The 42nd GST Council Meeting was held on October 5th, 2020 chaired by Union Finance Minister Nirmala Sitharaman, via video conferencing. The meeting was attended by Shri. Anurag Thakur, Union Minister of State for Finance & Corporate Affairs besides Finance Ministers of States & UTs and Senior officers from Union Government & States.
In the last meeting i.e. the 41st GST council meeting, Centre had given two borrowing options to States to meet GST compensation requirement for the current financial year.
Trademark status and GSTR3B are two of the critical aspects that every business owner must understand.
However, most people don’t understand how to check the trademark status and how to file GSTR3B.
Concept of Form PMT-09Form PMT 09 consists of major and minor heads.
Major head are Integrated tax, Central tax, State/UT Tax, and Cess.
Minor head are Tax, Interest, Penalty, Fee and others.
In the Form PMT-09, the taxpayers need to provide GSTIN number and fill the data in Table No.
It is important to note that the amount can be transferred from one head to another only if there is enough balance available during the transfer.
The form is useful if a taxpayer wants to transfer an amount from one minor head to a major head or vice versa.
At the International Civil Aviation Organization (ICAO) Council meeting, the International Air Cargo Association (TIACA) along with high-level representatives from Airport Council International (ACI), Civil Air Navigation Services Organisation (CANSO), International Coordinating Council of Aerospace Industries Associations (ICCAIA) and The International Air Transport Association (IATA) were invited to the informal briefing of the Council which was held as a video conference.
The central theme of the meeting was ‘work together and in unison’.
SGT University is administered by the Dashmesh Educational Charitable Trust Shree Guru Gobind Singh Tricentenary University is located in Budhera, Haryana, India.
In fact, the university is established in 2013 and holds UGC approval.
Truly, SGT is one of the top private universities in India which offers various Undergraduate, Postgraduate, and Ph.D. courses in many streams.
For instance, there are streams like Medicine & Health Sciences, Commerce & Management, Science, Dental Sciences, Fashion & Design, Law, Hotel and Tourism, etc.
Above all, each course is approved by the Medical Council of India, Bar Council of India (BCI), Dental Council of India, Pharmacy Council of India (PCI), Indian Nursing Council, and UGC.
Return for the period of September is the last Return for making all the amendments & adjustments for the previous year.
Suppose, for example for the year 2020-21, GSTR 3B and GSTR 1 is the last return for filling all the amendments of the transactions related to the period April 2020 to March 2021.The following actions have to be taken before filing GST Return for the month of September :Reconcile Sales Turnover reported in GSTR 1 with that of BooksReconcile Sales Turnover reported in GSTR 3B with that of BooksCheck whether all the credit notes issues has been declared in GSTR 1 or not and the effect of the same is taken in GSTR 3B.Reconcile if invoices raised to customers are reported in B2B (customers with GSTIN) or in B2C (Unregistered customer)Reconcile whether all the advances have been reported in GSTR 3B and GSTR 1Reconcile whether the GST paid on advances have been adjusted once the invoice is issued or notReconciliation of ITC from GSTR 2A/2B with Inward RegisterFollow up with the vendors whose ITC is not appearing in GSTR 2B / GSTR 2ACheck whether all the debit notes issued to you have been reflected in GSTR 2A/2B or not.Reverse all the ineligible ITCReconcile HSN Summary with that of Sales Turnover.No additional claim of missing ITC may be made available post-filing of September GSTR 3B return.
Please thoroughly follow the above checklist before you file any September GST returns.The information provided in the Taxzona Blog does not constitute any legal, tax or financial advice.
It does not take into account your particular circumstances, objectives, legal and financial situation or needs.
Before acting on any information in the Taxzona Blog you should consider the appropriateness of the information for your situation in consultation with a professional advisor of your choosing.
