In case a supplier falls to upload few Invoice(s) for supplies to registered persons in his GSTR 1 and has filed his GSTR 1 there is no need for undue concern for the recipient (buyer). Though, no invoices can be added to a GSTR 1 once it is filed, there are, yet two ways in which the recipient can claim credit and the supplier can discharge his liability on such invoices.
The Hon’ble Charity Commissioner, Maharashtra State, Mumbai vide Notification dated DGIPR/2016-2017/4109 had notified the Special Drive, 2017 Scheme for speedy disposal of all the Change Reports (Change in Trustees / Properties) during the period 01/01/2017 – 31/01/2017. Mode details about the same can be read here:
GST – One Nation One Tax – is an initiative by the Government to eliminate various indirect taxes and incorporate all of them into one, thereby reducing the tax complexity. But five products viz petroleum crude, high-speed diesel, motor spirit (commonly known as petrol), natural gas and aviation turbine fuel
No, all services provided by the Government or a local authority are not exempt from tax. As for instance, services, namely, (i) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government
GST Law has been implemented and Composition tax rate has been fixed 1% for traders. This rate is very high or very low in comparison of GST slab rates. Therefore, composition tax rate is required to be fixed taking into consideration the GST slab rates of 5, 12, 18 and 28%. I give here under examples that how composition tax gives loss / profit to traders who have opted composition scheme.
As of now, by mistake if you pay CGST in place of IGST, then inter-head adjustment of these taxes are not allowed in GST returns, you will have to claim refund of this tax erroneously deposited under CGST head and again pay the correct tax under IGST head and only then you can file your GST return. Inter-head adjustment of CGST & IGST etc., is allowed only for input tax credit and not for tax paid in cash.
Exports are good for any economy due to various reasons including the most popular reason of foreign currency being received by exporters. In GST exemption is a bad thing because it breaks the input tax credit chain and results in distortion of tax system.
Recent GST Council meeting decisions under which, were announced in the press conference by the Finance Minister on 06.10.2017, promised great relief to exporters whereby it was declared with big Enthusiasm that the Government will start issuing refund cheques from 10.10.2017.
Addition of new field i.e. Goods and Service Tax Number (GSTN) under form page of TDS/TCS statements -15 digit alpha-numeric value to be entered under this field. Applicable for regular and correction statements pertains to all forms and FYs.
This article provides the reader a brief understanding and grip about the property plant and equipment as contained in Ind AS 16. Property, plant and equipment are tangible items that are held by an entity for use in the production or supply of goods or services, for rental to others, or for any administrative purposes; and are expected to be used during more than one period.
