GST Helpost

GST Helpost GSTHelpost is an GST Consultancy, Income Tax Consultancy, Accounting, and other Professional service We work in odd hours i.e. night shifts.

GST Helpost is known for offering Managment, Strategic, Accounting, Financial & Taxation services within crunching deadlines in the most convincing and efficient ways. The Services offered under our brand name includes Management Services including the Specialised Strategic services to Start Ups, Consultany on Service Tax issues & Income Tax issues, Consultany on International Taxation, Tax Return

s Preparation, Book-keeping, Accounting, Payroll, and other Corporate & Financial advisory Services. Our Client’s success is our goal and we are addicted to bringing success to our clients. We are a complete and extensive team up with entrepreneurial experience, wide ranging financial talent, strategic foresight, proven wealth strategies and extensive operational 'know how', passionately focused on your goals and success. We strive to provide value for money by offering:
Security, confidentiality & quality assurance
Extensive professional experience. Our Team of versatile and immense experienced proffessionals keep a tab on the changes taking place in the area of taxation laws and other allied laws. We have a dedicated Team of Young and Energetic Proffesional for the Service Tax Issues only to deal with the day to day issues of the clients. We also have a Call Centre dedicated to the Service tax issues only. We also holds one to one meetings with the clients to help them understand their requirements. to assist and provide the unintruppted services the our clients such as Call Centre, Telecom Operators, Hospitals etc around the country

We also provide back office outsourcing services to Business Organisations, CA’s, CPA’s & ACCA’s Accounting and Taxation firms in India.

04/05/2021

CBIC Extended the due date of filing return GSTR-1 of April 2021, up to 26th May 2021.

04/05/2021

Extend the due date of filing return in FORM GSTR-4 for financial year ending 31st March 2021, up to 31st May 2021.

04/05/2021

LATE FEE “WAIVED OFF” WHO NOT FILED GSTR-3B (OF THE MONTH MARCH 2021, APRIL 2021 OR JAN-MARCH 2021) w.e.f 20th APRIL 2021 AS FOLLOWS:-

1.TAXPAYERS WHOSE AGGRGATE TURNOVER MORE THAN 5 CRORES IN PFY
(15 DAYS FROM THE DUE DATE OF FILING RETURN)

2.TAXPAYERS WHOSE TURNOVER UP TO 5 CRORES IN PFY
(30 DAYS FROM THE DUE DATE OF FILING RETURN)

3.TAXPAYERS WHOSE TURNOVER UP TO 5 CRORES IN PFY
(JAN-MARCH 2021-30 DAYS FROM THE DUE DATE OF FILING RETURNS)

10/03/2021

CHANGES IN PREPARATION OF E-INVOICE w.e.f 1st April 2021

Major Change is that a register person whose aggregate turnover is 50 crores (earlier is 100 Crores) in any preceding financial year from 2017-18 onward, shall prepare E-invoice by including such particulars contained in FORM GST INV-01 after obtaining an Invoice Reference Number by uploading information contained therein on the Common Goods and Services Tax Electronic Portal.

01/03/2021

Extend the time limit of filling Annual Return (GSTR-9 & GSTR-9C) of fy 2019-20 upto 31st March 2021

27/01/2021

PREPARATION OF E-INVOICE w.e.f 1st Oct 2020

A register person whose aggregate turnover is 500 crore in any preceding financial year from 2017-18 onward, shall prepare invoice by including such particulars contained in FORM GST INV-01 after obtaining an Invoice Reference Number by uploading information contained therein on the Common Goods and Services Tax Electronic Portal in such manner and subject to such conditions and restrictions as may be specified in the notification.

Other than the followings:-
1. A special Economic Zone Unit

2. A banking company or an insurer or a financial institution, including non-banking financial company. (sub-rule (2) of rule 54)

3. A goods transport agencies (sub-rule (3) of rule 54)

4. Passenger transportation service ( sub-rule (4) of rule 54)

5. Supplying the service by the way of admission to exhibition of cinematography films in multiplex screens (sub-rule (4A) of rule 54)

23/01/2021

QUARTERLY RETURN MONTHLY PAYMENT SCHEME (QRMP) w.e.f 1st Jan 2021
1. A register person having aggregate turnover up to 5 crore rupees in the preceding financial year is eligible furnish return quarterly basis along with monthly payment of tax.

