Support to resource crunched MSMEs :Extension of FY21 GST annual return .
Posted Date : 04-Jan-2022 , 06:31:29 pm | Posted By
CA. Dr. Gaurav Bhambri
This Article mainly higlighting on relief to Covid-battered businesses on compliance front, the government on Wednesday extended till February 28 the deadline for them to file GST annual returns for 2020-21 fiscal ended March 2021. "The due date for furnishing annual return in FO...
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Category : GST |
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GST Rate analysis on Ice-cream parlours supplying manufactured ice creams
Posted Date : 15-Nov-2021 , 11:11:59 pm | Posted By
CA Ronak Khandelwal
*Takeaway from 45th GST Council meeting*(Ice-cream parlours supplying manufactured ice creams)
Recently in the 45th GST council meeting, it has been recommended that "Ice-cream parlours supplying manufactured ice-creams will be taxed @ 18% GST”. Further, the Circular issued pursuant t...
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Category : GST |
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LEGALITY STATUS OF ITC BLOCK BY GST DEPARTMENT
Posted Date : 07-Oct-2021 , 04:11:18 pm | Posted By
CA. PIYUSH KAPOOR
The article explains the Meaning of Input Tax, Eligibility and Condition of Taking input tax credit, what is Blocked Credit under GST, and the Legality of block credit
Introduction
“input tax” in relation to a registered person, means the central tax, State tax, integra...
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Category : GST |
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Highlights of 45th GST Council Meeting dated 17th September, 2021
Posted Date : 20-Sep-2021 , 11:50:49 am | Posted By
Ishita Ramani
Introduction
The 45th GST Council Meeting was held on 17th September, 2021 under the charimanship of Honourable Finance Minister Smt. Nirmala Sitharaman. The said Meeting took place at Lucknow, Uttar Pradesh. The meeting was attended by MOS Shri Pankaj Chaudhri besides Finance Ministers of States &...
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Category : GST |
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Drinking water supply through mobile tankers taxable at 18%
Posted Date : 16-Aug-2021 , 11:46:09 pm | Posted By
CA Ronak Khandelwal
Drinking water supply through mobile tankers taxable at 18%
1. Supply of drinking water to the public through mobile tankers or dispensers by a charitable organization is taxable at 18 percent under the GST, AAR has ruled.
2. The Andhra Pradesh bench of the Authority for Advance Ruling (AAR...
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Category : GST |
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Drinking water supply through mobile tankers taxable at 18%
Posted Date : 16-Aug-2021 , 11:45:53 pm | Posted By
CA Ronak Khandelwal
Drinking water supply through mobile tankers taxable at 18%
1. Supply of drinking water to the public through mobile tankers or dispensers by a charitable organization is taxable at 18 percent under the GST, AAR has ruled.
2. The Andhra Pradesh bench of the Authority for Advance Ruling (AAR...
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Category : GST |
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0 | Hits : 1431 |
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GST Monthly Journal_3rd Edition_August 2021
Posted Date : 09-Aug-2021 , 12:27:03 pm | Posted By
Ankit Khandelwal
Latest updates by way of Notifications issued
Notification No. 29/2021- Central Tax dated 30.07.2021
[Omission of Section 35(5) of the GST Act i.e. GST Audit and Substitution of Section 44 – by inserting Self-Certified Reconciliation Statement]
The said notification omi...
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Category : GST |
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GST REGISTRATION
Posted Date : 21-Jul-2021 , 03:12:43 pm | Posted By
CS MANJU LAUR
GST Registration
GST
GST is the biggest tax reform of the Country that subsumed various taxes in a single tax. With the introduction of GST the cascading effect has been abolished. It is an indirect nature tax applicable on the supply of goods or services or both. The taxable event...
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Category : GST |
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GST on Supply of Electricity - Dilemma of Levy
Posted Date : 06-Jul-2021 , 05:50:29 pm | Posted By
Ankit Khandelwal
Introduction Electricity or Electrical Energy is one of the major source of revenue for the state governments as it comes under the state list of the Constitution wherein they are collecting electricity charges from the customers. This is one of the major contentious issues whether it would be suppo...
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Category : GST |
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0 | Hits : 814 |
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Article on Dynamic QR Code!
Posted Date : 03-Jul-2021 , 02:32:43 pm | Posted By
Shilpa Sardana
Dynamic QR Code for B2C Transactions:
B2C transaction means all the supplies made to unregistered person or consumers. B2C invoices are those invoices where the end user will not be claiming input tax credit.
E-invoicing refers to a method of processing invoices in an electronic format and on a un...
