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Practical Implementation of Rule 36(4) (5% ITC Rule) By GST Return Preparer

Rule 36(4) of CGST Rules, 2017 inserted vide Notification No. 49/2019 dated 09th Oct, 2019 and it was made applicable w.e.f. 09th Oct, 2019. Enough hue and cry had taken place ever since application of this Rule came in existent. The issue was mainly due to quarterly GSTR-1 filers. According to my opinion very few taxpayers were fol...

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GST Audit by Department: Are You Prepared?

India has completed more than 3 years of GST regime. GST has been one of the landmark tax re- forms in the country and though it has stabilized to a large extent, the business entities are still grappling with some issues and compliances required to be carried out. It has been quite a time since […]...

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QRMP Vs. Monthly GST Return System for Turnover below Rs. 5 Cr

Articles makes Comparison of Optional Quarterly GST return filling system (Payment is Monthly Only) for Turnover below Rs. 5 cr  with Monthly GST Return and Payment System. CHOOSING Quarterly GST Return and Monthly Payment System (QRMP  – NEW SYSTEM ) Monthly GST Return and Monthly Payment System System OF RETURN FILLING Quarterly...

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Taxpayers! Furnish GSTR-1 in time, or pay late fees

Many GST taxpayers are getting notices for liability of late fees for delay in filing of GSTR-1. Why are such notices being issued by the GST department?...

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GST would be levied on recovery of canteen services regardless of “profit-making” aspect

The Hon’ble Gujarat AAR, in the matter of M/s Amneal Pharmaceuticals Pvt. Ltd. [Advance Ruling No. GUJ/GAAR/R/50/2020, dated July 30, 2020] held that GST would be levied on recovery of amount from employee on account of third party canteen services provided by a company to their employees which is obligatory under Factories Act 1948 (Fa...

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No RCM Mechanism applicable on import of services if location of supplier is from a fixed establishment

02/Odisha-AAR/2020-21 dated 01.10.2020 (01//1/0/20)

Question on which AAR sought and discussions made -The applicant sought ruling on requirement of registration under Odisha Goods and Services Act,2017 & CGST ACT, 2017 for the consultancy services provided to Odisha Power Transmission Corporation Limited  -Whether GST is payable on RCM basis by OPTCL in relation to import of services...

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e-invoicing under GST- Brief Overview

E Invoicing is one of the biggest and positive update taken place under GST law like E Way Bill system in 2020. The invoicing practices are adopted by business houses are different from one another and government wants unified and equal approach in invoicing....

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Goods and Service Tax (GST) Registration & Requirements

Failure to comply with the process of registration of GST can lead to various consequences, that a person can neither claim any Input Tax Credit nor can collect tax from his customers....

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GST on Real Estate

Before the GST came into force, a variety of state and central taxes were imposed on building, through the course of the construction of a housing project. While these taxes increased the cost of project development for developers, no credit against this tax was available to the builders against the output liability....

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DRC-03, DRC-04 and DRC-05 User Manual

This presentation will familiarise you with the end-to-end processes involved in payment made by the Taxpayer using DRC-03 and verification of such payment made using DRC-03 and issuance of acknowledgement of Payment through DRC-04 or Conclusion of Proceeding through DRC-05 as per the Cause of Payment in the CBIC-GST application....

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