Central GST Amendment 2018 with the amendment in section 25(2) effective from 1st of February 2019 to enable the person having multiple place of business in a state or union territory to obtain separate registrations for each such place of business , if they wish so. Thus the requirement of business vertical for obtaining separate registration is dispensed with.
Annual return GSTR-9 is much awaited amongst all the suppliers in GST regime due to the belief that all the errors or omission committed during the financial year can be rectified in the annual return i.e. GSTR-9.
1. Can a company secretary can be appointed as a GST Auditor? 2. Can a member who has not obtained certificate of practice, can conducts GST Audit? 3. Can a member who is in part time practice can perform GST Audit? 4. Can registered person to appoint two or more chartered accountants as joint auditors?
Article discusses Turnover for GST Audit if a Dealer in Registered in more than one State, Inclusion of Turnover of April to June 2017 for Calculation of Turnover Limit for GST Audit and Applicability of GST Audit of Audit is been carried out under other statutes like Companies Act, Income-tax Act, Co-operative Societies Act, etc.
In GST regime where E-Way bill will be issued, which will cause smoother movements of goods from one place to another. E way bill will be a document generated from GSTN portal, which will carry unique identification number know as E-way Bill number (EBN), which will have all the details of the transaction and it will also create appropriate trail so that the transaction can be traced from its inception to the end.
Finance Ministry has issued Draft GOODS AND SERVICES TAX -INVOICE RULES, which set rules for invoice which will be issued after the implementation of GST. This rules is very important as this will tell us the minimum/compulsory content of the GST Invoice
The Manual Covers e-Verification of Income Tax Returns in following Circumstances and provides 3 to 4 Option in each such Circumstances. 1. e-Verification while uploading a return (Non – NetBanking) 2. e-Verification of an already uploaded return (Non – NetBanking) 3. e-Verification while uploading a return through NetBanking Login
India currently has a dual system of taxation of goods and services, which is quite different from dual GST. Taxes on goods are described as VAT at both Central and State level. It has adopted value added tax principle with input tax credit mechanism for taxation of goods and services, respectively, with limited cross-levy set-off. The present tax structure can best be described by the following chart:
