To be able to claim input tax credit of an invoice, its payment must be made within 180 days as per second proviso of section 16(2) of CGST Act, 2017. If the payment is not made, the credit taken on that invoice must be reversed. And whenever such payment is made credit may be taken then.
Format of Proposed Audit Form (Form GST 9C and FORM GSTR –9D) in respect of Annual Audit required under GST Laws is in circulation on Social Media from 4th April 2018. The PDF File in Circulation Contains Form GST 9C which is a Audit Report and GST FORM GSTR –9D in which all details related […]
PIL filed before Rajasthan High court challenging GST Act provision of constitution of Authority for Advance Ruling and Appellate Authority for Advance Ruling admitted
CBDT releases Forms Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V as applicable for Financial Year 2017-18 or Assessment Year 2018-19.
Offline Tool of Form GSTR 1 has been modified to allow taxpayer to delete more than 2500 Invoices at one go. A Reset Button has been enabled for Form GSTR 3B, which were in submit status as on 20th February 2018. Taxpayers can now click on the reset button, which opens up Form GSTR-3B in […]
E-way bill provision of GST, first introduced on 1 February 2018 was initially made mandatory for inter-state transportation of goods, having consignment value of more than Rs. 50,000 through road, railways, airways and vessels.
It appears that without analyzing the proposed amendments in Budger 2018, most of the people have jumped to the conclusion that entire Chapter VI A deduction are covered, thus wrongly concluding that deduction u/s 80C (payment of PPF/LIC/School fee etc) , 80D- mediclaim, 80G (Donations),80TTA & 80TTB (interest from Bank) etc etc will not be allowed if the Income Tax Return is filed beyond the due date, which in actual is not the case since only PART C to Chapter VIA is covered in the budget proposal. In the following paragraphs an attempt has been made to clarify the position
1. Due Dates for Filing of Form GSTR-3B for the Month of March 2018, April 2018, May 2018 and June 2018 2. Due Dates for Monthly Filing of FORM GSTR-1 for the Month of February 2018, March 2018, April 2018, May 2018 and June 2018 where turnover in preceding financial year is above Rs. 1.5 crores
THE FINANCE ACT, 2018 received the assent of the President on the 29th March, 2018, and is hereby published for general information:—
Before the introduction of GST regime, transporters were required to carry waybill for facilitating the supply of goods. Since the documents were physical and were obtained from the VAT authorities, the compliance requirements around the waybills were very complicated and thus acted as a hindrance in the transportation of goods across the states.
