Tag Archives: Filing annual GST returns

GST composition scheme

Composition scheme- A way to simplify ‘self-assessed’ GST return

Composition scheme is an alternative, simple & hassle free compliance scheme for small taxpayers with minimal procedures. Under this scheme, a taxpayer would be required to pay tax on the turnover based on prescribed percentage as the tax rate is comparatively low than those prescribed for normal taxpayers. The threshold limit of composition scheme extended from INR 1 crore to INR 1.5 crore which  shall also include 10% provision of normal taxpayer annual turnover within the composition scheme if in case the given 10% is provided as the service. The illuminating feature of this scheme is that the business or … Read more

Forthcoming changes in Goods and Services tax (GST) portal

Forthcoming changes in Goods and Services tax (GST) portal

Within last six months, the GST portal keeps rolling out new updates to help taxpayers file their returns more smoothly and effectively. Taxpayers need to be up-to-dated in order to avoid missing out on vital compliances, which in turn would prevent notices being issued to them. Below is the gist of updates rolled out for the taxpayers:

Contrasting liability declared and input tax credit claimed
A new functionality is released by the portal which will help tax filers comparing their GSTR-3B tax liabilities with the GSTR-1s that have been filed before. Along with this, users can also make comparison of … Read more