UTILISATION OF INPUT TAX CREDIT – Section 49A & 49B read with Rule 88A of CGST ACT. CGST Amendment Act 2018 insert two new sections Section 49A & 49B containing new order of set off of GST liability (from 1st Feb 2019). Prior to this Section 49(5) of CGST Act contains manner of utilization of […]
The charges for tour package depends upon the type of accommodation choose by the customers. Now the applicant intends to change the modus operandi by issuing separate invoices to customers/guests for the services availed by them, instead of giving as packages. The services offered under different category are;
1. Every Company who get supplies of goods or services from Micro or Small enterprise supplier and whose payments to such entities remain due for more than 45 days from the date of acceptance or the date of deemed acceptance of the goods or services shall submit a half yearly statement in Form- 1 MSME […]
What is Input Tax Credit (ITC)? Input Tax Credit means reducing the taxes paid on inputs from taxes to be paid on output. When any supply of services or goods is supplied to a taxable person, the GST charged is known as Input Tax. The concept is not entirely new as it already existed under […]
Bank auditing is the procedure of reviewing the services and procedures adopted by banks and other financial institutions. It is a routine procedure that all financial services entities must undergo in order to ensure that they are in compliance with industry standards and jurisdictional regulations. In this Presentation let’s Discuss Bank Audit from GST Point of View Bank Transactions […]
CBDT vide notification No. 32/2019 dated 1st April 2019 amended the Income Tax Rules 1962 and added certain clauses to Rule 12 and released Income Tax Return Form Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V as applicable for return filing of Financial Year 2018-19 / Assessment Year 2019-20.
Cenvat held that appellant is not required to reverse Cenvat credit as the capital goods have not been physically removed from the premises where they were initially installed.
Section 49 of the CGST Act, 2017 contains provisions in relation to payment of tax, interest, penalty and other amounts. Section 49 (5) of CGST Act, 2017 provides manner of utilizing Input Tax Credit (ITC) for payment of GST output tax liability, e.g IGST can be set off against IGST and then CGST and SGST, CGST can be set off against CGST and then against IGST, and SGST can be set off against SGST and then against IGST.
A. GST Composition Scheme Provisions Before 1st April 2019:- i. The threshold turnover limit For Trader, Manufacturer – Rs. 1 Crore For Restaurant Service Only – 1 Crore ii. Rate of Tax under GST Composition Scheme For Trader, Manufacturer – 1% For Restaurant Service– 5%. iii. For Services, other than restaurant scheme –No composition scheme iv. […]
GST Rates for Real Estate Sector to be effective from 1st April, 2019Affordable housing properties: Effective GST rate of 1% without ITC- .Residential properties outside affordable segment: Effective GST rate of 5% without ITC