2. If aggregate turnover exceeds 5 crore rupees during any quarter in the current financial year, the registered person shall not be eligible for QRMP scheme from the next quarter, from 1st day of second month of last quarter to the last day of the first month of the current quarter.

3. A register person can select this option for any quarter from 1st day of second month of last quarter to the last day of the first month of the current quarter. Last quarterly return must be filed before selecting the option.

4. If option selected once, it continues as default for the year unless the register person change it.

5. The first quarter of the QRMP scheme is Jan 2021 to March 2021. All registered persons, whose aggregate turnover for the FY 2019-20 is up to 5 crores and who have file the GSTR-3B return for the of Oct, 2020 on or before 30th Nov 2020, shall be default migrate on common portal for QRMP scheme as below:-

(a) Registered person having aggregate turnover up to 1.5 crore rupees and have file GSTR-1 on quarterly basis in the current financial year, Quarterly return ( Default option)

(b) Registered person having aggregate turnover up to 1.5 crore rupees and have file GSTR-1 on monthly basis in the current financial year, Monthly return ( Default option)

(c) Registered person having aggregate turnover more than 1.5 crore rupees and up to 5 crore rupees in the preceding financial year, Quarterly return (Default option).

However, such registered persons are free to change the default option as above from 5th Dec, 2020 to 31st Jan, 2021. The register persons, who have not filed their return for Oct, 2020 on or before 30th Nov, 2020 will not be migrated to the scheme, they will able to select that after filling the said return.

6. All persons who have obtained registration during any quarter or the registered persons opting out from paying tax under Section 10 of the CGST Act during any quarter shall be able to select the Scheme for the quarter for which the opting facility is available.

7. The option to avail the QRMP Scheme is GSTIN wise and therefore, distinct persons as defined in Section 25 of the CGST Act (different GSTINs on same PAN) have the option to avail the QRMP Scheme for one or more GSTINs. In other words, some GSTINs for that PAN can select for the QRMP Scheme and remaining GSTINs may not select for the Scheme.

8. The registered persons selecting for the QRMP Scheme would be required to furnish the details of sales in FORM GSTR-1 quarterly as per the rule 59 of the CGST Rule. For each of the first and second months of a quarter, such a registered person will have the Invoice Furnishing Facility ( IFF) to furnish the details of such sales to a registered person, as he may consider necessary, between the 1st day of the succeeding month till the 13th day of the succeeding month. The said details of sales shall not exceed the value of 50 lack rupees in each month. After 13th of the month, this facility for furnishing IFF for previous month would not be available. As a facilitation measure, continuous upload of invoices would also be provided for the registered persons wherein they can save the invoices in IFF from the 1st day of the month till 13th day of the succeeding month. The facility of furnishing details of invoices in IFF has been provided so as to allow details of such sales to be duly reflected in the FORM GSTR-2A and FORM GSTR-2B of the concerned recipient.
The IFF facility is not mandatory and is only an optional facility made available to the registered persons under the QRMP Scheme.

9. The details of invoices furnished using the said facilities in the first two months are not required to be furnished again in FORM GSTR-1. Accordingly, the details of sales made by such a registered person during a quarter shall consist of details of invoices furnished using IFF for each of the first two months and the details of invoices furnished in FORM GSTR-1 for the quarter. At his option, a registered person may choose to furnish the details of sales made during a quarter in FORM GSTR-1 only, without using the IFF

10. MONTHLY PAYMENT OF TAX: - The registered person under the QRMP Scheme would be required to pay the tax due in each of the first two months of the quarter by depositing the due amount in FORM GST PMT-06, by the 25th day of the month succeeding such month. While generating the challan, taxpayers should select “Monthly payment for quarterly taxpayer” as reason for generating the challan. The said person can use any of the following two options provided below for monthly payment of tax during the first two months:-

a. Fixed Sum Method: A facility is being made available on the portal for generating a pre-filled challan in FORM GST PMT-06 for an amount equal to 35% of the tax paid in cash in the previous quarter where the return was furnished quarterly; or equal to the tax paid in cash in the last month of the immediately previous quarter where the return was furnished monthly.

b. Self-Assessment Method: The said persons, in any case, can pay the tax due by considering the tax liability on inward and outward supplies and the input tax credit available in FORM GST PMT-06. In order to facilitate ascertainment of the ITC available for the month, an auto-drafted input tax credit statement has been made available in FORM GSTR-2B, for every month.

