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21 May 2020
E-Way Bills, there are three kinds of taxpayers/ users are involved: Registered Suppliers Unregistered Suppliers Registered/ Unregistered Transporters In order to generate e-Way bills it is compulsory to get register on the e-Way portal. Following Requisites for the registration on e-Way Bill portal: GSTIN of the registered taxpayer/ transporter, if registered Registered Mobile number ...
27 May 2020
When the GST amount is paid more than the GST liability a situation arises of claiming of GST refund. The method of claiming a refund is to make a uniform to avoid confusion. When the refund can be claimed There are following Stéroïdes oraux cases where a refund can be claimed are as under:...
21 May 2020
Tax charged on the tax invoice by a registered person on his outward supply of goods or services or both is an Input Tax for the buyer of such goods or services or both. The tax charged by the supplier on the tax invoice could be either Central Tax and State Tax / Union...
21 May 2020
Now a question arises can recipient take credit of invoice that was not uploaded by the supplier in his GST return. As we all know that according to GST returns, suppliers are required to upload invoices of outward supplies, imports and inward supplies attracting reverse charge in Form GST Annex 1 up to 10th...
21 May 2020
Mutual Fund Taxation Mutual Fund is one option which has the potential to offer capital gains. The period over which investors invested in a mutual fund scheme is known as the holding period. The holding period plays a significant role in determining the tax implications of an investment. Types of Holding Periods Long-Term Holding...
21 May 2020
Levy of taxes is mandatory by law and its recovery is an important function of administration as per law. The verification, scrutiny, audit, review of returns, and records are well-recognized methods in tax administration. Some Legal provisions under GST for demand and recovery Chapter XV comprise of Sections 73 to 84 lay down the..
Impact of GST on E-commerce Market Place Sellers
21 May 2020
Introduction The increasing size of E-Commerce in India has also resulted in the conception of online marketplaces. A Marketplace is an E-commerce platform owned by E-commerce Operators such as Amazon, Flipkart, and Snapdeal. Features of a marketplace model are: Online Marketplace enables 3rd party sellers to sell online on their platform. online marketplace charges...
21 May 2020
Table 5A Turnover (including exports) as per audited financial statements for the State/UT (for the multi-GSTIN unit under the same PAN the turnover shall be derived from the audited annual financial statement) The turnover as per the audited annual financial statement shall be declared here. There may be cases where multiple GSTINs (State-wise) registrations...
21 May 2020
Reconciliation of tax paid: Table 9 Reconciliation of rate wise liability and the amount payable thereon: The table provides for cancellation of tax paid as per reconciliation statement and amount of tax paid as declared in annual return (GSTR 9). Under the head labeled “RC”, supplies where tax was paid on a reverse charge...
21 May 2020
About: GSTR 9C is a statement of reconciliation between the annual returns in GSTR-9 filed for a financial year, first being 2017-18, and the figures as per audited annual financial statements of the taxpayer. It is certified by the Chartered Accountant. It can be considered to be similar to that of our tax audit...
21 May 2020
The Finance minister has announced certain new provisions in GST. According to Clause 124 of the Finance Bill 2020 Section 122 of the CGST Act, 2007 is being amended by inserting a new subsection 122(1A) to make the beneficiary of the transactions of passing on or availing fraudulent Input Tax Credit liable for penalty...
21 May 2020
According to Section 61 of the CGST Act, 2007 Dealt with the provisions relating to scrutiny of returns Section 61 is divided into three subsections:- As per section 61 Sub-Section (1): The proper officer may scrutinize the return and related particulars furnished by the registered person to verify the correctness of the return and...
21 May 2020
Where there is any change in any of the particulars furnished in the application for registration in FORM GST REG-01 or FORM GST REG-07 or FORM GST REG-09 or FORM GST REG-10 or Unique Identity Number in FORM GST-REG-13, either at the time of obtaining registration or Unique Identity Number or as amended from...
21 May 2020
Application for cancellation or suspension of registration A registered person, seeking cancellation of his registration shall electronically apply FORM GST REG-16, including therein the details of inputs held in stock or inputs contained in semi-finished or finished goods held in stock and of capital goods held in stock on the date from which the...
21 May 2020
Meaning of cognizable offense. Generally, cognizable offense means a serious category of offenses in respect of which a police officer has the authority to make an arrest without a warrant and to start an investigation with or without the permission of a court. Meaning of non-cognizable offense. non-cognizable offense means relatively less serious offenses...
