Accountantjee

  GSTR-1 is to be furnished by all normal taxpayers on monthly or quarterly basis, as applicable. For Quarterly return filers there is option called IFF- Invoice Furnishing Facility for reporting there outward supplies to registered persons. Earlier While filing GSTR-1 i.e. upto March-2022 GSTR-1 filling we used to follow these below step BEFORE Step 1- Click on “ Generate Summary” button. Step 2- Click on “ Submit” button Step 3- Click on “ Proceed to file ” button to view the final summary before filing. Step 4- Click on “ File Statement” button to file GSTR-1 Step 5- Click on “ File with DSC or EVC” The new changes that has been incorporated in GST portal is mentioned below Removal of Submit Button before filing -  Step 2 has been removed Consolidated Summary-   Taxpayers will now be shown a table wise consolidated summary before actual filing of GSTR-1/IFF. This will provide a complete overview of the records added in GSTR-1/IFF before filing Recipient wise Summary...

  A) How profitable is a company for every $1 in stuff they Sell? 1 How profitable is a company for every dollar they sell of inventory before expense? Cost of Good Sold   = Gross Margin. Revenue 2 How profitable is a company for every dollar they sell of inventory after MOST expense? EBITDA = Operating Margin Revenue 3 How profitable is a company for every dollar they sell of inventory after ALL expense? Net Income = Net Profit Margin Revenue ...

Now E-Invoicing is mandatory for those Tax payer whose turnover is more than 20 Cr. from 1st April 2022 as per the new notification issued by Central Board of Indirect Taxes & Custom (CBIC). Notification No- 01/2022- Central Tax Date- 24th Feb, 2022 What was mandatory prior to this notification ? The CBIC made the e-invoicing system mandatory for taxpayers with a turnover higher than Rs. 50 crore.  What are the Changes? Turnover has been reduce from 50 crore to 20 crore.

  With effect from 01-10-2020, the Finance Act, 2020 inserted Sub-Section (1H) in Section 206C. This provision requires a seller to collect tax at source from the amount received as consideration for the sale of goods if it exceeds Rs. 50 lakhs in any previous year. 1.   Who is liable to collect tax on the sale of Goods? Tax is required to be collected by a person carrying on business whose total sales, gross receipts or turnover exceeds Rs. 10 crores in the financial year immediately preceding the financial year of sale. Example, the liability to collect tax in the financial year (FY) 2020-21 arises if the turnover was more than Rs. 10 crores in FY 2019-20. There is no obligation to collect TCS in FY 2020-21 if turnover was less than Rs. 10 crores in FY 2019-20. 2.  From whom tax shall be collected? The tax shall be collected from a buyer if the following conditions are satisfied: (a) There is a sale of goods to such a person; (b) The seller receives any amount as...