Email received from GSTN on Aggregate Turnover under GST – Application and Action points need to taken

Email from GSTN (noreply@gstn.gov.in) – Registered persons whoes Aggregate turnover being more than Rs. 5 Cr during FY 2019-20 has received an email from GST Department (GSTN) 

You may have received an email from GSTN on 04/05th August, 2020 about Aggregate turnover being more than Rs. 5 Cr during FY 2019-20. Here we will discuss few take aways and Action points the registered person under GST needs to take in mind (Sample e-mail received from the GST department has been attached at the end of this article).

The summary and probable explanation of the email is as under –

Aggregate turnover for the financial year 2019-20 has been computed by GST system based on the returns filed in Form GSTR-3B by all registrations on the common PAN which exceeds Rs. 5 Cr. The returns of FY 2019-20 filed upto 25th July, 2020 have been considered for the said computation. Read More

All about “New Form 26AS” which every tax payer should know about !

What is Form 26AS?

Form 26AS, popularly known as the Tax Passbook is an annual statement in which the details of tax credit against the PAN of the taxpayer are reflected. Various details like

  • TDS/TCS
  • Advance tax/Self assessment tax
  • Refund claims etc

Are generally updated in the form on a Quarterly basis, which shall help the taxpayer in filing the ITR at the end of the year. Read More

TDS Rate Chart Income Tax – FY 2020-21

Tax Deducted at Source (TDS) is a mechanism that has been introduced by the Income Tax Department. Under this, the responsible person is supposed to deduct a certain percentage of income as tax before making the payment to the receiver. The payment includes salary, commission, professional fees, interest, rent, etc.

Due to Covid-19 situation, the rates of TDS on payments made to resident Indian has been reduced by 25% for the period starting from 14th May, 2020 to 31st March, 2021. However, there shall be no reduction in rates, where tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar.

Now, let’s have a look at the TDS/TCS Rates applicable for financial year 2020-21 as per Press Release issued by Ministry of Finance dated 13th May, 2020: Read More