GST Info Tamil

CHECKLIST ON STANDARDS ON AUDITING Standards on Auditing are performance benchmarks for the members while conducting audit engagements. The members need implementation support from the Institute of Chartered Accountants of India (ICAI) so that these Standards can be implemented by them during their engagements in letter and spirit as per intent of the Standards. The Auditing and Assurance Standards Board (AASB) of ICAI has been taking various steps to support the members in effective implementation of these Standards. These steps include organizing regular training programmes on Standards, issuing implementation guides on Standards, issuing various other publications/ literature on Standards. In its continuous endeavour of learning and knowledge dissemination, the Auditing and Assurance Standards Board has now come out with this publication, “Checklist on Standards on Auditing”. The publication covers checklist on all the 38 Standards on Auditing issued till date covering various audit...

The  Central Board of Direct Taxes (CBDT)  has enabled the Common Offline Utility for filing ITR 1, ITR 2 and ITR 4 for AY 2023-24. Common Offline Utility for preparing and filing ITR 1, ITR 2 and ITR 4 for AY 2023-24 is released. Please click Downloads | Income Tax Department to access and download the same. Once prepared, you can upload the JSON at Income-tax website. The Income Tax Return (ITR) is a form that is used to declare net tax liabilities, claim tax deductions, and report gross taxable income. Individuals who make a specific amount of money are required to file IT returns. Firms or corporations, Hindu Undivided Families (HUFs), and self-employed or salaried individuals are required to submit an ITR with the Income Tax Department of India. Common Offline Utility (ITR-1, ITR-2 and ITR-4) Common Offline Utility for filing Income-tax Returns ITR 1, ITR 2 and ITR 4 for the AY 2023-24. ITR 3 will be enabled shortly. Utility Date of release o...

  Read more details:  Rule 88C has been added to the CGST Rules 2017 vide  GST Notification No 26/2022 to implement decisions taken by 48th GST Council Meeting. The Rule 88C specifies manner of dealing with difference in liability reported in statement of outward supplies and that reported in return.   What is Rule 88C under GST? Section 75(12) of the CGST Act, 2017 allows for recovery of tax without the issuance of a  Show Cause Notice  under Section 73/74 of the CGST Act, 2017 where any amount of tax is self-assessed in accordance with the return furnished under Section 39 of the CGST Act, 2017.   An explanation was added to the said sub-section by Finance Act, 2021 wherein the expression “self-assessed tax” included tax payable in respect of details of outward supplies furnished under section 37 (GSTR-1), but not included in the return furnished under section 39 (GSTR-3B). The said explanation was made effective from 01st January 2023. There we...

  Dear Taxpayers, 1.   It is informed that GSTN has developed a functionality to enable the taxpayer to explain the difference in GSTR-1 & 3B return online as directed by the GST Council. This feature is now live on the GST portal. 2.   The functionality compares the liability declared in GSTR-1/IFF with the liability paid in GSTR-3B/3BQ for each return period. If the declared liability exceeds the paid liability by a predefined limit or the percentage difference exceeds the configurable threshold, taxpayer will receive an intimation in the form of DRC-01B. 3.   Upon receiving an intimation, taxpayer must file a reply in Form DRC-01B Part B, providing clarification through reason in automated dropdown and details regarding the discrepancy, if not included in the dropdown. 4.   To further help taxpayer with the functionality, a detailed manual containing the navigation details is available on the GST portal. It offers step-by-step instruct...