April 2021 Important New Changes in GST
Note the very important changes in GST with effect from 1st April 2021. What is E-invoicing , How it works and what are the sudden effects???.
CLARIFICATION IN REFUND RELATED ISSUES
Circular No.147/03/2021/GST Dated.12-03-2021 Clarified some GST Refund Issues.
E-Invoicing April 2021 Onwards
The Tax Payers Whose Aggregate Turnover Exceeds 50 Crore rupees Should generate E-Invoice for B2B supply of Goods Or Services Or Both with effect from 01-04-2021.
CLASSIFICATION OF TAX PAYERS (GST)
Tax payers are required to select their business activity only once, as – Manufacturer, wholesaler/distributor/Retailer,service providers & others post login based on highest turnover amongst them. you can change the same later.
IMPORTANT INCOME TAX DATES IN THE YEAR 2021
January 10 Due date of filing ITR for FY 2019-20 for taxpayers whose accounts are not be audited January 15 Extended due date for furnishing various audit reports January 15 Quarterly statement of TCS deposited for quarter ending December 31,2020 January 30 Issue of quarterly TCS certificate in respect of tax collected for the quarter
Advance Tax Payment Process
How to Calculate & Pay Advance Tax? Advance tax means Income Tax should be paid in advance instead of lump sum payment at year end. These payments have to be made in installments as per due dates provided by the income tax department. Who should pay Advance Tax? Salaried, freelancers and businesses– If your total
