Audit under GST is the examination of records, returns and other documents maintained by a registered dealer. The aim is to verify the correctness of Turnover declared, Taxes paid, Refund claimed and input Tax Credit availed by an assessed as per provisions under GST along with is to assess the auditee’s compliance with the provision of GST Act and Rules.
1. What is Joint Development Agreement (JDA)? • This is an arrangement between an owner of the land and a builder where the land owner contributes the land and the developer undertakes the responsibility of obtaining approvals, property development, launching and marketing the project with the help of his financial resources. • As beneficial it […]
Currently exporters are allowed automated refund in cases where the IGST is paid upfront (i.e. Exports made with payment of duty). Refund application is to be made by the exporters who claim refund of ITC as well as for the suppliers to SEZ. If Ministry sources are to be believed, Exporters of goods and services […]
Once it is admitted that credit was available to the petitioner on the date of switch over from VAT regime to GST regime and once it is admitted that the petitioner may be entitled to make a claim for this credit in other modes, we think that the second respondent ought to have given a purposive interpretation to Section 140 of the Act read with Sections 16 to 21 of the Telangana GST Act As he has failed to do the same, the matter requires reconsideration.
PCIT Vs M/s. Mohommad Haji Adam & Co. (Bombay High Court) In the present case, as noted above, the assessee was a trader of fabrics. The A.O. found three entities who were indulging in bogus billing activities. A.O. found that the purchases made by the assessee from these entities were bogus. This being a finding […]
Article explains Categories of person who can file an Annual Return in Form GSTR-9A, Pre-requisites for filing GSTR-9A, Filing of NIL Annual Return, Things to be done before filing GSTR-9A, Download system computed summary of GSTR-9A and GSTR-4, Structure of Annual Return GSTR-9A, GSTR-9A filing steps at GST portal, Payment of additional tax liability and […]
E-way bill is applicable where any movement of goods value exceeding Rs 50000 is In relation to Supply, whether of taxable or non taxable goods, For reason other than Supply (Ex: -Branch Transfer within State, Job Work, Consignment, etc) and for Inward Supply from URD
Concept of Reverse Charge under CGST Act, 2017 & IGST Act, 2017 explained in a lucid manner covering list of Goods & Services covered under RCM
Composition Scheme is a simple and easy scheme under GST for Small Taxpayers especially beneficial for B2C businesses. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore. Special Scheme for Service providers also introduced w.e.f. 1st April’2019 for those having Rs 50 Lakh Turnover. Composition Dealer has to […]
GST on Real Estate have undergo many changes since July 2017.The GST Council has considered the changing scenario in real estate and taken considerable changes for Rate Reductions. Central Board of Indirect taxes and Customs (CBIC) has issued notifications relating to a reduction in GST rates for real estate projects and transition related issues. Apart […]
