Disclosure 1 in GSTR 9C: Reconciliation and not assurance on overall compliance ♣ It has been clarified by the CBIC vide press release dated 03.07.2019 that the scope of the audit is restricted to provide reasonable assurance on the correctness of the reconciliation given in Part A of this Form and auditor is not required […]
Government vide notification No. 75/2019 dated 26.12.2019 inserted Rule 86A indicating conditions of use of amount available in Electronic Credit Ledger . 1. Rule 86A : Rule 86A has empowered the Department to impose restrictions on use of available Input Tax Credit of recipients in certain cases. The commissioner or an officer authorised by him […]
Article Explains about E-Invoice Under GST, Misconception About E-Invoice Under GST, E-Invoice Scheme, Benefits From E-Invoice under GST, E-Invoice Portal [Invoice Registration Portal – (IRP)], Steps of Generation of E-Invoice under GST, QR Code, Modes of Generation of E-Invoice under GST and Other Important points of E-Invoices under GST. Detailed Note is as follows:- 1. […]
As we all are aware of Section 269ST which was introduced by finance act, 2017 in Income tax act, 1961 by the central government in order to curb the tax evasion, regulation and circulation of Black money. This article will cover the detailed analysis of the said section alongwith some practical examples. 1. Basic Understanding […]
The term ‘Job Work’ is very important subject under the GST. Though there is no tax under GST upon goods supplied for the purpose of job work to the Job Worker and returned back from the Job Worker after completion of job work to the Principal even then the Legislature has framed full fledged provisions […]
During preparation and filing of GST Annual Return (GSTR-9) and GST Audit (GSTR-9C), we all have experienced about reconciliation of sales reported in GST returns and sale / income reported in Balance Sheet. Moreover, reconciliation of Input Tax Credit (ITC) availed in GSTR-3B and ITC reflected in GSTR-2A. Apart from such sales and purchases reconciliation […]
Kisan Vikas Patra is a saving certificate which was first launched in 1988. Kisan Vikas Patra was a very Popular Investment Scheme amongst the investor which was discontinued wef 30.11.2011 on recommendation of Shayamla Gopinath committee considering the misuse of the scheme vide government Notification [F.No. 1/10/2011-NS-II], dated 25-11-2011 and decision for the same was […]
Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab rates for the Financial Year 2019-20 (relevant to Assessment Year 2020-21) for Resident Individual (Below 60 Years Old), HUF and AOP/BOI/Artificial juridical person, Senior Citizens (60 Years Or More […]
ANX-1 1. In Table 3A of ANX-1 state wise entry is required to be made for B2C Supplies. State once selected as place of supply shall contain all entries of a tax period for that state. However if state is once selected the same state also appears in next selection of place of supply also. […]
This article covers all other provisions and related issues of e way bill generation clarified by Government from time to time vide circulars / FAQ etc. Article explains Generation Of E Way Bill – (Part A) Directly From System, Blocking Of E Way Bill Generation, Unblocking Of E Way Bill Generation, E Way Bill For […]
