RFD-01 is an essential form for claiming a refund of GST for several types of refunds.  The procedure laid down for applying for a refund under GST law is different under different scenarios, as explained in the refund process article. This article focuses on the RFD-01 form, contents, format, time limit to file, origination, prerequisites, etc.Latest Updates on GST Refunds10th July 2024The CBIC released CGST Notification 12/2024 dated 10th July 2024 stating that a person claiming a refund of additional integrated tax due to an upward revision in the price of exported goods, for which the initial tax refund has already been sanctioned, may apply electronically in RFD-01 within two years from the relevant date as per section 54. If the relevant date precedes this sub-rule's enforcement, the application can be filed within two years from the effective date of implementing this sub-rule. This is subject to the provisions of rule 10B. What is RFD-01 and RFD-01A?Any taxpayer can file a refund claim in form RFD-01 under GST on the GST portal. RFD-01A refers to the offline application of refund that is no longer in use.

GSTR-1A is a document containing changes made to sales invoices reported in GSTR-1. The form was suspended within a few months of implementing GST in the year 2017 but has been reintroduced in 2024. In this article, we discuss the following topics in detail:Latest Updates on GSTR-1A10th July 2024The CBIC released Notification No.12/2024 dated 10th July 2024, adding a proviso to Rule 59(1) introducing a new Form GSTR-1A for allowing amendments in the GSTR-1 before filing GSTR-3B. CGST Rule 59(4A) also enlists details needed in GSTR-1A.Further, as per the amended Rule 21(f) taxpayer's GST registration can be cancelled/will be suspended wherever the sales details furnished in the GSTR-1 and as amended in GSTR-1A are more than the sales declared in the GSTR-3B.22nd June 2024The GST Council has approved the implementation of the GSTR-1A form.18th June 2024GSTR-1A APIs are introduced by the GST Network indicating a possible reintroduction of the GSTR-1A form and its implementation soon on the GST portal. What is GSTR-1AGSTR-1A allows a registered taxpayer to update the details of sales for GSTR-1 which was filed earlier. The form was not in use since 2017 but was reintroduced in July 2024 vide CBIC Notification 12/2024 dated 10th July 2024. A proviso to Rule 59(1) was added, introducing a new Form GSTR-1A for allowing amendments in the GSTR-1 before filing the GSTR-3B.

If you have any long-term capital gains during the financial year and wish to minimise the tax liability,  you may consider exploring tax-saving options related to investments made during the year. The most common investments being, equity shares, mutual funds, etc., which provide a higher return rate than traditional fixed deposit investments. With the amendments on the taxability of shares/stocks, mutual funds, etc., brought in Budget 2018, which seek to impose taxes on Long-Term Capital Gains (LTCG) in excess of Rs 1 lakh at the rate of 10% on sale or redemption as the case may be, after 31 March 2018, strategic planning will help you save your taxes.Budget 2024 UpdatesBudget 2024 has proposed the following amendments effective from FY 24-25 - For classifying assets into long-term and short-term, there will only be two holding periods: 12 months and 24 months. The 36-month holding period has been removed.The holding period for all listed securities is 12 months. All listed securities with a holding period exceeding 12 months are considered Long-Term.

GST Registration process is online based and must be carried out on the government website gst.gov.in. Every dealer whose annual turnover exceeds Rs.20 lakh (Rs.40 lakh or Rs.10 lakh, as may vary depending upon state and kind of supplies) has to register for GST.Latest updates on GST registration10th July 20241. The CBIC notified via CGST notification no. 13/2024 dated 10th July 2024 that biometric-based Aadhaar Authentication for GST registration, earlier implemented on a pilot basis in Gujarat and Puducherry, has now been extended to the whole of India.2. Further, the CBIC released CGST notification no.

The Central Board of Indirect Tax and Customs (CBIC) had issued a notification on 23rd March 2020, about Aadhaar authentication for GST registration from 1st April 2020. The same was later amended vide notification 62/2020 dated 20th August 2020 to be made optional. The aadhaar authentication for GST registration is not required for non-residents, persons other than citizens of India and persons who have already been registered under GST.Latest Updates on GST registration10th July 20241. The CBIC notified via CGST notification no. 13/2024 dated 10th July 2024 that biometric-based Aadhaar Authentication for GST registration, earlier implemented on a pilot basis in Gujarat and Puducherry, has now been extended to the whole of India.2.

