Discover and read the best of Twitter Threads about #GSTR3B

Most recents (4)

Input Credit Availment Criteria #GSTR3B Return

1) There is appropriate documentary evidence of such supplies on which input credit is availed i.e., Invoice or Debit note

2) Goods or service or both are received on such supplies for which the credit is claimed

#GST
#Seamless
3) Credit claimed in the GSTR 3B Return is reflected on your GSTR 2B

4) The supplier of such supplies has paid tax on such credit availed by you

5) The supplier of such supplies has filed the return on such credit availed by you

#ITC
#compliance
#Harassment
6) The credit availed is not a Restricted credit as per Sec 38 (Additional condition applicable from 01.10.22)

#GST
#seamlessITC
Read 3 tweets
GST is Destination based tax,levied at place of Consumption&not place of Origin

Sugar,Edible Oils,Tea,Coffee(not instant),taxed at 5%&milk 0%

Average fall in tax rate is 43%+, across array of items,in last 4yrs,thx to #OneNationOneTax executed by @narendramodi govt

My thread👇
#GST is value added tax&less inflationary;GST rate is multiplied by total pre-tax cost

In case of zero-rated supplies,retail sale is not taxed&firms claim credits for GST paid on inputs

GST was first implemented in 1954& it took a @narendramodi to have it implemented in India💪
Since Oct 2020,till May 2021,GST Collections have been in excess of Rs 1 lakh Cr,for 8 months in a row, endorsing uptick in economic activity

One Nation One Tax has reduced number of submissions from over 495,to barely 12,ensuring Ease in Tax filing
#4yearsofGST #OneNationOneTax Image
Read 4 tweets
Date of filing #IncomeTaxReturn for current financial yr,extended from 31stJuly,to 30thNov2020

TaxAudit date for firms,extended from 30thSep,to 31stOct

Date of issuance of Form16 by firms,extended from 30thJune to 15thAug

22 lakh nil return payees,can soon,file #GSTR3B via Sms
*All the aforesaid dates are with reference to financial year 2019-20,ending on 31st March 2020.
Date for starting operations by new #SEZs,for claiming tax holiday via Sec10AA of IT Act,extended to Sep 30th2020

Linking PAN with #Aadhaar extended to March 31st2021

Date for #SelfAssessment,till 1 lakh, extended to 30thNov2020

No extension of SA for tax liability over 1 lakh
Read 8 tweets
The most appreciated part is that this govt always have some unique solutions everytime ✌️👍..
Although some may not work but at least @nsitharaman mam and her team have some out of the box thinking🙌 Image
#GSTR3B Due Dates

Taxpayer having T/O > 5 Crs - 20th of every month

For T/O < 5 Crs statewise 😳

Maharashtra, Gujarat, Tamilnadu + 12 more - 22nd of every month

Rajasthan, Delhi, UP + others - 24th of every month.

(For state list, refer press release)
*Notification awaited.
#GSTR3B due dates as per Map Image
Read 3 tweets

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