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 change was notified in the CGST Notification 12/204 dated 10th July 2024.What is GSTR-4?GSTR-4 is the annual GST Return that has to be filed by a composition dealer. Unlike a regular taxpayer who is required to furnish 2 monthly returns and an annual return (with certain exemptions), a dealer opting for the composition scheme is required to furnish one return every quarter in Form CMP-08 and Form GSTR 4 once a year by the 30th day of April, following the financial year.GSTR-4 due dateGSTR-4 is required to be filed on an annual basis.The due date for filing GSTR-4 is 30th of April following the relevant financial year*. For example, the GSTR-4 for FY 2023-24 was due by 30th April 2024. Until the FY 2018-19, the due date was 18th of the month following the end of the quarter.However, in 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.

‘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 acquired, where such goods were made, and what these goods is made of. Also, anything that you bring into India for the first time should be declared as per the customs rules. For instance, you need to declare the items purchased in a foreign country and any gifts which you acquire outside India.Latest UpdatesUnion budget 2024 Outcome: 23rd July 2024Customs Duties revisions and exemptions for critical goodsParticularsFromToMobile phone, mobile PCBA and chargers20%Basic customs duty reduced to 15%Gold and silver15%Customs duty reduced to 6%Platinum15.4%Customs duty reduced to 6.4%Broodstock, polychaete worms, shrimp and fish feed10%, 30%, and 15% respectivelyBasic customs duty reduced to 5%Alkali or alkaline earth metals, 25 rare earth minerals (like lithium)5%Exempted from customs dutyCapital goods for manufacturing of solar panels7.5%Exempted from customs dutyCancer drugs (Trastuzumab Deruxtecan, Osimertinib and Durvalumab)10%Exempted from customs dutyFerro nickel and blister copper 2.5%Nil BCDAmmonium nitrate7.5%10%PVC flex banners10%25%PCBA of specific telecom equipments10%15%Types of custom dutiesCustoms duties are charged almost universally on every good which are imported into a country. These  are divided into:     Basic Customs Duty (BCD)     Countervailing Duty (CVD)     Additional Customs Duty or Special CVD     Protective Duty,     Anti-dumping Duty     Education Cess on Custom DutyHow to calculate custom duty in India?Customs duties are computed on a specific or ad valorem basis.

GSTR-9 is an annual return to be filed by all registered taxpayers under GST except a handful. It is an annual compilation of outward supplies, inward supplies, tax liability and input tax credit availed during a financial year. It is due to be filed by 31st December of the year following the particular financial year. For the first two financial years, the annual return filing has been extended several times.Latest Updates10th July 2024In the 53rd GST Council meeting, the Council recommended to provide relaxation to taxpayers from filing GSTR-9/9A for FY 2023-24 where their aggregate annual turnover for the said financial year is below Rs.2 crore. This was notified via CGST notification 14/2024 dated 10th July 2024.11th July 2023    In the 50th GST Council meeting held on 11th July 2023, the Council recommended that the relaxations provided in FY 2021-22 in respect of various tables of the Form GSTR-9 and 9C be continued for FY 2022-23.

GSTR-9 return filing is more than consolidating the monthly returns filed during a financial year. Businesses must collate the Goods and Services Tax (GST) data, including sales register, purchase register, returns filed, taxes paid, demands, and refunds. Further, one must file GSTR-9 if they were registered at least for a single day in a financial year. They should have filed all the GSTR-1 and 3B returns for the financial year before filing GSTR-9.This article explains all about GSTR-9, including what it is, its applicability, due date, details to be filled, late fee, penalties and FAQs. Further, we have provided a white paper on the checklist to file an error-free GSTR-9.

Taxpayers may need a ready reckoner of e-invoice error code list and solutions when they face errors while reporting the B2B invoices to IRP for generating e-invoices.This article lays down the list of common e invoice errors while reporting the invoices to IRP and the resolution for the same, just like GST error code.Latest Updates10th May 2023CBIC notified the 6th phase of e-invoicing. Hence, taxpayers with ₹5 Cr+ turnover in any financial year from 2017-18 shall issue e-invoices w.e.f 1st August 2023.06th May 2023The GST department has deferred the time limit of 7 days to report the old e-invoices on the e-invoice IRP portals by three months. Further, the department is yet to announce the new implementation date.13th April 2023The GSTN released an advisory on 12th and 13th April 2023 stating that taxpayers with an annual turnover of Rs.100 crore and more must report tax invoices and credit-debit notes to the IRP within 7 days from the date of issue of the invoice/CDN from 1st May 2023.Common errors while generating e-Invoices under GSTFollowing is the e invoice error code list and resolutions-E-invoicing Error codeE-invoicing Error messageReason for E-invoicing ErrorResolution2150Duplicate Invoice Reference NumberTaxpayer uploading the same invoice which is already registered and IRN is generated.To avoid this error, don’t send the same request simultaneously. Wait for the IRN and update the system with the same. Only if the IRN is not received, resend the request.2172For intra-state transactions, IGST amounts are not applicable for specified items, only CGST and SGST amounts are applicable.IGST amount is entered for intra-state transactions instead of CGST and SGST.Recheck the tax applicability for the transaction.