21 May 2020
When the rate of tax is changed, and a transaction of supply of goods or services is not yet completed in all its documentary and financial aspects, the law makes specific provisions for fixing the time of supply of the goods or services for the purpose of payment of tax. The three markers for...
21 May 2020
Audit means the examination of records, returns and other documents maintained or furnished by a registered person under Goods and Services Tax Act are the rules made thereunder any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claim and input tax credit availed, and...
21 May 2020
Audit means the examination of records, returns and other documents maintained or furnished by a registered person under Goods and Services Tax Act are the rules made thereunder any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claim and input tax credit availed, and...
21 May 2020
Audit means the examination of records, returns and other documents maintained or furnished by a registered person under Goods and Services Tax Act are the rules made thereunder any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claim and input tax credit availed, and...
21 May 2020
When Special Audit may be directed and from whom? If at any stage of scrutiny, inquiry, investigation or any other proceedings before him, any officer not below the rank of Assistant Commissioner, having regard to the nature and complexity of the case and the interest of revenue, is of the opinion that – the...
21 May 2020
Verifying the correctness of the return The return furnished by a registered person may be selected for scrutiny by a proper officer to verify its correctness. Where any return furnished by a registered person is selected for scrutiny, the proper officer shall scrutinize the same with reference to the information available with him. Issue...
21 May 2020
Who may conduct the audit? The Commission For any officer authorized by him, by way of a general or a specific order, may undertake an audit of any registered person at the place of business of the registered person or in their office for a financial year. Where it is decided to undertake the...
21 May 2020
INTRODUCTION One of the biggest challenges while introducing the Goods and Services Tax (GST) Act in India was that states were opposing the Goods and Services Tax (GST) Act, because of their fear of losing revenue after the introduction of Goods and Services Tax (GST) Act. That is major because earlier the states independently...
21 May 2020
Types of services Services provided by an educational institution to its students, faculty, and staff; by way of conduct of entrance exam against consideration in the form of an entrance fee; to an educational institute, by way of, – transport of students, faculty, and staff; catering service including any mid-day meals scheme sponsored by...
21 May 2020
Agriculture-related services Type of services The following services are exempted from GST. Services by way of: – loading, unloading, packing, storage or warehousing of rice, etc. warehousing of minor forest produce. purify in a warehouse of agricultural produce. to the cultivation of plants and rearing of all life forms of animals, except the rearing...
21 May 2020
Meaning of Stock Transfer and Supply It is very common in a business having PAN transactions to transfer its stock to its other units, warehouses to provide timely delivery orders from Various Geographical Locations. Under the Current Tax situation, interstate or intra-state stock transfers are subject to levy of Excise Duty on the removal...
21 May 2020
Agriculture-related services Type of services The following services are exempted from GST. Services by way of: – loading, unloading, packing, storage or warehousing of rice, etc. warehousing of minor forest produce. purify in a warehouse of agricultural produce. to the cultivation of plants and rearing of all life forms of animals, except the rearing...
21 May 2020
Meaning of Stock Transfer and Supply It is very common in a business having PAN transactions to transfer its stock to its other units, warehouses to provide timely delivery orders from Various Geographical Locations. Under the Current Tax situation, interstate or intra-state stock transfers are subject to levy of Excise Duty on the removal...
21 May 2020
SERVICES PROVIDED BY CHARITABLE/RELIGIOUS TRUST Services by a person by way of- conduct of any religious ceremony; renting of precincts of a religious place meant for the general public, owned or managed by an entity registered as a charitable or religious trust registered under section 12AA of the Income-tax Act, 1961 or a trust...
21 May 2020
Imports under GST Import of goods is bringing commodities from overseas into India. As such, all imports are considered as inter-state supplies. IGST will be applicable to all imported goods along with custom duties as applicable. Import of services means supply of a service by a supplier who is based outside the company, but...
21 May 2020
Transition provisions are incorporated under GST to enable existing taxpayers to migrate to GST transparently and exactly. Elaborate provisions have been made to carry forward the ITC earned under the existing law. Such credit should be permissible under the GST law. However, the taxable person opting for composition scheme would not be eligible for...
