GST Annexure 1 will be replacing form GSTR 1 from the current GST return system, which will be a self-declaration of outward supplies and inward supplies attracting reverse charge. Form GST ANX-1 consists of 13 sections in total.
The recent update of GSTN portal with Simplified Returns suggests GST team ’s earnestness towards simplification of tax filing. The simplified taxation forms are need of the hour, especially for small taxpayers.
3 weeks, 4 days ago
While the businesses and consumers are celebrating the boons of GST in the long run, the tax-team are forever on their foot to comply with this ever-evolving system,especially for those in manufacturing industry, who have to deal with numerous invoices every month and ensure no compliance hazard arise due to the same, that can impact the reconciliation process of their organisation and eventually the Annual returns.
EWay Bill System, introduced in April 2018 last year with an objective of free movement of goods across the country, has been a success story so far.
3 weeks, 5 days ago
The Central Board of Indirect Tax and Customs (CBIC) introduced “Manual check” for its Customs and GST formation before the issuance of IGST refunds.