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As per the amendments in GST rule applicable from January 01, 2022, there are two monthly returns (GSTR-1 and GSTR-3B) that a company has to file if the annual turnover is over Rs 5 crore. While the GSTR-1 is a return that shows sales invoices, the GSTR-3B is a self-declared summary GST return filed every month. Therefore, businesses need to ensure there is no mismatch between GSTR-3B and GSTR-1 forms . In case of a mismatch, the government will be empowered to send officials to the corporate premises of an individual to recover GST for the amount of sales on which tax has not been paid. No notice needs to be furnished for the recovery, as per the new rule.
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A and B started a retail store with initial investments in the ratio 7:8 and their annual profits were in the ratio 2:3. If A invested the money for 8 m...
P, Q and R invested their money in the ratio 4 : 5 : 7 respectively. The total amount invested by them was Rs. 5,90,000 and the profit earned was 40% of...
P and Q started a business by investing Rs.9000 and Rs.7200 respectively. After 6 months, Q increased his investment by a certain percentage such that a...
P and Q together started a business with initial investment in the ratio of 4:5, respectively. The time-period of investment for P and Q is in the ratio...
Bina and Bimal started a business by investing Rs. 25,000 and Rs. 35,000 respectively. Bina also worked as the active manager and for that, she is entit...
A, B and C started a online education website by investing Rs.24,000, Rs.30,000 and Rs.42,000 respectively. Find the share of A’s, out of an annual pr...
'A' and 'B' started a business by investing Rs. 4,200 and Rs. 5,600, respectively. If 'A' and 'B' invested their investments for 7 months and 9 months, ...