FAQs on Filing of Form GST ITC-02 Q 1. What are the pre-conditions for filing of ITC declaration in FORM GST ITC-02? Ans: The following conditions must be met for being eligible to file the FORM GST ITC-02: 1. In case any registered entity undergoes sale, merger, de-merger, amalgamation, lease or transfer, the acquired entity […]
In recent times, blogging has become one of the trending professions in the market. One of the major reasons behind it is income generating capacity of this profession. Bloggers can earn lakhs of rupees per month but most of the time they are unaware about the tax implications on their income. Hence today we are […]
The Government should come up with the mechanism for the taxpayers who could not or partially to avail the benefit of unused erstwhile credit. The taxpayers must submit TRAN-1 manually till government comes with the mechanism. Further, if government does not come up with mechanism, such notification (NN 43/2020) will add fuel to the burning issue of transitional credit.
NEW DATES FOR 2 Day Web Series on GSTAM (GST Audit Manual) issued by CBIC &Various Notices & Orders received from the GST Department across India and how to prepare for or reply to such notices Tax Guru in association with Tax Connect is Organizinga 2 Day Series for discussions on GSTAM (GST Audit Manual) […]
A journey into the evolution of the definition It is natural that the comprehensive analysis of the definition of benami transaction in the benami act has to start with reproducing the definition itself. Section 2(9) of Prohibition of Benami Transactions Act, 1988 defines Benami Transaction. As per this, Benami Transaction means: A. A transaction or […]
Section 269SU has been introduced by the government under Income Tax Act with an intention to promote cashless economy and digital mode of accepting payment. Section 269SU prescribes for accepting payment through certain electronic modes as prescribed in addition to other electronic modes. This article is a detailed discussion on Section 269SU alongwith various practical […]
After lots of efforts, the Goods and Service Tax Act was introduced in India with effect from 1st July 2017. GST- Being a major indirect tax reform GST replaced many indirect tax laws that were prevalent and under which tax was levied by both the Centre Government and the State Government. Indirect Taxes that existed […]
The Valuation for supply of goods or services or both is a very vital chapter under the GST. It is an important part for the Government because the Government would like that no any supply would have been made under value. It is an important for a Registered Person because valuation in regard of supply […]
In the case of Sawai Manoharlal Rathi, the Gujarat Authority for Advance Ruling has held that interest income from PPF, interest income from personal loan and advances given to family/friends and interest income from saving bank account to be included in aggregate turnover for GST registration.
Accounts and Records under GST – In recent times, Government has enhanced its vigilance to curb the menace of excess claim of ITC or fake invoicing. Department has stepped up investigation against such activities and in many cases genuine taxpayers also face the heat of notices for reversal of Input Tax Credit or payment of […]
