Solved Queries
Q. 95 AS PER FINANCE ACT 2022 IN SIXTH SCHEDULE IT IS MENTIONED THAT RATE OF INTEREST SHALL BE SUBSTITUTED WITH 18% IN PLACE OF 24% W.E.F. 01-07-2022, WHETHER IT IS NOTIFIED OR NOT, IF NOTIFIED PLEASE PROVIDE NOTIFICATION NUMBER, THANK YOU
Ans. As per clause 116 of finance act 2022, interest rate of 24% have been reduced to 18% and it is applicable retrospectively from 1.7.2017.
Q. 94 Kindly share the details what are the data required for filing the GST returns and mention last date of return and how many returns should be filed every month.
Ans. Under GST law, all registered person is required to file monthly or quarterly returns and annual GST returns have to be complied with as per the business criteria. The GST returns have to be filed online on GST Portal. If the aggregate annual turnover is above INR 5 crore in the preceding financial year, then following returns have to filed.
| GSTR- 1 | Monthly statement of outward supplies of goods and services, invoice wise details to be given
https://taxo.online/wp-content/uploads/2022/02/FORM-GSTR-1.pdf |
Due date prescribed in the Act is 11th of the next month |
| GSTR-3B | Monthly return consolidated details of outward and inward supplies to be given
https://taxo.online/wp-content/uploads/2022/02/FORM-GSTR-3B.pdf |
20th of the month |
| GSTR-9 | Annual Return, consolidated details of the FY to be provided
https://taxo.online/wp-content/uploads/2022/02/FORM-GSTR-9.pdf |
31st December of the next FY |
Q.93 One of the gst registered regular scheme notice received from gst department
Year 18-19 and 19-20 and year 20-21 years dealer itc excess claim in gstr3b (difference between gstr3b vs gstr2a).
Question:
Dealer itc excess claim tax payable compulsory
Ans. This is a very subjective matter of litigation. If you have genuine purchases and invoice wise details are available with you, you can take this case to a higher level of authority if the relief is not given at a lower level. Practically, the department is very rigid in these cases. It is also advised to take a detailed opinion to have better clarity.
