A company purchases mineral water bottle from an unregistered person, then company has already paid all taxes on MRP basis on the said water bottle and further it is liable to pay tax under RCM as per section 9(4) /5(4) of Reverse Charge for which even credit is not allowed U/s 17(5) of CGST Act, 2017.
In recent updates, the Government has extended various timelines and has also given exemption to specified services, as mentioned below. Display of revised Maximum Retail Price (MRP): Manufacturers, packers or importers of specified pre-packaged goods were permitted to display their revised MRP on the packages on account of implementation of GST, up to 30 September 2017. In […]
As per section 15 of The Central Goods and Service Tax Act, 2017, the value of supply of goods or service shall include interest or late fee or penalty for delayed payment of any consideration for any supply.
The Government has notified E-Way Bill Rules vide notification no. 27/2017 dated 30.08.2017. The date of implementation of the e-way bill mechanism would be notified separately, but various sources said it is likely to come into force by 1st October, 2017.
Any registered person, who fails to furnish return within the due dates, shall be liable to pay a late fee of Rs. 100 per day under CGST and Rs. 100 per day under SGST, subject to a maximum of Rs. 5,000/- under CGST and Rs. 5,000/- under SGST.
Provisions of refund of Taxes are very important as delay would adversely impact exporters, manufacturers. In some States there is no refund in reality and in many States it is available in a delayed manner with a very high transaction cost. The Service tax refund has similarly seen period of no refund and even today the refunds for the year 2008 are outstanding!!
There would always be a segment of taxpayers who would find it difficult to completely fulfill the compliance requirement of tax laws, may be due to their small size or nature of their operations. From the tax collector view-point also, the cost of collecting tax from such tax payers is far more in percentage terms […]
Every registered person shall keep and maintain a true and correct accounts & records at his principal place of business for a period of seventy-two months from the due date of furnishing of annual return for the year pertaining to such accounts and records.
Invoicing is a crucial aspect of tax compliance for every business. Input tax credit can be availed on the basis of Invoice, Tax Invoice, Debit note, ISD Invoice, ISD credit note or other documents as prescribed. One of the important conditions of ITC rule is “Input tax credit shall be availed by a registered person only if all the applicable particulars as prescribed in Chapter – Invoice Rules are contained in the said document, so it is essential to be aware of the provisions & rules of invoice under GST.
There are many numbers of FORMs & statements in the upcoming GST scenario which is likely to be beginning from 1st July, 2017. For the simplicity & sake of all stakeholders, we are making here an attempt to provide synopsis details of all FORMs & statements in GST at one place under following heads:-
