Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!
Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!
Concepts of GST: Registration and Migration Registration - Who has to register? → Turnover above 10 lakhs / 20 lakhs pa → Inter-state supplier → Required only in the state from where the supply is made → Casual & non resident taxable persons → Persons on whom there is responsibility of paying full tax under […]
PART A-Composition Scheme What is the composition scheme Who is eligible to avail composition scheme Category of persons excluded from the Scheme Composition rates and computation of tax Procedure to be followed Part B- Accounts and records Accounts and records to be maintained Period for which to be retained Composition levy is an option for […]
With the introduction of the Goods and Services Tax on 1st July 2017 spending on leisure or recreation activities is expected to burn a hole in your pocket.
Query 1. Whether Sale of food by a restaurant is a supply of goods or a supply of service? Query 2. Sir i am having a small shop of samosa, jalebi and gulabjamun previosly I was paying 1 %on turn over now what should I do? Ans: GST has different slab rates for goods, services […]
Generally GST is payable by taxable person who supplies goods or gives service or both- Section 9(1) of CGST Act & Section 5(1) of IGST Act. However there are few exceptions to this aka, GST payable by recipient of Goods or Service or both- Section 9(3) or 9(4) of CGST Act or Section 5(3) or 5(4) of IGST Act. This means that receiver of goods/service will discharge the duty of GST payment of supplier of goods/service.
You may aware that, govt. had given some relaxation to the taxpayers regarding filling GSTR 1 up to Sept 2017. As we all are very much into the new regime & trying to address daily issues coming up under GST, we may forget to completely understand what GSTR-1 requires.
What is GST? Ans. Simply put GST stands for Goods and Services Tax, which is levied on supply of goods or services or both. Sale of goods, for example is a type of supply. Various economic activities are all different types of supply.
From when do the first Returns need to be filed by taxable person in respect of outward supplies? Ans: First Return of outward supplies need to be filed from the date on which he became liable for registration till the end of the month in which the registration has been granted.
1. What is the basic information that needs to be furnished in Form GSTR-1? Ans: The details to be entered in the return of outward supplies Form GSTR-1, made by the trader depends upon the nature of supplies made. The provisions are as follows:
1. Who is liable to issue a ‘tax invoice’? Ans: Eve y taxable person supplying goods or services or both is required to issue ‘tax invoice’. 2. What details are to be contained in a ‘tax invoice’? Ans: The tax invoice shall contain details as specified in Rule 1 of Tax Invoice,Credit and Debit Notes […]