TDS under GST is required to be deducted at the rate of 2% on payments made to the supplier of taxable goods and/or services by certain notified persons under GST. In this article, we discuss all about TDS under GST, including the TDS rate under GST, the deduction limit, applicability, forms to be filed, interest and penalties applicable, and more.Latest Updates10th July 2024The CBIC released CGST Notification No. 12/2024 dated 10th July 2024 amending the format of the GSTR-7 return, to allow invoice-level reporting. Taxpayers are required to report the invoice/document details, the amount paid to the deductee liable for TDS, the TDS amount, the value of the transaction, and IGST/CGST/SGST details.  What is TDS under GST?Tax Deducted at Source (TDS) is one of the ways to collect tax based on certain percentages on the amount payable by the receiver on goods/services. The collected tax is a revenue for the government.The provision pertaining to TDS under GST is given under Section 51 of the CGST Act to be read with CGST Rule 66.Who is liable to deduct TDS under GST law?A department or an establishment of the Central Government or State Government; orLocal authority; orGovernmental agencies; orSuch persons or categories of persons as may be notified by the Government.As per the latest Notification dated 13th September 2018, the following entities also need to deduct TDS-An authority or a board or any other body which has been set up by Parliament or a State Legislature or by a government, with 51% equity ( control) owned by the government.A society established by the Central or any State Government or a Local Authority and the society is registered under the Societies Registration Act, 1860.Public sector undertakings.Liability to deduct TDS under GST and TDS rateTDS is to be deducted at the rate of 2% on payments made to the supplier of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds Rs.2,50,000.

TDS and TCS under GST is an acronym for tax deduction at source and tax collection at source. These terms are even present under the Income Tax law. TDS and TCS under GST came into effect from 1st October 2018.TDS refers to the tax which is deducted when the buyer of goods or services, such as government departments, makes payments under a business contract. On the other hand, TCS refers to the tax which is collected by the electronic commerce operator when a seller supplies some goods or services through its website and the payment for that supply is collected by the electronic commerce operator.Latest Updates10th July 2024The CBIC released CGST Notification No. 12/2024 dated 10th July 2024 amending the format of the GSTR-7 return, to allow invoice-level reporting.

Complete Online Document Submission & Application TrackingFiling of Application for GST RegistrationSecure GST Identification NumberDedicated manager to process your GST registration end to endCompletely Online – No need to visit officeCA Assisted GST Filing for all your GST needsWhat is GST RegistrationUnder Goods And Services Tax (GST), businesses whose turnover exceeds the threshold limit of Rs.40 lakh or Rs.20 lakh or Rs.10 lakh as the case may be, must register as a normal taxable person. It is called GST registration.For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it is an offence under GST and heavy penalties will apply.GST registration usually takes between 2-6 working days. Team Clear can help you obtain GST registration faster in 3 easy steps.Register NowWho should obtain the GST registration?Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)Businesses with turnover above the threshold limit of Rs.40 lakh or Rs.20 lakh or Rs.10 lakh as the case may beCasual taxable person / Non-Resident taxable personAgents of a supplier & Input service distributorThose paying tax under the reverse charge mechanismA person who supplies via an e-commerce aggregatorEvery e-commerce aggregatorPerson supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable personRegister NowAll about the GST registration processGST registration can be obtained on the GST portal. One must apply for GST registration in Form REG-01 on the GST portal following steps outlined in our article “How to apply for GST registration?”.However, the GST registration services at ClearTax helps you to get your business GST registered and obtain your GSTIN.Clear GST experts will guide you on the applicability and compliances under GST for your business and get your business registered under GST.Register NowDocuments Required for GST RegistrationPAN of the ApplicantAadhaar cardProof of business registration or Incorporation certificateIdentity and Address proof of Promoters/Director with PhotographsAddress proof of the place of businessBank Account statement/Cancelled chequeDigital SignatureLetter of Authorization/Board Resolution for Authorized SignatoryGST Registration FeesGST Registration is a tedious 11 step process that involves the submission of many business details and scanned documents.

The Ministry of Finance has finally relaxed the norms for filing annual GST return GSTR-9, and simplified several parts of the form after pressure from industry experts and business enterprises.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 2024.4th August 2023In 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. These relaxations were notified by the CBIC on 4th August 2023 vide Notification No.38/2023.31st July 2023    The CBIC has provided an exemption from filing the GSTR-9/9A for small taxpayers with an aggregate annual turnover up to Rs.2 crore for FY 2022-23.  Checklist to file an error-free GSTR-9Download this FREE whitepaper to get an in-depth understanding on how to file GSTR-9. Further, this is an ideal GSTR-9 filing guide explaining each task to file an accurate GSTR-9. Download Now Summarised Table of Changes Form GSTR-9(Changes applicable for FY 2017-18, FY 2018-19, FY 2019-20, FY 2020-21, FY 2021-22 and FY 2022-23)Table No.ParticularsChanges MadeTables 4 and 5: Details of Outward Supplies4B to 4EDetails of outward taxable suppliesTables can be filled net of cr./dr .notes and amendments, instead of separately reporting in tables 4I to 4L5A to 5FDetails of outward supplies on which tax is not payableTables can be filled net of cr./dr.

