Thread on Reporting of Input Tax Credit in GSTR-3B From November 2023 & onwards

Even though this reporting is effective from Aug 2022. Importance is understood now only after reminder regarding Declaration of Opening Balance of Recliamable ITC & notice under DRC 01C
@beevenkat Part 1: Format and Legal Provisions

Reverse Charge Mechanism (RCM) under GST

Detailed Thread

Credit to B.Venkateswaran Sir I.R.S.,
Assistant Commissioner Central GST (Retired)

@cbic_india
@beevenkat
@DgtsKzu
@DgtsDzu
@FinMinIndia Statutory Provision of Reverse Charge Mechanism
Section 2 (98) Definition : “Reverse Charge”
Section:9(3)-Reverse Charge on specified Goods and Services
Section :9(4)-Reverse charge on supply from unregistered person
Section 5(3) of IGST Act, 2017
Section 5(4) of IGST Act, 2017

Instruction No. 03/2023-GST

Guidelines for processing of applications for GST registration

#Thread

1/5 The Proper officer shall carefully scrutinize the documents, examine the information and check the authenticity of the GST Registration Documents

2/5

COMPUTATION OF TOTAL INCOME AND TAX PAYABLE BY AN INDIVIDUAL – STEP BY STEP PROCEDURE

Source @theicai

This Thread will definitely be helpful during ITR Filing Session for AY 2023-24

Thank You @theicai
#TaxationUpdates
1/6 Determination of Residential Status of an Individual

2/6

THE BOOKMARK Thread

This thread will definitely helpful to all professionals

#TaxationUpdates Official Links

https://twitter.com/TaxationUpdates/status/1647998538830471168?s=20

A wonderful compilation of threads and tweets that will definitely serve as a referencer for all the professionals

If you find it worthy then do follow the creator
1/n Credit to @abhishekrajaram
IT1:How to bifurcate Outward Supplies as per bifurcation in GSTR-1

https://twitter.com/abhishekrajaram/status/1579789604177477633?s=20

OTH1:Top 5 Tips for Tax Professionals for Time Management

https://twitter.com/abhishekrajaram/status/1596711676174372864?s=20

Save this thread for future reference

Tax Rates for the last 8 assessment years (A.Y.2015-16 to A.Y.2022-23) Financial Year 2014-15
(Assessment Year 2015-16)

#UDIN Report 2022-23
Credit to @theicai

Thread with detailed analysis Pic 1:Milestones of UDIN
Pic 2:From Challenges to Solutions
Pic 3:Features of UDIN Portal
Pic 4:New Features

#Highlights of The Finance Bill, 2023

From the official website of @IncomeTaxIndia
1/12 Proposed Changes in Tax
Rates
2/12

Very Important Thread

Every month you need OTP from tax payer for filing every GST Return and you have to wait till OTP provided by tax payer

Below mentioned process will definitely help you Using Filters and Forwarding option from @gmail you can get all OTP as well as all important communication like notices, order, certificates etc in your single email

Here the complete process in thread
👇👇👇

If your Aggregate Annual Turnover is up to ₹5 Crore then #QRMP (Quarterly Return and Monthly Payment) Scheme will save your Late fees in #GST

How it saved is explained here 👇👇👇 in thread Non QRMP
Monthly GSTR 1 on or before 11th of Next Month so from 12th Late Fee is Applicable

QRMP
Option to file IFF for Month 1/Month 2 and Quarterly GSTR 1 on or before 13th so late fee is applicable for delay in Quarterly GSTR 1 only

Thread on GSTR 9 Tables

(Note:This Thread is for Information Purpose only)

If you found it is helpful then kindly Retweet, Like and Share the thread and do follow @TaxationUpdates Table 4:Value comes from GSTR 1/IFF match it with GSTR 3B & Books

If Supplies/tax declared through Amendments in Same year than in 4(K) if Positive & 4(L) if Negative

If Supplies/tax declared through Amendments in Next year than in Table 10 if Positive & in Table 11 if Negative

Thread on PAN-Aadhaar Linking Who is Required to Link PAN with Aadhaar:
Every person who has been allotted a PAN as on 1st July 2017 and is eligible to obtain Aadhaar number is required to link PAN with AADHAAR
(Whether you are filing Income Tax Return or Not doesn't matter in Linking of PAN-Aadhaar

E-Brochures from @cbic_india
(updated as on November 2022)

Thank you @cbic_india

Kindly refer it
(Total 23 Brochures in #Thread) 1:Overview
of GST
cbic.gov.in/htdocs-cbec/gs…

Unlock option added by @IncomeTaxIndia
(If Income Tax Account get locked after multiple wrong attempts to login)

1/4 Unlock e-filing account: 2 Option
1:OTP on mobile number and email id registered with e-filing
2:One Time Password (OTP) on mobile number registered with Aadhaar

2/4

AIS Utility Updated by @IncomeTaxIndia

New Tab "Sale of Securities" is added

This will help in Calculation of Short Term Capital Gain (STCG) and Long Term Capital Gain (LTCG)

Thank You @IncomeTaxIndia How can I view the Sale of securities for a specific Financial Year (FY)?

Process to Update #UDIN on Income Tax Portal

Path e-File > Income Tax Forms > View /Update UDIN details

Option 1 : Update UDIN for Single PAN/TAN (T2)
Option 2 : Bulk UDIN Update (T3/T4/T5) T2
Option 1: Update UDIN for Single PAN/TAN
a:Click on Update UDIN link under UDIN Status against Particular PAN
b:Enter UDIN of this Form exactly as generated from the ICAI portal & Submit it
c:UDIN Updation Successful
d:UDIN Status will be Changed to Consumed with Time Stamp

Some useful chart related to #IncomeTax #GST #ROC
Income Tax Rates
1⃣ TCS Rate Chart
TDS Rate Chart
2⃣

Thread on Some Suggestions in #GST

1. Please provide some Standard Operating Procedure (SOP) for GST Registration and issue proper format of letters required in GST Registration i.e.Consent Letter

This will remove hardship faced by many tax payers
(1/8) 2. Please enable single GST Tax instead of IGST, CGST, SGST, Cess etc and currently there are too many different GST Rates (0, 0.1, 0.25, 0.5, 1, 1.5, 3, 5, 7.5, 12, 18, 28), so combines this GST Rates
(2/8)

Update 1
Now Individual Tax Payer Can Login with Aadhar Number on Income Tax Portal
#NewPortal
#Incometax Update 2
Website can be accessed in dark mode also
#NewPortal
#Incometax
chat.whatsapp.com/CLsJwvJbnDz21k…