The notes for GST Audit are for guidance only. The GST auditor will have to make suitable observations, remarks, qualifications, etc. depending on the facts of the audit. AS THE GST LAW IS EVER CHANGING GSTR-9C and where to put reasons, comments, observations and qualifications and etc. Reasons for unreconciled differences in Table 6,8,10,13 and […]
Q. Whether the Input Tax Credit of Central Tax Paid in Haryana be Available to the Applicant who is Registered in Rajasthan State? In other words, ITC of the Central tax charged in Haryana is not available as in this case both the location of the supplier and the place of supply of the services are in the State of Haryana.
Job work is merely a process or processes undertaken by the job worker on the goods belonged to the principal. Job work may amounts to manufacture or may not amount to manufacture. Job worker may use some portion of his material also or he may not use his material at all. The law on these issues have already been settled.
Textile, Jewellery etc. manufacturing and other processes on goods belonging to other unregistered person clarified to be taxable @ 18% Circular No. 126 dated 22-11-2019 has clarified that ,if manufacturing services are performed on goods belonging to unregistered persons, then tax rate shall be 18%. Sectoral Impact Apart from textile, jewellery other sectors like footwear, […]
Since most of us must have filed GSTR 3B for the month of October 2019 keeping in mind the new Rule 36(4). One thing we all have understood in GSTR-3B is that the record of calculations is now even more important.
20% ITC restrictions clarified by CBIC Circular No. 123/42/2019– GST dated 11.11.2019 1. Clarification about the new rule 36(4) related to availing input tax credit under the GST. 2. The new rule 36(4) inserted vide Notification No. 49/2019 – Central Tax dated 09.10.2019, limits input tax credit claims to 20% of the “eligible amount” where in […]
Goods and Services Tax (GST) law has completed two years in our Country and entered into third year. Since very beginning there was a demand from various sectors to make this law simple and easy. Though Govt., from time to time made efforts for simplification of this law. But it is a matter of great […]
IDBI Bank invites online applications from practicing partnership firms of Chartered Accountants within India, in the prescribed format, who are willing to have their firms empanelled as Concurrent Auditors of the Bank.
Vide notification No. 47/2019-Central Tax it is provided that the annual return shall be deemed to be furnished on the due date if it has not been furnished before the due date for the financial year 2017-18 and 2018-19, in respect of those registered persons.
The government has taken a pre-emptive action to curb incorrect Input Tax Credit (ITC) claims after various frauds were unearthed in the past year on claimed ITC on fake invoices, or through physically non-existent businesses. To ensure, ITC claimed is bona-fide and eligible, a new rule was inserted vide Rule 36(4) on 9th October 2019 […]
