Monthly GST Newsletter for April 2023 Please find below the important clarifications/ amendments issued by the Government on GST in March/ April 2023 alongwith compliance timelines in April 2023: Compliance timelines: Form No. Description To whom applicable Period Due date GSTR-7 Details of Tax deducted at source (TDS) under GST Tax deducted at source (TDS) deductors March 2023 10 th April 2023 GSTR-8 Details of Tax collected at source (TCS) under GST Tax collected at source (TCS) deductors March 2023 10 th April 2023 GSTR-1 The return of outward supplies Tax payers (Monthly Filers) March 2023 11 th April 2023 GSTR-1 The return of outward supplies Tax payers (Quarterly Filers under QRMP) Jan – Mar 2023 13 th April 2023 GSTR-5 Summary of outward and inward supplies Non-resident foreign taxpayer March 2023 13 th April 2023 GSTR-6 Details of inputs to be distributed Input Service Distributor March 2023 13 th April 2023 CMP 08 Statement for payment of self-assessed tax Composit
A futures contract is a legally binding agreement to buy or sell an underlying asset at a predetermined price and date in the future. It is a standardized contract traded on an exchange, which means that the terms of the contract, including the underlying asset, contract size, and delivery date, are standardized. For example, suppose that you are a farmer who has just harvested a crop of wheat and wants to lock in a price for your produce to protect against any potential price declines. You can do this by selling wheat futures contracts on a commodity exchange. Suppose that the current market price for wheat is Rs. 1,000 per quintal, but you are worried that the price may decline in the future due to factors such as oversupply or weak demand. You can sell a wheat futures contract that expires in three months with a contract size of 10 quintals at a price of Rs. 1,000 per quintal. After three months, regardless of the market price, you must deliver 10 quintals of wheat to the buyer of