Govt. has come out with index table called Cost Inflation Index whose base year was fixed as 1-4-1981. In Finance Bill 2017 the Govt. has taken a very bold step and has shifted the base year from 1981 to 2001 for the benefit of investors.
22nd GST council meeting took major decisions relating to procedural aspects of exports and also relating to SME whose aggregate turnover is upto Rs. 1.5 Crore. 1. The notable one was increasing the limit to 1 Crore for availing composition scheme. 2. For SME switching from monthly return to quarterly return. 3. Exemption from registration to small service providers whose aggregate turnover is upto Rs. 20 Lakhs. 4. Deletion of section 9(4) till 31-3-2018. 5. Non payment of GST on advances for SME. Let us watch the videos
GSTR 1, 2 and 3 are monthly returns to be filed by every regular assessee. It is a huge task and needs mastery to file return without making any mistake. With this in mind we are helping you to file GSTR 1 return.
Govt has release an offline utility tool to upload b2b, b2cl and b2cs sheet in GSTN portal. But challenge is how to generate data into these sheets. What values shall correspond to which sheet. For this user have to have knowledge of GST Act. Most of the users are new to GST. Therefore to make your work extra easy we have released a Master Excel sheet. In this sheet enter invoice details like a. GSTIN of recipient if any b. Place of supply c. Invoice value d. Taxable Value e. HSN f. Rate etc With these values all the 3 sheets shall be generated easily. Use this sheet for your client or self use it. Video is attached.
Table 5b and 5c of GST trans form shall be used by registered VAT dealer to convert their VAT into SGST. Table 5b requires the assessee to file all C Form, F Form and H / I Form which have been received by them. Table 5C requires the assessee to file only those statutory forms which have not been still received by them. If the forms are not received then that credit cannot be coverted into SGST. These 2 video delves into these burning issues. Hope you all like it.
The last date of filing of GST Trans Form 1 is 30-9-2017 with to option to file at the earlier date also. S 140 to to 142 of the CGST Act and SGST Act covers the transition provision. As per these sections one thing is clear that GST TRANS form can be filled by only those assessee who is registered under GST as an regular assessee. So any assessee whether registered or not in earlier tax regime can still claim old credit as GST credit if they have opening stock as on 1-7-2017. This video goes into minute detail of TRANS form. Enjoy the video and leave your comments.
As you all know transitional credit was not available in GSTR 3B. The company were facing working capital challenge. GSTN was not ready with TRANS 1 form. Good news is that TRANS 1 form will be available for filing from 21-8-2017. Watch the full video of how this decision shall be executed.
(a) integrated tax shall first be utilised towards payment of integrated tax and the amount remaining, if any, may be utilised towards the payment of central tax and State tax, or as the case may be, Union territory tax, in that order;
Form GSTR 3B is the first return of GST regime to be filed by registered dealer and not composition dealer. This online return pertaining to the period of July 2017 needs to be filed by 20-8-2017. This is the summary return of aggregate turnover of taxable supply, exempt supply, export supply and non levy supply and also tax payable. This return can be accessed on gst.gov.in
The GST R1 return is again a most important document which shall be generated through invoice. All the key components of GST R1 should be present in the invoice.