GST rates list is crucial for every Indian business and consumer to know. When the GST Council revises GST rates, it hits respective industries, trade bodies and end consumers, impacting the economy. Everyone tends to evaluate their position as a result of this change. Our HSN cum GST rates finder helps you identify the accurate and latest GST rate applicable for the product/service.In this article, learn the meaning of GST rate and get all the latest updates on GST rates in India 2024.Meaning of GST RatesGST rates refer to the percentage rates of tax imposed on the sale of goods or services under the CGST, SGST and IGST Acts. A business registered under the GST law must issue invoices with GST amounts charged on the value of supply.The GST rates in CGST and SGST (For intrastate transactions) are approximately the same.

GSTR-7 is a monthly return filed by individuals who deduct tax at source or TDS under the Goods and Services Tax (GST). Every GST registered individual who deducts TDS under GST must file in Form GSTR-7 by the 10th of next month. The form contains details of TDS deducted, TDS payable, TDS refund, etc.Latest Updates22nd June 2024In the 53rd GST Council meeting, the Council recommended that the GSTR-7 return is to be filed by all eligible taxpayers every month, irrespective of whether any tax has been deducted during the said month. It was also recommended that no late fee may be payable for delayed filing of Form GSTR-7. Further, invoice-wise details may be required to be furnished in the said FORM GSTR-7 return.

Notification No. 49/2019-Central Tax, dated 9th October 2019, states that the authorised officer should communicate to the assessee regarding any ascertained tax, interest, and penalty before issuing a notice. The GST officer should use Form GST DRC-01A for this purpose.Latest Updates21st December 2021The officer can issue notice u/s 74 to multiple persons for tax short paid or excess ITC claims by fraud. Now, it is amended that the officer can confiscate and seize goods or vehicles even after concluding proceedings against all persons liable to pay specific or general penalties.1st February 2021Union Budget 2021 Outcome1. Seizure and confiscation of goods and conveyances in transit are now made a separate proceeding from the recovery of tax from Section 74.2.

This is a new concept introduced in GST which will cover supplies made together whether the supplies are related or not. Supplies of two or more goods or services can be either ‘composite supply’ or ‘mixed supply’. The concept of composite supply in GST regime is similar to the concept of naturally bundled services under Service Tax Law. However, the concept of mixed supply is entirely new.What is a supply under GST?The expression “supply” simply means all forms of supply of goods/ services. It is made for a consideration during the course of business and includes the following:SaleTransferBarterExchangeLicenseRentalLeaseDisposalImport of services for a consideration (if even it is not in the course or furtherance of business)Certain activities specified in Schedule I of GST Act will also be treated as supply. Why is the concept of mixed supply & composite supply important?Specific rates for goods and services have been defined by the GST Council.

Accountability of the company to the stakeholders is mandatory and is done via Financial Statements, disclosures, Board’s report and the Auditor’s report. The main means of communication between the Board of Directors and the shareholders is through the financial statements. Form AOC 4 is used to file the financial statements for each financial year with the Registrar of Companies (ROC). In the case of consolidated financial statements, the company shall file the AOC 4 CFS.Who has to file AOC 4?Every company should file financial statements along with Form AOC 4.Every Non-Banking Financial Company (NBFC) required to comply with the Indian Accounting Standards (Ind AS) should file the financial statements with Form AOC 4 NBFC (Ind AS) and the consolidated financial statement, if any, with Form AOC 4 CFS NBFC (Ind AS).Every company covered under the Section 135(1) of the Companies Act, 2013 should furnish a report on Corporate Social Responsibility in Form CSR-2 for the preceding financial year (2020-2021) and onwards as an addendum to Form AOC 4 or AOC 4 XBRL or AOC 4 NBFC (Ind AS), as the case may be. However, for the financial year 2021-2022, Form CSR-2 can be filed separately on or before 31st March, 2023 after filing Form AOC 4 or AOC 4 XBRL or AOC 4 NBFC (Ind AS), as the case may be.Where the companies are covered under the XBRL requirement under the Companies (Filing of documents & Forms in Extensible Business Reporting Language) Rules, 2015, the financial statements should be uploaded in the XBRL format.