-1 Late Fee Notification

A late fee waiver is applicable only till the given time, after that you have to pay Rs. 50 for each day by not filing the GSTR-1. Taxpayers can clear their backlogs of GSTR-1, which is pending from July 2020- March 2021 without paying any late fees as the head are declared, that one-time measure are given to clear backlogs. However, the late fee waiver is applicable for 15 April 2021, after that Rs. 50 will be charged per day if you are not filing the GSTR-1 according to the Central Board of Income Tax (CBIC). Your late fee can go a maximum of 10,000 per statement as per existing provisions. The CBIC also told that the government has decided to take several steps if the taxpayers are not filing GSTR-1 for the next 10 months, which may include an action such as blocking the E-way bills.

Check Here For More Details

Comments

Post a Comment

Popular posts from this blog

What is Depreciation In Accounting | Types | Calculator 2021

  What is Depreciation In Accounting | Types | Calculator 2021:-  Depreciation is defined as a systematic decrease in the known value of a certain asset until its value is reconstituted or forgotten. What is Depreciation In Accounting 2021 Depreciation is a mathematical method for determining the probability of a useful or intangible asset for its main life or for all the days of its life. Core Assets will spend a year on assets used a portion of their cost to help the company generate revenue from the assets. Examples of fixed assets include buildings, furniture, office equipment, machinery, etc. This is a very valuable exception as the price of land changes over time. Depreciation allows a portion of the value of the fixed asset to be income from the fixed asset. It is applied in case of litigation because the revenue, as well as the associated cost, is recorded at the time of the statement in which the asset is being used. It helps in getting a complete picture of the reven...
Read more

What Is Capital In Business | Economics | Finance | Accounting 2021

  What Is Capital In Business | Economics | Finance 2021:- Corporate capital is a fund invested to support day-to-day operations and enhance future expansion. Investments in personal or business assets can include real estate, cars, investments (long-term or short-term), and other assets. What is Capital In Business Whether you have been working for your company from day one or for 30 years, you are always on the lookout for money. If you're a new entrepreneur looking after your small business, know that you need money to get started. But if you're an entrepreneur, know that capitalism doesn't stop when you start your business. Knowledge of capital helps small businesses grow, no matter what they look like. If you know your company's value and create an accounting plan, it's important to make the most of it. The easiest way to manage a portfolio is to use software for small businesses, but some entrepreneurs may choose to do so for themselves. What is Capital In Eco...
Read more

Tax Consultant in Dehradun

Tax Consultant in Dehradun:- M bahuguna and Co. is a firm where you can clear all the doubts of Accounting and Taxes, here we are to give advisory and agreement services encompassing the entire gamut of Taxation(Income Tax, Custom, Wealth Tax, Accounting Services, Auditing & Assurance Services, Companies Act, etc). Beyond this, we are also helping our client to handle their projects regarding social security services like investment matters, starting a business, Office Services, GST return, PF and ESI registration, ITR, etc. Our Services Taxation Services Accounting Services Auditing and Assurance Services EPF and ESI Registration FSSAI License Registration Shop Establishment Registration Taxation Services:- We are providing Filing of Income Tax & TDS Returns, Tax Refunds, Maintenance of Income, Tax Records, Consultancy on Income Tax Matters, ax Planning & Saving, Liasoning with Income Tax Authorities, Filling an Appeal before Commissioner of Income Tax(Appeals) Income Tax...
Read more