A comparison of Internal control over Financial reporting (ICFR) with The Goods and Services Tax (GST)
Answer to the debate of declaration of value of exempted, nil-rated, composition, non-GST goods and the supplies of unregistered persons in GST returns. There has been an endless debate going on amongst the stakeholders of GST including the tax professionals and practitioners from July 2017 on wards whether the supplies, from /to unregistered persons, persons […]
Change in rate of tax,Policy announcements , amendments in registration, sector wise benefits consequent to changes extracted
Article summarises key highlights of GST notifications No. 71/2017 to 75/2017- Central Tax dated 29th December 2017 issued by CBEC to extend GSTR-1 Return Filing Due Dates, To revise GSTR-4 Late Return Filing Penalty, to notify applicability of E-Way Bill rules and to amend GST registration and refund forms.
Though few of them related to extension of due date for filing of various GST returns which has already come as a new item, the most important ones impacting the business and trade are related to, availability of ITC on exports to Nepal and Bhutan, on documents issued by Insurance companies
The Central Government had issued various notifications under Centre Law, as given below, from 23rd to 31st October 2017. This brings a big relief to the trading community who are experiencing teething issues to come into terms with the GST Law
For Deemed export supplies where recipient is availing the credit . In other cases the supplier has to file refund claim. The cess column is inserted in certain statements in refund claim
We shall now deal with GST provisions in respect of reversal of input tax credit for supplies where payment is not made within one hundred eighty days. The due date is counted from the date of issue of invoice.
Under GST, RCM is applicable to both supply of certain Goods and or services as notified by the Government. RCM is also applicable for supplies received from unregistered suppliers also. Persons who are required to pay tax under reverse charge has to compulsorily register under GST
This article takes you to a class room where literally one will experience sailing through in GSTN portal in respect of your business transaction –Also corresponding impact in Financials.
