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Ramesh Sharma
Enlightened
Asked: In:

  1. Advocate Dr Amit Dua Explainer

    There is no specific provision under the Goods and Services Tax (GST) Act on how to convert a proprietorship into a partnership.   There are various mentions in the Act on converting a proprietorship into partnership firm: Step 1: Obtaining GST registration for partnership. Step 2: Transfer ofRead more

    There is no specific provision under the Goods and Services Tax (GST) Act on how to convert a proprietorship into a partnership.

     

    There are various mentions in the Act on converting a proprietorship into partnership firm:

    Step 1: Obtaining GST registration for partnership.

    Step 2: Transfer of unutilised Input Tax Credit (ITC) to partnership firm,

    and Finally in Step 3: Cancellation of proprietorship GST registration.

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chetan singhania
Beginner
Asked: In:

The QRMP (Quarterly return and monthly payment) scheme

QRMP Scheme under GST
  1. CA Sanjiv Kumar Enlightened Chartered Accountant

    Hi The QRMP (Quarterly return and monthly payment) scheme is introduced to help small taxpayers whose turnover is less than Rs.5 crores. As clear from the name It allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month. It was brought into effect from 1st January 2021 for tRead more

    Hi

    The QRMP (Quarterly return and monthly payment) scheme is introduced to help small taxpayers whose turnover is less than Rs.5 crores. As clear from the name It allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month.

    It was brought into effect from 1st January 2021 for the users having aggregate turnover of up to INR 5 crores in the previous financial year.

    Previously, taxpayers were required to file GSTR-1 and GSTR-3B monthly, but with the QRMP scheme, they can file returns once a quarter.

    Once the user opts for this scheme, He will continue to be in this scheme unless he crosses the turnover threshold or opt-out of it.

    Use can opt-in/out of the QRMP scheme by visiting the GST portal by clicking Login > Services > Returns. Then, click the Opt-in for quarterly return option.

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Amit Ganguly
Beginner
Asked: In:

  1. PrashantBute Beginner

    Even though both the Form GSTR-2A and GSTR-2B reflects similar details, both the forms are different in various ways. The difference between both the forms is summarized hereunder- Type of statement- Form GSTR-2A is a form of a dynamic statement. The details of inward supplies vis-à-vis input tax crRead more

    Even though both the Form GSTR-2A and GSTR-2B reflects similar details, both the forms are different in various ways. The difference between both the forms is summarized hereunder-

    1. Type of statement-

    Form GSTR-2A is a form of a dynamic statement. The details of inward supplies vis-à-vis input tax credit will be updated on a continuous basis.

    On the other hand, Form GSTR-2B is a form of a static statement. The details will be updated on a constant basis.

    1. The basis for reflection of details-

    In the case of Form GSTR-2A, the details of the inward supplies will be reflected in the statement on a real-time basis.

    In order words, the details will be updated as and when the supplier furnishes the details of outward supplies either in Form GSTR-1 or via using Invoice Furnishing Facility (i.e. IFF).

    For example, the registered person while filing Form GSTR-1 for the month of January 2021 has failed to declare some supplies. The missed supplies were reflected by the registered person while filing Form GSTR-1 for the month of February 2021. Correspondingly, the details of such missed supplies will be reflected in Form GSTR-2A in the month of February 2021.

    However, in the case of Form GSTR-2B, the details of inward supplies will be reflected in a static manner. It will reflect the details of outward supplies reflected by the supplier between two due dates of either Form GSTR-1 or Invoice Furnishing Facility.

    For example, suppose the registered person furnishes the details of outward supplies for the month of January 2021 after the due date. In such a case, the corresponding details of inward supplies and the input tax credit will not be reflected in Form GSTR-2B in the month of January 2021.

    1. Bifurcation of eligible and ineligible Input Tax Credit-

    Form GSTR-2A doesn’t provide bifurcation of eligible input tax credit and ineligible input tax credit. Whereas, Form GSTR-2B briefly bifurcates the eligible and ineligible input tax credit.

    1. Data source-

    Form GSTR-2A collects/ complies data on the basis of returns filed by the supplier in Form GSTR-1; Form GSTR-5; Form GSTR-6; Form GSTR-7 and Form GSTR-8.

    Whereas, Form GSTR-2B complies data from Form GSTR-1; Form GSTR-5 and Form GSTR-6 filed by the supplier.

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Ramesh Sharma
Enlightened
Asked: In:

  1. PrashantBute Beginner

    The rate of tax to be used for the reverse charge supply is the rate that is applicable on such goods/services. GST Compensation Cess is also applicable on reverse charge. If the goods/services purchased in exempted or nil rated then no tax is payable under RCM. Composition dealers are required to pRead more

    The rate of tax to be used for the reverse charge supply is the rate that is applicable on such goods/services. GST Compensation Cess is also applicable on reverse charge. If the goods/services purchased in exempted or nil rated then no tax is payable under RCM.

    Composition dealers are required to pay reverse charge at normal rates (5%,12%,18%,28%) and not at the composition rates (1% or 5%).

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Ramesh Sharma
Enlightened
Asked: In:

  1. Amit Ganguly Beginner

    Yes , You can use your firm Name after cancelling its Registration. Cancelling the Registration means Removing its liability of GST which does not impact on its existance. However, in case of wind off the concern , there are no questions of using of Firm Name.

    Yes , You can use your firm Name after cancelling its Registration. Cancelling the Registration means Removing its liability of GST which does not impact on its existance.

    However, in case of wind off the concern , there are no questions of using of Firm Name.

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