Category: Accounting

RCM deferred till Mar 31st 2018

The Central Government vide Notification No. 38/2017 – Central Tax (Rate) dated 13th October, 2017, has amended Notification No. 8/2017 – Central Tax (Rate) dated 28th June, 2017

“Therefore, any registered person procuring taxable goods / services from unregistered suppliers, shall not be required to pay CGST under reverse charge mechanism U/s 9(4) of CGST Act, 2017 till March 31, 2018 with effect from 13th Oct, 2017.

In case of goods, where tax is payable on reverse charge basis, the time of supply shall be the earliest of the following :

  1. Date of Receipt of Goods
  2. Date of payment to unregistered supplier
  3. Immediately following 30 days from the date of issue of invoice or any other document”


GST Council Updates | Oct 06th 2017

Major #GST decisions taken by the GST Council :
1. Threshold for #Composition scheme changed to 1 CR
2. GST #Returns to be filed once in quarter not monthly basis for turnover up to 1.50 CR.
3. On 60 items tax reduced to 5% from 12%.
4. Recommended AC #Restaurant Tax to be reduced from 18% to 12%
5. No need of #PAN for jewelry purchased up to 2 lacs.
6. GST on #Handcrafts may get changed from 18% to 12%
7. E-wallet gateway will be developed and introduced after six months
8. Reverse charge mechanism suspended till March 2018

Majority of these decisions are in favour of the SMEs

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Every person registered under any of the existing laws, who is not liable to be registered under the Act may on or before 31st October, 2017 at his option, submit an application electronically in FORM GST REG-29 at the common portal for the cancellation of registration granted to him and the proper officer shall, after conducting such enquiry as deemed fit, cancel the said registration

Facility of furnishing Letter of Undertaking extended to more exporters

Per Dept of Finance

Small exporters have brought to the notice of the Government the difficulties in furnishing bond with requisite bank guarantee. To facilitate exports under GST, it has been decided that the facility of furnishing Letter of Undertaking, in place of a bond, for exporting goods or services or both shall be allowed to exporters and no bank guarantee will be required.The relevant notification for this shall be issued in due course.

The issue of cash blockage is expected to be partially addressed by this measure.

EZGST | Let the Best GST Solution Win!

Introducing, the Online GST Solution to prepare GST Compliant Invoicing, maintaining books, get to know how well your business is doing real-time, and prepare your GST Returns. It’s Online, Easy, Fast, and Secure way to manage your business, and be GST Compliant.

Features including but not limited to …

  1. GST Compliant Invoicing
  2. Online – Highly available and no need to maintain backups
  3. Quick Onboarding – Import your data from legacy systems thru Excel
  4. Personalization – Highly customized Invoicing
  5. Drafts > Estimates > Delivery Challans > Invoices > CR/DR Notes >  RCs > All.
  6. Individual, or Bulk Payments – just a Click away
  7. True multi tasking – Multiple users can Book / Bill at the same time
  8. Quick Invoicing, Auto Delivery, & Reminders
  9. Multi-Channel GST returns preparation
  10. Cater for Regular and Composition Businesses thru customized look
  11. Expenses & Purchases
  12. Real Time P & L
  13. Excellent User Experiance
  14. Simplified easy to understand language for greater audience
  15. Sales Analytics to know your business
  16. above all, Our Outstanding Client Service is now a 100% FREE to try for 1st 100 days*, applicable until further notice.

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How to resolve errors made in GSTR 3B?

Based on our observations thru, there are lot of errors committed by the GST tax payers in filing their first Return, GSTR-3B.  As GSTR 3B cannot be revised, it makes the taxpayers worried about the possible consequences due to errors committed. Most of the mistakes or errors done in GSTR 3B can be corrected and reconciled by filing GSTR 1, 2 and 3.

  • The Filing of GSTR-1, GSTR-2 and GSTR-3 is mandatory though the very first return is filed in GSTR-3B.
  • All the Sales / Income that has suffered GST is to be given in the GSTR-1
  • All the Purchases / Expenses Suffered GST have to be given in the GSTR-2
  • The Reflection of the GSTR- and GSTR-2 is auto populated in the GSTR-3
  • This GSTR-3 will be compared with the already filed GSTR-3B and any differences are automatically will get reflected in the Ledgers.

In case of additional queries on GST Return preparation, GST Invoicing, and understanding the complexities around GST for your business, please connect us @

GST Rate Recommendations from GST Council

The GST Council that had met on 9th Sept’17 has decided to change Or modify the GST rates on 40 goods that are for day to day use.
The rates of Wall nuts if reduced from 12% to 5% , Roasted Gram from 12% to 5%, Custard Powder from 28% to 18%, Batters, including idli/ dosa batter from 18% to 12%.

GST Cess increase for certain automobiles

Honorable Finance minister, Mr. Arun Jaitley, made a decision during the GST Council meeting held on 09th Sep @ Hyderabad, to increase the GST Cess for mid-to-large segment automobiles.

With this, the GST cess on mid-segment Cars (<1500cc)  will go up by 2%, large Cars by 5% and SUVs by 7%. The effective tax burden is expected to be less than the pre GST levels. Interestingly no changes made to GST Cess on hybrid vehicles falls in the expensive category.



GSTR Deadlines extended again!

Per latest reporting from GST Council’s 21st meeting held in Hyderabad, the GOI extended the deadline to file GSTR 1 for July to October 10. The earlier deadline was Sunday, September 10.

Despite of all the hard work from the GSTN and other related govt agencies, the deadline extension is a good move for the SME segment where they faced hurdles over last several wks in getting oriented towards GST and the troubles, in addition, technical glitches with the new GST Portal challenged tax professionals patience.

Let’s wish to have a better system in coming month.

Visit for further help on GST, how software help traders to be quick with tax compliance, without hassels.

Tax Audit and ITR filing due date extension

Tax Audit and ITR filing due date extension AY 2017-18 to 31-10-2017. Deadline for filing return of income and all audit reports extended in view of GST.

Order under Section 119 of the Income-tax Act, 1961 (‘Act’)

The Goods and Services Tax (‘GST’) has come into effect on 01.07.2017. In recent days, dates for filing various returns and forms under GST have been extended by the Government. In this backdrop, representations have been filed by various stakeholders requesting for extending the ‘due date’ for filing various reports of audit as well as tax-returns under the Income-tax Act from 30th September, 2017 so as to allow sufficient time to the assessees’ and tax professionals, and thus, facilitate their ease of compliance with statutory responsibilities under various fiscal laws.