Do note, CGST input tax credit cannot be utilized towards payment of SGST/UTGST liabilities &

SGST/UTGST input taxed credit cannot be utilized towards payment of CGST liabilities.

GST Update:

11th November i.e Today is the due date for filing GSTR-1 (Monthly) for the month of October 2022.

Do file it on time to avoid any late fees.

Exempt Exempt Exempt Investments under section 80C of the Income Tax Act and its understanding

CGST Rules: Reversal; As per explanations 2(b) to Chapter V, the value of security shall be taken as one per cent. of the sale value of such security.
What if there are F&O gain/loss in the B/S? Incase of F&O Lot size is big hence 1% lot value will change ITC reversal ratio.

you can just reprocess the return on rectification tab

GSTN will be enhancing services on the GST portal on 15th November’22, 12:15 AM onwards.

GST Portal services will not be available until 15th November’22 6:30 AM.

Form GSTR-9 and GSTR-9C - An understanding

Do note: It is mandatory to file GSTR-9 & GSTR-9C if you cross the turnover limit.

Even after lapse of 5 years of introduction of in India return forms are not aligned.

Exempt t/o related to CY reported in R-1 next year need to be reported in T-10 of GSRT-9 so-that total turnover can be matched but as per 9C abstract it is clubbed with taxable t/o.

Did you know purchase of electric vehicle can even help in saving your Taxes? Read more

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