11. It is clarified that in case the balance in the electronic cash ledger and/or electronic credit ledger is adequate for the tax due for the first month of the quarter or where there is nil tax liability, the registered person may not deposit any amount for the said month. Similarly, for the second month of the quarter, in case the balance in the electronic cash ledger and/or electronic credit ledger is adequate for the cumulative tax due for the first and the second month of the quarter or where there is nil tax liability, the registered person may not deposit any amount.

12. Any claim of refund in respect of the amount deposited for the first two months of a quarter for payment of tax shall be permitted only after the return in FORM GSTR-3B for the said quarter has been furnished. Further, this deposit cannot be used by the taxpayer for any other purpose till the filing of return for the quarter.

13. Quarterly filing of FORM GSTR-3B:- Such registered persons would be required to furnish FORM GSTR-3B, for each quarter, on or before 22nd or 24th day of the month succeeding such quarter. In FORM GSTR-3B, they shall declare the supplies made during the quarter, ITC availed during the quarter and all other details required to be furnished therein. The amount deposited by the registered person in the first two months shall be debited solely for the purposes of offsetting the liability furnished in that quarter’s FORM GSTR-3B. However, any amount left after filing of that quarter’s FORM GSTR-3B may either be claimed as refund or may be used for any other purpose in subsequent quarters. In case of cancellation of registration of such person during any of the first two months of the quarter, he is still required to furnish return in FORM GSTR-3B for the relevant tax period.

19/01/2021

Mandatory Mentioning of HSN Codes from 1st April 2021:

1. A registered person having aggregate turnover in previous financial year Up to 5 crores shall mention 4 digits of HSN Code number in their tax invoice.

2. A registered person having aggregate turnover in previous financial year more than 5 crores shall mention 6 digits of HSN Code number in their tax invoice.

3. A registered person having aggregate turnover in previous financial year up to 5 crores may not mention the number of digits of HSN Code on their tax invoices if the supplies/sales are made to Unregistered persons.

16/01/2021

Notification No. 94/2020 – Central Tax

New CGST Rule 86B: Restrictions on use of amount available in electronic credit ledger:-

The registered person whose turnover in a month exceeds 50 Lakhs have to pay 1% of total GST liability of that month through Bank a/c/Cash from 1st January 2021 onwards.

The above- mentioned rule shall not apply to following –

(a) the said person or the proprietor or Karta or the managing director or any of its two partners, whole-time Directors, Members of Managing Committee of Associations or Board of Trustees, as the case may be, have paid more than one lack rupees as income tax in each of the last two financial years.

(b) the registered person has received a refund amount of more than one lack rupees in the preceding financial year on account of unutilised input tax credit.

(c) the registered person has discharged his liability towards output tax through the electronic cash ledger for an amount which is in excess of 1% of the total output tax liability, applied cumulatively, up to the said month in the current financial year;

(d) the registered person is –
(i) Government Department; or
(ii) a Public Sector Undertaking; or
(iii) a local authority; or
(iv) a statutory body:

14/01/2021

NEW CGST RULE 59 (6) INSERTED AND EFEECTIVE FROM 01.01.2021:

(a) a registered person shall not be allowed to furnish the details of outward supplies of goods or services or both under section 37 in FORM GSTR-1, if he has not furnished the return in FORM GSTR-3B for preceding two months;

(b) a registered person, required to furnish return for every quarter under the proviso to sub section (1) of section 39, shall not be allowed to furnish the details of outward supplies of goods or services or both under section 37 in FORM GSTR-1 or using the invoice furnishing facility, if he has not furnished the return in FORM GSTR-3B for preceding tax period;

(c) a registered person, who is restricted from using the amount available in electronic credit ledger to discharge his liability towards tax in excess of ninety-nine per cent. of such tax liability under rule 86B, shall not be allowed to furnish the details of outward supplies of goods or services or both under section 37 in FORM GSTR-1 or using the invoice furnishing facility, if he has not furnished the return in FORM GSTR-3B for preceding tax period.

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