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The taxpayer has to use the latest technologies to overcome those issues.New GST returns have brought changes to the reporting of various particulars like using HSN codes, TDS, TCS for e-commerce operators and Advances received. With this demo version of the prototype, a taxpayer will be able to navigate across different pages. ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. This system is mainly for Business-to-Business (B2B) model. In case an amendment needs to be made to a particular invoice, the supplier will have to issue a debit or a credit note. I-T, e-TDS & Audit Software for CAs & Tax Professionals
The New GST Return offline tool has been launched on a trial basis from July 2019. An invoice on which ITC has already been availed by a recipient will be considered a locked invoice, and will not be open for amendments. Complete solution for all your e-invoicing needs
GST ANX-1 (Annexure of Outward Supplies) is for reporting details of all outward supplies, inward supplies liable to reverse charge, and import of goods and services, that will need to be reported invoice-wise (except for B2C supplies) on a real-time basis.GST ANX-2 (Annexure of Inward Supplies) will report details of all inward supplies. This return will contain two annexure forms namely GST ANX-1 and GST ANX-2. ClearTax can also help you in getting your business registered for Goods & Services Tax Law. Comparison of new GST returns with old/present returns for various refund types under GST. Know about the contents of the new return format and its annexures.Under new GST return system, the main return FORM RET-1 will have 2 annexures. New GST return system is simplified form of filing return by taxpayer, where taxpayer need to file only a single return along with its annexures (ANX-1 & ANX-2). ClearTax is a product by Defmacro Software Pvt. Know more about the reporting requirements under new GST returns Compare between the old and new GST return system to know about changes in reporting of Supplies from Special Economic Zone (SEZ)Reverse Charge Mechanism (RCM) comparison between old and new GST returns filing system, there are some changes in reporting supplies under reverse charge mechanism (RCM).Here are the steps to download the utility and generate the GSTR-9C JSON file offline, then upload and file form GSTR-9C on the GST portal.Here are the measures taxpayers can take to ensure that their vendors file their GST returns on time, under the new GST return system.Here are the key differences in reporting of exports, supplies to SEZ and deemed exports. Continue to read this article to know in detail about the form.New GST Return System has been launched on a trial basis. The New GST Return System has been launched on a trial basis from July 2019, and the full-fledged system will be put into place from April 2020 (earlier: October 2019). He suggested that the process may be initiated by addressing the compliance-related issues first so that the problem of tax evasion and abuse of the system due to non-linking of FORM GSTR1 and FORM GSTR-3B is addressed immediately. To learn more about the advantages associated with the simplified GST return, click Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. Besides, the GST portal’s capacity to accept returns would be enhanced to a near double level. Know about the integration of GST returns with E-Way bills under the New Return System.New GST return system will change the system of invoice management and declaration process. Amendment of a GST invoice will be allowed only if ITC has not yet been availed by the recipient.Credit note Debit note Reporting under New GST ReturnsNew MSME Act and its Effect on the Payment Cycle Under the New GST ReturnsForms under New GST Returns for claiming refund on ExportsComparison Between the Old & New GST Return System – MiscellaneousComparison between Old and New GST returns – RefundsComparison Between the Old & New GST Return System – Supplies from Special Economic Zone (SEZ)Comparison Between the Old & New GST Return System – Supplies Under Reverse Charge Mechanism (RCM)Vendor Payments – Is Holding Payments Justified For Not Filing GST Returns?Comparison Analysis: Old vs New GST Return System – Reporting of Exports, Zero-rated Supplies & Deemed ExportsComparison Between the Old & New GST Return System: Outward Supplies and Other Tax LiabilitiesComparison Analysis: Old vs New GST Return System – Reporting of Inward Supplies and ITCHow to Upload Data in GST ANX-1 using the GST New Return Offline ToolHow to Download and Install the New GST Return Offline ToolMonthly vs. Quarterly GST Returns – A Comparison Analysis: What Should Small Taxpayers Opt For?E-invoicing under New GST Return – What is GSTN’s e-Invoicing Software? Electronic invoicing is proposed to be implemented from 1st January 2020. Modi said that more than 125 accounting and billing software providing entities have enrolled with GSTN. In case ITC is available in the taxpayer’s electronic credit ledger (ECL), it can be utilised for paying the liability in the amendment return. For small taxpayers, their first GST RET-01 will need to be filed for the quarter of October-December 2019.To know more about the transition into the New Return System, A taxpayer will be able to analyse and experience the practical aspects of the simplified GST returns with this prototype. Download ClearTax App to file returns from your mobile phone. Or click on Free Trial to get 14 days free trial. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform.
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