As mentioned above, GST Seva Kendra helps people to easily assess the banking transactions such as deposits, withdrawals, and also transfer money from their comfortable place. It means people do not need to visit physically to the bank for making any of these transactions. To ensure the safety and security of all the transactions there are numerous things checked upon. Let us read some of them.
GSTR-10 is the return to be filed by the registered taxable persons who have opted for the cancellation of the GST registration.A taxable person who opts for cancellation of GST registration has to file a final return under GST law in this form within three months. In this article, we discuss all aspects of GSTR-10 in detail. The taxpayers who had not filed GSTR-10, i.e. final return are now allowed to file the final return with a reduced late fee of Rs.500. However, the pending GSTR-10 has to be filed on or before 31st December 2020.
GET STARTED NOWIn accounting, reconciliation is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. Reconciliation is used to ensure that the money leaving an account matches the actual money spent. This is done by making sure the balances match at the end of a particular accounting period. A procedure for confirming that the balance in a chequebook matches the corresponding bank statement. This is normally done by preparing a bank reconciliation statement. A procedure for confirming the reliability of a company’s accounting records by regularly comparing [balances of transactions]. An account reconciliation may be prepared on a daily, monthly, or annual basis.
Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes. The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government. The GST replaced existing multiple taxes levied by the central and state governments.
A tax return is the completion of documentation that calculates an entity’s or individual's income earned and the amount of taxes to be paid to the government or government organizations or, potentially, back to the taxpayer. Taxation is one of the biggest sources of income for the government. There are two types of taxes—direct and indirect—which are both parts of the tax revenue. Tax revenue is the income gained by government from taxes that are levied on income, profit, goods and services, land revenue, ownership, and transfer of property, and other taxes.[2] Total tax revenue calculated as a percentage of GDP shows the share of the country’s output collected by the government through taxes. Tax revenue is used by governments to grant sums of money to communities, the military, education, hospitals, and infrastructure.
A tax schedule is a form required by the Internal Revenue Service (IRS) to be prepared in addition to the tax return. It is a tool that reports and provides information about the additional calculations and other amounts stated in the tax return.[9] These generally include information on amounts such as mortgage interest, interest income or charitable contributions. Tax schedules are used by both taxpayers and taxation authorities such as IRS. The simple tax returns can be filed using the Form 1040 whereas the complex tax returns additionally requires a tax schedule to be completed with the tax returns. There are different types of schedules such as Schedule A, Schedule B, Schedule C, Schedule D , Schedule EIC and Schedule SE. Specific tax forms can be used by taxpayers or private entities that are required to report information on the tax liabilities, including income earners, businesses, and companies.
Now a Days, GST is that the most discussing topics in India. All folks are still confused about the method for registration, filling the return forms, tax challan, e-way bill and other forms for GST. It’s also mandatory sure other individuals including UIN holders, e-commerce operators, persons deducting TCS/TDS, etc. of these entities at interludes need to file GST returns and took rules & regulations stated under the GST Act aside from provisions specified for registration. Central Tax Authority will cancel the GSTIN issued to the taxpayer by the Cancellation of GST Registration. With the help of GSTIN Cancellation, he will not be the authorized person anymore and irrecoverable from him as he is not a registered person under GST and there is no system to pay or collect the GST anymore.
The Goods and Services Tax Return7 is a document or statement that is filed by those taxpayers who deduct tax while making payments to vendors/suppliers towards the inward supplies received. This return must contain the details of those transactions where tax was deducted by you at source along with the complete details of your suppliers.The GSTR-7 for a particular month can be filed upon the completion of that month. The last day for filing this return is before the 10th of the following month. (E.g.: If you are filing the GSTR-7 for March 2018 then, you have to file it before the 10th of April 2018.)
GET STARTED NOWThe International Electrotechnical Commission (IEC; in French: Commission électrotechnique internationale) is an international standards organization[3][4] that prepares and publishes international standards for all electrical, electronic and related technologies – collectively known as "electrotechnology". IEC standards cover a vast range of technologies from power generation, transmission and distribution to home appliances and office equipment, semiconductors, fibre optics, batteries, solar energy, nanotechnology and marine energy as well as many others. The IEC also manages four[5] global conformity assessment systems that certify whether equipment, system or components conform to its international standards.
A waybill is a receipt or a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods and the details include name of consignor, consignee, the point of origin of the consignment, its destination, and route. Electronic Way Bill (E-Way Bill) is basically a compliance mechanism wherein by way of a digital interface the person causing the movement of goods uploads the relevant information prior to the commencement of movement of goods and generates e-way bill on the GST portal. The e-way Bill System for Inter-State movement of goods across the country has been introduced from 01 April 2018. e-Way Bill is mandatory for Inter-State movement of goods of consignment value exceeding Rs.50,000/- in motorized conveyance.
As per Section 44(1) of CGST Act 2017, taxable persons are required to furnish the Annual Return for every financial year electronically. Further, taxable persons whose turnover exceeds Rs. 2 Crores during the financial year, are required to get their accounts audited under Section 35(5) of CGST Act 2017, by a Chartered Accountant or a Cost Accountant and submit Audited annual Financial Statements & a reconciliation statement (reconciling values of supplies declared in return furnished for financial year with audited annual financial statement) , along with the Annual return.
As per the Finance Act, 2021, the requirement of GST audit and submission of GSTR-9C as certified by the CA/CMA was removed. As per the 43rd GST Council meeting that was held on 28th May 2021, the GST Council recommended that GSTR-9C may be still submitted as self-certified by taxpayers with annual aggregate turnover of equal to or more than Rs.5 crore. The CBIC notified this change in Notification No. 29/2021 – Central Tax, dated 30th July 2021. The CBIC has exempted GST-registered taxpayers with annual aggregate turnover up to Rs.2 crore in FY 21-22 from filing Form GSTR-9.
According to the Internal Revenue Service, 77% of tax returns filed in 2004 resulted in a refund check, with the average refund check being $2,100.[1] In 2011, the average tax refund was $2,913.[2][3] For the 2017 tax year the average refund was $2,035 and for 2018 it was 8% less at $1,865, reflecting the changes brought by the most sweeping changes to the tax code in 30 years.[4] Taxpayers may choose to have their refund directly deposited into their bank account, have a check mailed to them, or have their refund applied to the following year's income tax. As of 2006, tax filers may split their tax refund with direct deposit in up to three separate accounts with three different financial institutions. This has given taxpayers an opportunity to save and spend some of their refund (rather than only spend their refund).[5][6] Every year, a number of U.S. taxpayers around the country get tax refunds even if they owe zero income tax. This is due to withholding calculations and the earned income tax credit.[7] Because withholding is calculated on an annualized basis, an individual just entering the work force or unemployed for a long period of time will have more tax than is owed withheld.
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