Representations have been received indicating that some firms have entered into contracts prior to 21.8.2017 for import of moong / urad dal with either (i) advance payment, or (ii) some advance payment and rest amount payable in Cash against Documents (CAD), or (iii) 100% CAD.
It took almost more than a decade in achieving GST. India had the luxury of lessons from the GST introductions in other parts of the world during the said period, along with the ones already implemented for long. Three Presidential terms, multiple committees and their reports, the so great Law Ministry and of course the […]
Treatment of Exports of Goods Under the GST Law, export of goods or services has been treated as: 1. Inter-State supply and covered under the Integrated Goods and Services Tax Act (IGST Act). 2. Zero Rated Supply i.e. the goods or services exported shall be relieved of GST levied upon them either at the input […]
I am a Dealer. I want to claim ITC on the basis of the Credit Transfer Document (CTD) issued by Manufacturer. How do I file the details of CTD? OR I am a manufacturer.
Every registered person who is eligible to take credit of eligible duties and taxes paid under existing laws in respect of input or input services or capital goods in his/her Electronic Credit Ledger, needs to file a declaration in Form GST TRAN – 1
Download offline utility for GST ITC-04, fill in the data in the excel sheets provided. When all data is fed, the data can be validated and any error in the same will be shown by the tool along with error. The taxpayer should correct the error and again validate the data.
It is virtually a nightmare for CA office in digital signing and filling of returns. The continuous up gradation without publicity hampers smooth working. Most of professional are filling 4 types of returns under GST, I-Tax, MCA & TDS with 31st Oct 17 being last date for all.
what about GST for freelancers earn via google Adsense and facebook Do they take GST registration? Limit of 20 lakh applicable? Ans: yes it is required. For detail please refer to section 22-24 of CGST Act, 2017.
REFUND OF ACCUMULATED CREDIT IS NOT ADMISSIBLE- Section 54(3) of the Central Goods and Service Tax Act, 2017 laid down the provision for claiming refund of unutilized input tax credit at the end of the tax period. The aforesaid provision is reproduced below for easy reference:
In the fight against black money and in attempting to promote governance culture, the Indian government is constantly finding new weapons viz. demonetisation, roll out of Goods and Services Tax, introduction of new laws such as RERA, Insolvency and Bankruptcy Code, etc. The government is also plugging loopholes in existing laws and regulations through amendments. […]
