Goods and Services Tax articles

How to claim GST refund on supplies to SEZ unit / developer (without tax payment)

Filing for refunds is a post-login functionality, which means that the Taxpayer must login to the GST Portal with their valid login credentials before filing a refund application....

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Waves in Taxability Ocean Freight – Part II

Ocean Freight could be incurred during the course of import of goods in India or during the course of export of goods out of India. Taxation would depend upon the nature of the underlying activity I.e. Import or export of goods and the incoterms of the sale price between the seller and buyer....

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TDS (Tax Deduction at Source) u/s 51 of CGST Act 2017 for Govt Enterprises

Section 51 CGST (Central Goods and Services Tax) Act 2017, provides that, A department or establishment of Central Govt or State Govt, or local authority or Govt Agencies or other specified persons are required to deduct TDS @ 2% (IGST 2%, or CGST 1% + SGST 1%) ...

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GSTR-9C form for taxpayer above Rs 2 crore turnover

The Government has notified the GSTR-9C form for annual GST audit under which every taxpayer above Rs 2 crore turnover in a financial year would need to fill up a reconciliation statement and also obtain a certification of audit. The Government through the notification No. 49/ 2018 - Central tax has notified the format for GSTR-9C....

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Tax Deducted at Source under GST -Anti-Tax Evasion Measure

TDS under GST has been introduced and same is applicable on Government Owned Undertakings which will work as Anti Tax Evasion Mechanism and put Control on Government authorities on Payment made on high value contracts...

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10 FAQs on Goods & Services Tax (GST ) for Company Secretaries

Q.1  What are the opportunities available for Company Secretaries under Goods and Services Tax regime? Ans. Under Goods and Services Tax, a Company Secretary has the following opportunities: To act as a GST Practitioner Pursuant to Section 48 of CGST Act, 2017 read with Rule 83 of Central Goods and Services Tax Rules, 2017 (CGST [&hellip...

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Whether all the Registered GSTPs need to clear the Examination?

Relax………. With the latest Press Release dated 17th September, 2018, the Date of Examination meant for Confirmation of Enrollment of GSTPs and Online Registration procedure for the Examination, ...

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FORM GSTR-9C: Reconciliation of Input Tax Credit (ITC)

The entire reconciliation statement in the form 9C has been divided into the following Parts namely: 1. Basic details. 2. Reconciliation of turnover declared in the audited Annual Financial Statement with turnover declared in Annual Return 3. Reconciliation of tax paid Reconciliation of Input Tax Credit (ITC); and lastly 4. Auditor’...

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TDS provisions Under The GST Act- All About It

The concept of TDS is simple concept. The recipient deducts tax at the notified rate from the payment due to the supplier and deposits the tax into the government treasury on behalf of the supplier. When the supplier files return, he can claim credit of the tax paid by the recipient on his behalf. Section 51 of the CGST Act deals with the...

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GST Form ITC-03 – FAQs & Manual On Filing

FAQs> GST ITC-03 Q.1 What is Form GST ITC-03? Ans: Form GST ITC-03 is to be filled up by those taxpayers who opts for composition scheme or where goods or services or both supplied by taxpayer becomes wholly exempt. This form is to be filed by taxpayers, to pay an amount, by way of debit […]...

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