GSTR-4 is a return that must be filed by the taxpayers opting for Composition Scheme on an annual basis. Until the FY 2018-19, the return was filed every quarter which got replaced by CMP-08.Latest Updates10th July 2024In the 53rd GST Council meeting, the Council recommended that the deadline to file GSTR-4 for a financial year will be extended from 30th April to 30th June of the succeeding financial year from FY 2024-25 onwards. This...

Did you know “pro forma” is a Latin term, which means “for the sake of form” or “as a matter of form”?. If you receive a bill marked as a pro forma invoice, is it binding upon the seller, or does it have a time limit to act upon?. If you’re a supplier, you may have questions about whether the look of a pro forma invoice has changed under Goods and Services Tax (GST)?. This article will help you to clear all your doubts regarding the pro forma invoice.Meaning of Pro...

 While uploading the invoice details in GSTR-1 to the GST Portal, if the said details are processsed with errors, then the status will change to Processed with Error and the Error Report column will display a link to Generate error report. This error files are downloaded in JSON format. To make filing easier for the community of businesses and CAs, we have created a handy document with the known JSON errors faced by users, what each error means and...

The implementation of GST brought significant changes to the compliance requirements for manufacturers. One of the most crucial aspects of GST compliance is the generation of e-way bills for the transportation of goods. Manufacturers must comply with e-way bill regulations when goods are being transported for job work, including sending raw materials or receiving finished products. This article explains the compliance requirements for...

Any person making the taxable intra-state supply of goods/services with an annual aggregate turnover of more than Rs 20 lakh (Rs 40 or Rs 10 lakh, as may vary depending upon the supply and state/UT) or undertaking inter-state supply (without any threshold limited) are mandatorily required to obtain GST registration.GST registration number or GST identification Number (GSTIN) is a unique 15-digit number provided by the tax authorities to monitor tax...

Invoice Furnishing Facility (IFF) allows small taxpayers to upload their invoices every month. The Central Board of Indirect Taxes & Customs (CBIC) had notified the Invoice Furnishing Facility on 10.11.2020 via notification number 82 /2020-Central Tax.What is the Invoice Furnishing Facility? The Invoice Furnishing Facility (IFF) is a facility where quarterly GSTR-1 filers can choose to upload their Business-to-business (B2B) invoices every month, currently...

It is quite common in a business to transfer its stock to its other branches, units, depots, warehouses to cater to timely delivery orders from different geographical locations. Under the pre-GST scenario, inter-state or intra-state stock transfers were subjected to a levy of excise duty on the removal of goods. The same was not subject to VAT/ CST. Under GST, tax is collected on the supply of goods with or without consideration being paid or agreed to be paid....

Under GST, the treatment of discounts is governed by Section 15 of the CGST Act, 2017. The value of supply excludes discounts under certain conditions:Pre-Supply Discount: If the discount is provided before or at the time of supply and is mentioned in the invoice, it is subtracted from the taxable value of the supply. For example, if a seller offers a 20% discount on goods worth ₹1000, the taxable value will be Rs 800 (Rs 1000 - Rs 200).Post-Supply Discount:...

‘Customs Duty’ refers to the tax imposed on the goods when they are transported across the international borders. The objective behind levying customs duty is to safeguard each nation’s economy, jobs, environment, residents, etc., by regulating the movement of goods, especially prohibited and restrictive goods, in and out of any country.Every good has a predefined rate of duty that is determined based on various factors, including where such good was...

An E-Way Bill (EWB) is short for Electronic Way Bill. A person registered under GST is required to generate one if they wish to transport goods in a vehicle where the value exceeds Rs. 50,000 in a single invoice/bill or a delivery challan.  The objective of introducing EWBs is to allow a common permit for the movement of goods throughout the country.The E-Way Bill login portal is a common portal by the government for taxpayers and transporters...