One of the notifications issued recently talks about the input tax credit to be availed by taxpayers on a provisional basis up to 20% of the eligible credit available in the GSTR – 2A. This is notified wide Notification No 49/2019 – Central Tax, dated 9th Oct 2019. What does it mean? It means that […]
Notification No. 44/2019 – Central Tax – dated 09/10/2019 As the rollout of new returns has been postponed, notification has been issued for the filing of GSTR – 3B for the months of Oct 2019 to March 2020. The date of filing of GSTR – 3B is 20th of the next month. Notification No. 45/2019 […]
Change in GST Tax Rate and tax base for taxpayers registered under Composition Scheme as amended from time to time by various notifications including the recent recent scheme of GST on a presumptive basis. 1. Notification No. 08/2017 CT- dated 27 June 2017 :-GST Rates for composition taxpayers are notified vide Notification No. 08/2017 CT- […]
Any reform to be classified to be successful one or failure will be known only in the short to longterm only and in a very short period of 12 months.
Anti-profiteering is introduced in the GST Act based on the experience gained at the time of implementation of VAT in India and all other countries where GST / VAT is rolled out. The Government across the nations felt that the until and unless there is a provision in the law the benefits of the new […]
If the supplier of goods or service is not paid within 180 days of the issue of the tax invoice, the recipient has to reverse the ITC availed and show it in the GSTR – 3B of the December 2017 to be filed by 20th January 2018.
CBEC has issued Notification No. 71 to 75/2017 – Central Tax on 29th December 2017 and extended due dates for the GSTR-1 return filing. The last date for filing for most of them is 31st Dec 2017. In addition to that it notified applicable date of E-way bill rules and amended CGST Rules for the 14th time after the rollout of GST.
Due date for filing of some of the returns have been extended and clarification provided for few sectors along with manual filing of refund for the inverted duty structure
GST is also applicable to restaurant bills. Under GST the rate of GST on restaurants is 12% in case of non-air conditioned restaurants and in case of air-conditioned restaurants, the rate is 18%. The tax rate is a bit lesser compared to the erstwhile tax regime where VAT was charged at 14.5% and 6% as Service […]
It is almost 120 days after the rollout of GST and we are yet to file the first month returns, i.e., for the month of July 2017. Is technology the main culprit for this delay? The answer is Yes and No.