GSTR-1 is a monthly/quarterly return that summarises all sales (outward supplies) of a taxpayer. You must make sure that a valid GSTIN is filled while entering sales invoice details. Latest Updates10th July 2024-A new optional facility in Form GSTR-1A is notified for taxpayers to add/amend details filed in the GSTR-1 (or IFF) for a tax period before filing their GSTR-3B for the same tax period. -CGST Rule 59(4) has been amended to replace the invoice reporting limit of Rs.2.5 lakhs with Rs.1 lakh for inter-state supplies to unregistered persons. Accordingly, the GSTR-1 and GSTR-5 formats are amended to reflect the revised limit, which will apply from 1 August 2024. What is GSTR-1?GSTR-1 is a monthly or quarterly return that should be filed by every registered GST taxpayer, except a few as given in further sections. It contains details of all outward supplies i.e sales. The return has a total of 13 sections, listed down as follows:Tables 1, 2 & 3: GSTIN, legal and trade names, and aggregate turnover in the previous yearTable 4: Taxable outward supplies to registered persons (including UIN-holders) excluding zero-rated supplies and deemed exportsTable 5: Taxable outward inter-state supplies to unregistered persons where the invoice value is more than Rs.2.5 lakhTable 6: Zero-rated supplies as well as deemed exportsTable 7: Taxable supplies to unregistered persons other than the supplies covered in table 5 (net of debit notes and credit notes)Table 8: Outward supplies that are nil rated, exempted and non-GST in natureTable 9: Amendments to outward supplies that are taxable and reported in table 4,5 & 6 of the earlier tax periods’ GSTR-1 return (including debit notes, credit notes, refund vouchers issued during the current period)Table 10: Debit note and credit note issued to unregistered personTable 11: Details of advances received or adjusted in the current tax period or amendments of the information reported in the earlier tax period.Table 12: Outward supplies summary based on HSN codesTable 13: Documents issued during the period.Table 14: For suppliers - Reporting ECO operators' GSTIN-wise sales through e-commerce operators on which e-commerce operators are liable to collect TCS u/s 52 or liable to pay tax u/s 9(5) of the CGST ActTable 14A: For suppliers - Amendments to Table 14Table 15: For e-commerce operators - Reporting both B2B and B2C, suppliers' GSTIN-wise sales through e-commerce operators on which e-commerce operator must deposit TCS u/s 9(5) of the CGST ActTable 15A: For e-commerce operators -Table 15A I - Amendments to Table 15 for sales to GST registered persons (B2B)Table 15A II - Amendments to Table 15 for sales to unregistered persons (B2C)GSTR-1 due dateThe due dates for GSTR-1 are based on your aggregate turnover. Businesses with sales of up to Rs.5 crore have an option to file quarterly returns under the QRMP scheme and are due by the 13th of the month following the relevant quarter.Whereas, those taxpayers who do not opt for the QRMP scheme or have a total turnover above Rs.5 crore must file the return every month on or before the 11th of the next month.For businesses with turnoverMonth/QuarterDue DateMore than Rs.5 crore Jan 202411th Feb 2024 Feb 202411th Mar 2024 Mar 202412th Apr 2024 (earlier 11th Apr 2024)* Apr 202411th May 2024 May 202411th Jun 2024 Jun 202411th Jul 2024 Jul 202411th Aug 2024 Aug 202411th Sept 2024 Sept 202411th Oct 2024 Oct 202411th Nov 2024 Nov 202411th Dec 2024 Dec 202411th Jan 2025 Jan 202511th Feb 2025 Feb 202511th Mar 2025 Mar 202511th Apr 2025Turnover up to Rs.5 crore (QRMP Scheme)Oct-Dec 202313th Jan 2024 Jan-Mar 202413th Apr 2024 Apr-Jun 202413th Jul 2024 Jul-Sept 202413th Oct 2024 Oct-Dec 202413th Jan 2025 Jan-Mar 202513th Apr 2025* Note: As per CGST Notification no.