goods and services tax articles

Treatment of Cash discounts & Trade discounts under GST

There has been a lot of confusion in treatment of discounts in invoice and questions with respect to which amount should be chargeable to GST. Though the law is pretty clear about it. GST treats all the discounts such as trade discounts, cash discounts, volume/turnover discounts, etc. Instead, the treatment varies with the timing of disco...

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How to Determine Place of Supply of Services under GST- Part II

We had already discussed about the Place of Supply of Services where the location of the supplier and the recipient is in India. Now, we are going to discuss on how to determine the place of supply of services where the location of the supplier and the recipient is outside India as per Section 13 of IGST Act....

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All about GSTR 5 return filing with FAQs & Filing Procedure

A. 12 Frequently Asked Question on Form GSTR-5 1. What is GSTR-5? GSTR-5 is a return to be filed by all Non- Resident Taxpayer in cases he doesn’t wish to avail ITC on local procurements. In case, he wishes to avail ITC on local procurement, he will be required to register as a normal taxpayer and […]...

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Reverse Charge Mechanism Under Goods & Services Tax (GST )

There are two scenarios provided in law when reverse charge is applicable. Section 9(3) and 9(4) of CGST/ SGST (UTGST) Act, 2017 and Section 5(3) and 5(4) of IGST Act, 2017 deals with reverse charge mechanism. Scenarios when reverse charge is applicable are as follows:...

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Officer Interface For Rectification of Errors In Respect of IGST Refund

Kind Attention Is Invited To All Exporters/Trade Associations That The Board Has Devised A Mechanism For Rectification/Correction Of Errors Through Officer Interface For Sanction Of IGST Refund In The Following Cases. The Exporters Are Advised To Approach The Customs At The Respective Ports/ICDs For This Purpose....

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GST: Completion Certificate or first Occupancy- An Understanding

One needs to thus understand as to when the completion certificate is issued and also when will first occupation take place. Only then can one determine the relevant date after which sale of units where entire consideration is received after such relevant date will not be subjected to GST....

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All about GSTR 1- Monthly Statement of Outward Supplies with FAQs

GSTR 1 is a monthly Statement of Outward Supplies all normal registered taxpayers to be filed in a given tax period in which they shall furnish details of all a. Outward supplies to registered persons b. Outward supplies to unregistered persons (consumers) c. Details of Credit/Debit Notes issued against invoices d. Zero rated, exempted, a...

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GST Registration as Tax Collector at Source (TCS): FAQs

Article Answers 1. Who needs to register under GST as a TCS? 2. How can register as TDS or TCS? 3. Are there any preconditions I must fulfill before registering with GST as a TDS or TCS? 4. Do I get registered automatically after submitting the registration application along with the prescribed documents?...

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Audit under GST or Types of Audit in GST

In this article we have discussed GST Audit ) GST Audit based on Turnover by a CA or CMA u/s 35(5) 2) GST Audit by Tax Authorities U/s 65 of CGST Act, 2017 3) Special GST Audit by CA or CMA u/s 66 of CGST Act, 2017 ...

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Non-Compliances Vis-À-Vis Consequences – Under GST

Any tax system having its own statutory provisions and made it mandatory for compliance by the taxpayers. Accordingly, the Government has famed Tax Acts and Tax Rules for the smooth tax administration in the Country. If any taxpayers disobey the Tax Acts and Tax Rules, it leads to violation of statutory provisions and will be […]...

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