Goods and Services Tax - Page 20

Precautions to be Taken After GST Registration

Dear Friends, after the introduction of GST in July 2017, starting a business in India becomes so easy that, even an uneducated person can start his business with the help of an Accountant (Book-Keepers). Due to which, many new business has been started but due to lack of knowledge at Promoter level as well as […]...

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GST AUDIT – How to Reconcile GSTR 3B and GSTR 1

How to map GSTR 1 vs GSTR 3B GSTR-1, filed by the supplier, contains invoice-wise and category-wise details of all outward supplies made in a year GSTR-3B is the summary return based on which tax is deposited by the supplier. It contains category-wise summary of both inward and outward supplies and tax payment details. Now, […]...

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Utilisation Of ITC Sequence In GST Act- Recent Changes & Analysis

Utilisation Of ITC Sequence In GST Act- Circular No. 98/17/2019-GST Dt.23-04-2019 RECENT CHANGES & CLARIFICATIONS ON SEQUENCE OF ITC UTILIZATION After introduction of section 49A in CGST Act, 2017 by amendment in CGST Act through CGST (Amendment) Act, 2018 a confusion arose due to new sequence of setting up ITC sequence which was earl...

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Detention of Imported Goods- “E-Way Bill non-compliance”

This is with reference to the judgement of Ahmedabad High Court in case of M/s NEUVERA WELLNESS VENTURES PVT LTD dated 18-04-2019 whereby the court had given judgment basis the findings in the order passed without any reason assigned to it while issuing order. Hence, the order issued was not a speaking order and the […]...

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Points to be kept in mind during the GST Audit

Here I would like to mention to all of you details which would be require kept in mind at the time of GST Audit. I had done GST Health Checkup (i.e. GST Compliance of more than 30 companies like Manufacturing, Service, Trading, Pharma, Health, Export oriented unit, etc is limited as well as MNC companies). […]...

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Easiest Way to Start a New Business in GST Regime: FAQs

Q.1 – How can I start my business as Proprietorship Concern? Ans - An Individual can start his Proprietorship concern just by taking registration under GST Law. Q.2 How many days, it will take to get GST Registration? Ans: In normal circumstances, it will take just 3-4 working days to get your GST Registration....

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5 New Changes In E-Way Bill System

NEW CHANGES IN E-WAY BILL SYSTEM Recently, the e-way bill system has been empowered with various fruitful changes. The e-way bill system now would be empowered to auto calculate the route distance based on the PIN code; knowing the distance between two PIN codes; blocking of generation of multiple e-way bills based on the single […...

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Clarification On Manner of Utilizing Input Tax Credit (ITC)

The Government has issue a clarification on manner of utilizing input tax credit w.e.f. 29.03.2019 [As clarified by CBIC Circular No. 98/17/2019-GST dated 23.04.2019] because GSTN does not have updation for the new manner of taking credit....

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Provision and Procedure related to Provisional GST Assessment

Every one may have question why there is requirement of Provisional Assessment under Law. In this it is to be better understand by the entity who has paid magnificent amount of Tax just due to – Improper Valuation – Falling to Determination of Accurate rate – Falling to Determination of Place of Supply – Procedural...

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Decoding Applicability of GST Audit – GSTR-9C

Finally after a long waiting period GSTR-9C was been released and made available on GST portal on 14th April 2019 as a Tamil New Year gift to the nation. Last date for filing GSTR-9C along with GSTR-9 is 30th June 2019, though words repeatedly used in relation to filing of GSTR-9 and GSTR-9C is “along […]...

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Goods and Services Tax India

The Goods and Services Tax or better known as GST is a Value added Tax and is a comprehensive indirect tax which is levied on the manufacture, consumption, and sale of goods and services. The Goods and Services Tax in India would replace all the indirect taxes which are levied today on goods and services by the Central and the State governments. GST is intended to be comprehensive for most of the goods and services. Goods and Services Tax is a single indirect tax for the entire nation, which would make India a unified market. It is proposed to be a single tax on supply of goods and services, from a manufacturer to the end consumer. The credit of all the input taxes which are paid at each and every stage would be allowed in the following stages of value addition that makes GST basically a tax on value addition only at every stage. The end consumer would have to bear only the Goods and Service Tax which is charged by the final dealer within the supply chain, together with all the set-off benefits availed at previous stages.

At Taxguru, we provide all the latest GST news to our viewers. Our group of expert keep a close check on all the latest developments and provide a comprehensive analysis on GST updates. We keep updating our portal with articles on GST for the enlightening our readers. Bookmark us for all the GST articles and much more on GST.