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Form CMP-08 in GST is an important quarterly form for those taxpayers who opted for the composition scheme. This scheme came into effect in the financial year 2019-2020 to simplify the tax filing process for micro and small businesses. Under this scheme, they have to declare turnover against which the tax liability is paid.  If… Continue reading CMP-08 in GST: Due Date, Late Fees & How to File

The 53rd GST council meeting announced taxpayers below annual turnover of Rs 2Cr to be exempted from GSTR-9A for FY 2023-24.  Let’s take a quick walk through GSTR-9A meaning, its applicability, due date, turnover limit and more.   What is GSTR-9A Annual Return?  GSTR-9A has been discontinued for composition taxpayers for periods after FY 2018-19. Its… Continue reading GSTR-9A: A Detailed Guide for Composition Scheme Taxpayers

Compared to other GST returns, GSTR-7 is completely different. You have to deduct the TDS from the payment, keep a record of those deductions, and pay the return. Fortunately, it is not applicable to all taxpayers/businesses.  This blog will make you understand everything you need to know about GSTR-7.  GSTR-7 Meaning: What Exactly GSTR-7 Is? … Continue reading GSTR-7 Simplified: Filing Steps, Due Date & Late Fee

GSTR-3B is a summary of sales, ITC claims, taxes paid, and refunds claimed. You can file GSTR-3B in two ways: through the GST portal or via a compliance service provider.  Let’s take a quick look at how to file GSTR-3B using the GST Portal.  How to File GSTR-3B through GST Portal? The GST portal serves… Continue reading How to File GSTR-3B: A step-by-step Guide

Composition is an alternative to regular tax collection methods, enabling micro and small businesses to start and thrive without worrying about compliance issues. In this blog, we have addressed all the basic questions related to the composition scheme in GST.  What is the Composition Scheme in GST The GST Composition Scheme is an alternative to… Continue reading Composition Scheme in GST: Eligibility, Forms & Tax Rates

If you have just started your accountancy practices or if you are a business owner who does not know the first step toward staying GST-compliant, read this blog to understand GSTR-1 return filing, its meaning, late fees, the latest updates, and how to file GSTR-1  with Munim GST Return Filing Software.  What is GSTR-1 &… Continue reading GSTR-1 Return: Meaning, Due Date & How to File With Munim