Goods and Services Tax : (a) integrated tax shall first be utilised towards payment of integrated tax and the amount remaining, if any, may be utilised tow...
Goods and Services Tax : Form GSTR 3B is the first return of GST regime to be filed by registered dealer and not composition dealer. This online return per...
Goods and Services Tax : The GST R1 return is again a most important document which shall be generated through invoice. All the key components of GST R1 sh...
Goods and Services Tax : Composition scheme should be opted by only those manufacturers or traders who sells directly to the consumers. Composition scheme ...
Goods and Services Tax : Any person who is in reverse charge is the happiest man or woman. There life is in good shape. They can take holidays. They can sp...
(a) integrated tax shall first be utilised towards payment of integrated tax and the amount remaining, if any, may be utilised towards the payment of central tax and State tax, or as the case may be, Union territory tax, in that order;
Form GSTR 3B is the first return of GST regime to be filed by registered dealer and not composition dealer. This online return pertaining to the period of July 2017 needs to be filed by 20-8-2017. This is the summary return of aggregate turnover of taxable supply, exempt supply, export supply and non levy supply and also tax payable. This return can be accessed on gst.gov.in
The GST R1 return is again a most important document which shall be generated through invoice. All the key components of GST R1 should be present in the invoice.
Composition scheme should be opted by only those manufacturers or traders who sells directly to the consumers. Composition scheme can also be opted by restaurants and their aggregate turnover exceeds Rs. 20 Lakhs and is upto Rs. 75 Lakhs.
Any person who is in reverse charge is the happiest man or woman. There life is in good shape. They can take holidays. They can spend good time with their friends and families for 30 days in a month.
The GST tax invoice is the most important document in GST regime. This is grand father of all document. This document can be panacea of indirect tax. Govt. thinks this document shall end corruption when filed in GST Network. Computers will work overnight to match invoice with invoice. This system hopes to weed out bad eggs.
MRP simply means that price of goods cannot exceed the displayed price. GST is not levied on the basis of MRP. GST is levied on that price on which goods are actually transacted. GST is levied on invoice price. Suppose MRP of any goods is Rs. 100 and it is sold at Rs 80. GST shall be levied on Rs. 80. This is the law. Even if goods are sold at loss then also GST shall be levied on that sale price. This sale price can be questioned only on related party transaction and not otherwise.
Friends as you all know GST has been made effective w.e.f 1-7-2017. GST has been welcomed by all and specially Chartered Accountants for a simple reason that it will create biggest opportunity of all time for them. CA’s are most enthusiastic and they should be.
Section 9(4) shall force every service provider who is providing services to business entity to get itself registered even if their turnover do not exceeds Rs. 20 Lakhs. Chartered Accountant, company secretaries and cost accountant will need immediate registration under GST on the first day of start of practice. Even supplier of goods shall come under this section purview.
Section 269SST includes within its sweep all types of cash receipts from any person of whatever nature whether as donations or gifts or compensation, encashment of securities/instruments etc. A penalty equal to the amount of such receipt shall be imposed u/s 271D.