21 May 2020
GST composition scheme The composition scheme is a scheme for payment of GST available to small taxpayers whose aggregate turnover in the preceding financial year did not exceed Rs. 1.5 Crores. However in the case of 9 States, this limit is ₹ 75 Lakhs in the preceding financial year, namely Arunachal Pradesh, Assam, Manipur, ...
21 May 2020
Under different taxation systems, a list of goods or services is exempt from tax due to socio-economic reasons. For example, the sale of life-saving drugs or books meant for reading in different state governments exempt from taxes. Similarly, there are some exceptions even under GST where goods or services are exempt from tax liability. Such exemptions...
21 May 2020
Introduction The Goods and Services Tax (GST) Act defines an agent as a person including a factor, broker, commission agent, Croatia, del-credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on behalf of another. A...
21 May 2020
The Government wants that GST should not lead to general inflation and for this, it becomes necessary to ensure that benefits arising out of GST implementation be transferred to customers so that it may not lead to inflation. For this, anti-profiteering measures will help check price rise and also put a legal obligation on...
20 May 2020
Meaning of Confiscation The term ‘confiscate’ has not been defined under the Goods and Services Tax (GST) Act. However, the dictionary meaning of the word ‘confiscate’ is to expropriate private property for public use without compensating the owner, to appropriate (private property) to the public treasury by way of penalty, to deprive of property...
20 May 2020
Meaning of Goods Transport Agency Goods Transport Agency (GTA) means any person who provides service in relation to transport of goods by road and issues consignment note by whatever name called. Thus, the business firms which are engaged in the transportation of goods by road and issue consignment note / LR, etc. shall...
20 May 2020
About: When goods supplied are returned or revised in the invoice value due to goods or services not being up to the value or extra goods being issued, a Debit Note or Credit Note is published by the supplier and receiver of goods and services. A debit note or a Credit Note can be...
20 May 2020
About: “Input Service Distributor” means an office of the supplier of goods or services or both which receives tax invoices issued under section 31 towards the receipt of input services and issues a prescribed document for the purposes of distributing the credit of central tax, State tax, integrated tax or Union territory tax paid...
20 May 2020
Why are the time place and value of supply important? Time of supply indicates the point in time when goods/services are considered supplied’. When the seller knows the ‘time’, it helps him identify the due date for payment of taxes. Place of supply is required for determining the tax to be charged on the...
20 May 2020
Every registered person is required to maintain all records at his principal place of business. Who must maintain accounts under GST? It is the responsibility of the persons to maintain specified records- The owner The operator of warehouse or godown or any other place used for storage of goods Every transporter Every registered person...
20 May 2020
A person who has applied for registration within 30 days from the date on which he becomes liable to registration and has been granted such registration shall be entitled to take credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on...
19 May 2020
GST Act & Law The applicability of GST on employee reimbursements, and some related rules: According to section 7 clause 1 of schedule III, of the CGST Act, 2017, services provided by the employee to the employer in the course of or in relation to his employment shall never be treated as supply of...
18 May 2020
Is GST applicable on old and used car sales? Yes, GST shall be applicable to sale of old used cars. After the implementation of GST on sale of vehicles that are used and old were taxed at the same rate as applicable on new vehicles which were 28% + Applicable cess which was up to 15%, and...
18 May 2020
What is Delivery Challan? A delivery challan is a certificate/document created during the shipment of goods from one place to another which may or may not result in sales. This is sent along with the dispatched goods. It contains the details of the items shipped, the quantity of those goods, buyer, and delivery address....
18 May 2020
As per Section 24(1), compulsory GST registration required if a person makes Interstate Supply even if his aggregate Turnover is below the specified exemption limit and are exempt from GST registration under section 22(1) Under GST, the supply of goods or services from one to another state called Interstate Supply It is between:- Two...
15 May 2020
PENALTY FOR CERTAIN OFFENCES The list of following offenses is as under: Supply of any goods or services or both without the issue of any invoice or issue of false invoice or issue an incorrect statement Issue bill or Invoice without the supply of goods or services or both in violation of the provisions...
14 May 2020
Where a person is not happy with any order passed or decision formed against him by an adjudicating authority under GST then an appeal to the First Appellate Authority can be filed by him. If they are not agreed with the decision of the First Appellate Authority they can appeal to the National Appellate Tribunal, then to the High...
