GST Update – Alert on the GST portal

Latest GST Updates, Alert on the GST Portal –

⦁ Where the liability declared in GSTR-3B varies significantly with Form GSTR-1.

or

⦁ Where ITC taken in GSTR-3B varies significantly in comparison with auto-populated GSTR-2B.

GST update – Indicating a contravention to the provisions in rules, registration shall be suspended in terms of Rule 21(2A) of CGST Rules 2017.

⦁ If one could remember, as per Notification 94/2020 dated 22nd December 2020, a new sub-rule 2A has been inserted in Rule 21A of the Central Goods and Services Tax (CGST) Rules, which states.

⦁ Any significant differences or anomalies observed between the GSTR-3B and the GSTR-1/2B could lead to the suspension of GST registration.

⦁ Further, if these differences remain unexplained, the GSTIN could get canceled.

⦁ The tolerance limit has been kept at 10% in both cases by GSTN as per the alert message.

The taxpayer can check the comparison / variances post-login by navigating through Services–>Returns–> Tax liabilities–>and ITC Comparison–> Select year (period).

Note – This alert will definitely be helpful for the taxpayers to keep a tag on the variance/ anomalies and take corrective measures in time.

Documents Required for filing Income Tax Returns of Salaried Individual in India

Key Docs Required for filing Income Tax Returns of Salaried Individual –

  • ⦁ Form 16 – Issued by the employer.
  • ⦁ Income Tax Login Details – Required to upload the return and check form 26AS for any other income and its correctness.
  • ⦁ In case home loan is taken from a bank or financial institution, then a housing loan interest statement is required.
  • ⦁ In case trading/investment is made in shares or mutual funds, then – Profit and loss statement for the year or capital gain report (used by some broker) is required.
  • ⦁ Details of NSC / KVP or any other investment made under section 80C – It includes any life insurance premium,, any Tax saver FDs, Public Provident Fund, etc.
  • ⦁ Form 16A is issued by banks in case there is a Fixed Deposit.
  • Health insurance premium receipts.
  • Investment details in NPS.

Other than this, some case-specific documents include –

  • ⦁ In case a property is sold, then a sale deed & purchase deed is required for tax calculations.
  • ⦁ Currency / Commodity trading P&L.
  • ⦁ Future & Options Trading P&L.
  • ⦁ Rental Income – Rent Agreement is advised in this case.

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