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Archive: 04 January 2021

Posts in 04 January 2021

GST- FOB Vs Invoice Value : The Cobra Effect

January 4, 2021 90516 Views 11 comments Print

In this article, I wish to discuss one such effect when the Government issued a circular to clarify the ambiguity prevailed in determination of value of supply viz. whether FOB value or Invoice value has to be adopted as value of supply in case of Export of goods under GST regime.

GSTR 9 & 9C – GST Audit of 2019-20

January 4, 2021 50925 Views 3 comments Print

For FY 2017-18 and 2018-19, the registered person shall have an option to upload the details for the entries in Table 8A to 8D duly signed, in PDF format in FORM GSTR-9C (without the CA certification).] For FY 2019-20, it may be noted that the details from FORM GSTR-2A generated as on the 1st November, […]

Quarterly Return Monthly Payment Scheme

January 4, 2021 4995 Views 0 comment Print

The GST regime has been marked by continuous reforms. It is onerous on the part of the taxpayers to keep in touch with the latest developments. Here is a quick digest of QRMP scheme for your ready reference. A WHO IS ELIGIBLE FOR THE QRMP SCHEME Registered person whose AGGREGATE TURNOVER (IN PREVIOUS FY) <= […]

Applicability of Rs. 5 crore threshold Tax Audit limit from AY 2020-21 onwards

January 4, 2021 50289 Views 8 comments Print

Will threshold limit of 5 crore as mentioned in 44AB applicable for AY 2020-21? Yes, it will be applicable. NOTE: The discussion in article is only w.r.t Tax Audit for person carrying on Business. FACTS: 1) Before amendment, applicable limit u/s 44AB for getting Tax Audit done is 1 crore. 44AB clause a in FA […]

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January 2021