11 May 2020
Job work means processing or working on raw materials or semi-finished goods supplied by the principal producer to the job worker. This is to complete a part or whole of the process which results in the manufacture or finishing of an item or any other essential operation. For example, big shoe manufacturers send out...
11 May 2020
What is the GSTR-9 annual return? GSTR 9 is an annual return to be filed yearly by REGISTERED taxpayers registered under GST. Points to note: In these details regarding the outward and inward supplies made during the previous year under different tax heads. It is a consolidation of all the monthly/quarterly returns filed in...
8 May 2020
About: The ITR 3 is applicable for individuals and HUF who have income from PGBP. Persons generating income from the following sources are eligible to file ITR 3. a. Carrying on a profession or business ( both tax audit and non-audit cases). b. The return may include income from Salary/Pension, House property, and Income from other sources. Structure...
8 May 2020
The proper officer may, either on his motion or an application filed, in case of death of such registered person, by his legal heirs, cancel the registration. Where the business has been: discontinued, transferred fully for any reason death of the proprietor, amalgamated with other legal entity, demerged or otherwise disposed of or there...
7 May 2020
According to a notification issued by CBIC via notification no. 31/2019 CT on 28th June 2019, PMT 09 is the prescribed challan for relocating the falsely or erroneously paid ITC. For example, if one has paid CGST instead of SGST, they can rectify it by using this challan which is known as GST PMT...
6 May 2020
About: GSTR-10 is a final return to be filed by all the taxpayers whose GST Registration is either surrendered by the taxpayer or gets canceled by the authorities. This is also called the final return, which is different from the annual return. This return is final return GSTR-10 and for the annual return, you...
5 May 2020
About: In GSTR-5 it contains all the business details including the details of outward supplies (sales) and inward supplies(purchases) made by the registered non-resident. It is a document that has to be filed by every person who is registered non-resident for the period in which he is carrying the business transactions in India. The...
5 May 2020
About: Form GST CMP-08 is a statement that declares the details of the self-assessed tax payable for a given quarter by taxpayers registered as composition dealers under the GST composition scheme. In addition, GST CMP-08, a composition dealer, must be filing an annual return in form GSTR-4. The purpose of the scheme was introduced...
4 May 2020
About: From GSTR-11 it must be furnished by the person who has a Unique Identity Number(UIN) to get the refund of GST paid on goods and services purchased by them in India. What is the purpose of issuing a Unique Identity Number(UIN)? To refund the amount of GST collected from the bodies/person, UIN is...
4 May 2020
What is e-invoice in GST? ‘E-invoicing’ is a system in which Business to Business(B2B) invoices are authenticated electronically by GSTN for further use on the common GST portal. A unique Invoice Number is generated for each invoice by IRP. Along with invoice numbers, each invoice is digitally signed and added with QR code. This process...
4 May 2020
GSTR-7 – Return for a person required to deduct tax at source Whenever taxable goods or services or both are supplied to a Central/ State Government’s Department/ establishment or, local authority, or Governmental agencies, the recipient is required to deduct tax at source and file a return under Goods and services tax Act. Monthly...
4 May 2020
GSTR-6 – Return for Input Service Distributor Input service distributor means an office of the supplier of goods or services or both which receives tax invoices towards the receipt of input services and issues a prescribed document to distribute the credit of central tax, State tax, integrated tax or Union territory tax paid on...
2 May 2020
About Every supplier shall be liable to be registered under this Act in the State or UT or any other special States, from where he makes a taxable supply of goods or services or both- If his aggregate turnover in a financial year exceeds 40 lakh rupees and 20 lakhs for special states. Where...
2 May 2020
About GSTR-1 is a monthly or quarterly, based on the option opted by the taxpayer, return that should be filed by every registered dealer. It contains the details of all outward supplies(sales). GSTR-1 must contain the details of all sales and supply of goods and services made by the taxpayer during the tax period. The...
1 May 2020
In order to Export goods or services, all the suppliers registered under GST Act are required to file a Letter of Undertaking (LUT) in Form RFD-11 on GSTN common portal to export goods and services without making payment of IGST. A letter of undertaking is required to be filed online before exporting the goods/services....
1 May 2020
GSTR 3B is a return form introduced by the Government. It does not require invoice level information. It only requires total values, like a summary, for the month for which filing is done. GSTR-3B has to be filled by
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