Clause 44 It was added w.e.f 20th August 2018 but Reporting under this clause was deferred till 31st March 2019 vide Circular No. 6/2018 dated 17th August 2018, So reporting in clause 44 is started from AY 2019-20. The Objective for insertion of this Clause 44: The main objective is to co-relate GST Data with […]
APPLICABILITY E-invoicing has been made compulsory by the Government of India for the taxpayers whose annual turnover is above Rs.10 crores with effect from 1st October, 2022 vide Notification No.17/2022. The taxpayers must comply with the provisions of e-invoicing in F.Y. 2022-23 and onwards if their aggregate turnover exceeds the specified limit in any of […]
DID YOU ALSO RECEIVE ANY NOTICE FROM THE GST DEPARTMENT REGARDING INTEREST ON LATE FILING OF GSTR 3B?Well if yes, you have your solution right here. GST Department has been scrutinizing GST returns of preceding years. Any informality or mismatch In GST returns would result in issuing of Show-Cause Notice by the department. Earlier, Late […]
GST ON RENTING OF IMMOVABLE PROPERTY FOR COMMERCIAL PURPOSE Renting of any immovable property for a business or commercial purpose would attract GST @ 18% on the taxable value. In case of Commercial purpose, GST would be collected by the Owner/ Landlord and would be payable to the GST Department under forward charge mechanism. OWNER/LESSOR […]
With the completion of five years of India’s GST law, the GST Council has conducted its 47th Council Meeting with the presence of Finance Minister Nirmala Sitharaman. GST Council has allowed Amendments in GSTR-3B (Monthly GST return for taxpayers). Further, it permitted Auto-Population of most details in Form GSTR-3B and in Form GSTR-9 for better […]
E-Invoicing is a system for authentication of B2B invoices electronically by the GSTN. Under the electronic invoicing framework, a unique Invoice Reference Number (IRN) is issued against each invoice digitally using Invoice Registration Portal (IRP) managed the GSTN. Maximum 100 items can be incorporated in a single invoice. E-Invoicing eliminates the need to enter data […]
Some notifications issued by the Department to providing relief in current Pandemic Situation (Covid-19) in the country to the taxpayers on 1st May, 2021 Notification No. 08/2021- Central Tax- Relaxation in Interest for the month of March -2021 & April -2021: Notification No. 09/2021- Central Tax-Waiver of Late Fees for specified taxpayers and specified tax […]
Section to be discussed with relevant Rules under Chapter VI Input Tax Credit of CGST Act, 2017 17 Apportionment of credit and blocked credits 38,42 & 43 Section 17(1) the registered person used goods or services or both “partly for the purpose of business and partly for other purposes”, the amount of input tax credit […]
Introduction: GST is a comprehensive value added tax system that allows uninterrupted flow of credit among different sectors. Tax is levied at each stage of value addition. The tax charged at previous stage is passed on to next stage in form of Input tax credit. A registered person can take the credit of input tax […]
What is Input Service Distributor under GST Law? A supplier of goods /services may have various offices such as head office (registered office), regional office, branch office, sales depot etc., Such units having large share of common expenditure (input services) but get invoiced on centralized location may obtain registration as an Input Service Distributor for availment […]