Goods and Services Tax - Page 3

Valuation of Cross Charges amongst distinct entities under GST

Cross charges are nothing but a supply between: – Two or more offices/establishments of an entity or – Related companies enjoying common facilities. These charges may also be termed as a mechanism to allocate the value, as per the valuation rules and charge GST from the distinct/related persons. To emphasize, this concept asce...

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Interest on delayed payment of GST on Net tax liability

Section 50 of CGST Act 2017, deals with Interest on delayed payment of GST tax. The same reads as under: (1) Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the tax or any part thereof to the Government […]...

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GST Input Credit on Inputs and Capital Goods sent for Job Work

Section 19 of CGST Act prescribes the provisions for taking input tax credit on inputs and capital goods sent out for job work.  Let’s discuss the same here. 1. A principal who sends out inputs or capital goods to the job worker for job work purpose is entitled to take input credit on such inputs […]...

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Unlocking GSTR 9C

What is GST Audit? Audit is examination of records, returns and other documents maintained or furnished by the registered person under GST Law or any other law. The examination is to verify the correctness of: Turnover declared; Taxes paid; Refund claimed; and Input tax credit availed; And to assess his compliance with the provisions of [...

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Classification and Taxability of Printing of pictures under GST

printing of picture fall under service code 998386: photographic and video graphic services and not under 998912:Printing and reproduction services of recorded media, on a fee or contract basis and hence printing of picture will attract GST @18% as per Notification 11/2017-CT (R) dated 28.06.2017....

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Format of letter to be written by Registered Person u/s 73 (6) of CGST Act, 2017

s per the provisions of Section 73(5) of the CGST Act, 2017, where any GST has not been levied or paid or has been short levied or short paid or erroneously refunded, the person, chargeable with the GST , may pay the amount of such duty before service of notice on him under sub section (1) of Section 73 and inform the GST officer in writi...

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Check List for GST audit of Traders

Check list for Audit of Traders 1. INVOICING PATTERN: 1. Whether the invoice issued contains all the information prescribed in Rule 46 of CGST Rules and is being numbered accordingly 2. Whether revised invoice or credit note or debit note issued contains all the information prescribed in Rule 53 of CGST Rules 3. Whether the […]...

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Check List for GST Audit of Composite Dealers

CHECK LISTS FOR COMPOSITE DEALER which includes To check whether turnover is under prescribed limit or not as P & L account provide turnover of all business related to a PAN, To check Break up of Sales/Revenue from operations with regard to income from Supply of Goods or Services with regard to study of exclusion […]...

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Accounting Entries of GST Transactions (Part 1)

Some Accounting Entries in Financial Books under GST : PART-1 According to Section 35(1), Registered persons have to keep and maintain the Accounts and Records of (a) production or manufacture of goods; (b) inward and outward supply of goods or services or both; (c) stock of goods; (d) input tax credit availed; (e) output tax […]...

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All About GST PMT- 09: An Urge of Taxpayers Comes True

PMT 09 consists of minor and major heads. You can mention the amount of tax you wish to shift as in the details of the amount to be transferred from one account head to another. The reallocation of tax can be from major head to minor head and vice versa....

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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.

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