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Category : GST |
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TAX EVASION UNDER GST AND MEASURES TO CURB IT
Posted Date : 19-Jun-2021 , 05:40:56 pm | Posted By
CA. PIYUSH KAPOOR
Introduction
Goods and Services Tax (GST) was implemented in the Indian economy from 1st July 2017 to replace the multiple indirect taxes and surcharges which were levied before 1st July 2017 with a single customized tax structure and also with the objectives of eliminating the cascading effect...
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Category : GST |
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Relief Measures announced in GST Compliances
Posted Date : 25-May-2021 , 11:57:58 am | Posted By
CA Ronak Khandelwal
Relief Measures announced in GST Compliances
Extension in due date for filing GSTR-4: -
Composition taxpayers for FY 2020-21- The due date extended to 31st May 2021 from current 30th April 2021.
Waiver of late fees in GSTR-3B: - GSTR-3B for the month of Marc...
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Category : GST |
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MOOWR Scheme – Solving Working Capital Problems for Importers
Posted Date : 20-May-2021 , 09:44:58 am | Posted By
May I Help You.
With a view to promote India as a global manufacturing hub and the commitment towards ease of doing business, CBIC has notified revamped regulation under Customs Law for manufacture and other operations in bonded warehouse - Manufacture and Other Operations in Warehouse (no.2) Regulations, 2019 (her...
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Category : GST |
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GSTR-2A & GSTR-2B and Rule-36(4)
Posted Date : 20-May-2021 , 12:36:21 am | Posted By
CA Ronak Khandelwal
Question (1) Whether GSTR-2B Legally Recognized. Question (2) Validity of Rule 36(4) as per GST law.
At present time 2B not legally valid and rule 36(4) not applicable any of the client in India. Conditions to Avail GST Input Tax credit prescribed in sec 16(2) (a) he is in possession of a tax invo...
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Category : GST |
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INTEREST ON REVERSAL OF UNUTILSED ITC
Posted Date : 06-May-2021 , 12:21:48 pm | Posted By
CA. PIYUSH KAPOOR
INTEREST ON REVERSAL OF UNUTILSED ITC
Introduction Input tax credit (ITC) is the tax paid by the buyer on the purchase of goods or services. Such tax which is paid ...
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Category : GST |
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QRMP Scheme – A beneficial scheme for small and middle- level businesses and traders
Posted Date : 20-Dec-2020 , 09:28:29 am | Posted By
DEEPTI ASAWA
A registered person who need to file a return in FORM GSTR-3B, and who has an aggregate turnover of up to 5 crore rupees in the preceding financial year, is eligible for the QRMP Scheme. The aggregate annual turnover for the preceding financial year shall be calculated in the common GSTN portal taki...
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Blocked Credit under Goods and Service Tax
Posted Date : 05-Sep-2020 , 11:25:26 am | Posted By
Santhosh Gupta Kethepalli
Blocked Credit {Sec.17 (5) of CGST Act, 2017}
Introduction:- Though the idea behind implementation of GST is free flow of tax credit, input tax credit is not available in respect of certain inward supply of goods or services as per Section 17(5) of the CGST Act, 2017. Sec.17(5) - Cases where...
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Category : GST |
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Tax Collection at Source - Goods and Service Tax
Posted Date : 31-Aug-2020 , 10:40:23 am | Posted By
Santhosh Gupta Kethepalli
TCS [TAX COLLECTION AT SOURCE]
{Section 52 of CGST Act, 2017}
Objective behind introduction of TCS: - refers to the Tax which is collected by the Electronic Commerce Operator when a supplier supplies some goods or services through its portal and the payment for that supply is collected b...
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Category : GST |
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E Way Bill - GST
Posted Date : 27-Aug-2020 , 12:38:26 pm | Posted By
Santhosh Gupta Kethepalli
E Way Bill Electronic Way Bill [Sec.68 r.w.r. 138, 138A, 138B, 138C & 138D]
Information to be furnished prior to commencement of movement of goods and generation of e-way bill [Rule 138]:-
Applicability:-
Every Registered Person who Causes Movement of Goods of Consignment Value Exceeding ...
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Tax Deduction at Source under Goods and Service Tax
Posted Date : 25-Aug-2020 , 12:03:06 pm | Posted By
Santhosh Gupta Kethepalli
TDS [TAX DEDUCTION AT SOURCE] {Sec.51 of CGST Act, 2017.}
TDS stands for Tax Deduction at Source is a system, which was initially introduced by Indian Income Tax Department. For what:- Prevent Tax Evasion and expands the tax net, as it provides for the creation of an Audit Trail. Section...
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0 | Hits : 774 |
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