138 ViewsGSTR-9 pre-filled form is available in www.gst.gov.in after login into the portal. GST-9C which is a reconciliation statement is available in both online format and offline utility. First of all, GSTR-2A reconciliation should be started. This involves matching of credit claimed in monthly GSTR-3B with the auto-populated purchases in Form GSTR-2A. Invoice wise matching […]
Pure agent benefit is denied if conditions are not fulfilled
154 ViewsAuthority for Advance Ruling, Maharashtra to the application made by M/s. E-SQUARE LEISURE PVT. LTD. has replied that the conditions as laid down for pure agent in the GST provision is not fulfilled and hence the reimbursement would be treated as consideration and GST is applicable. It is a composite supply and the rate […]
GST Taxpayers to start with new Invoice Series w.e.f 01.04.2019
114 ViewsAttention of all taxpayers is invited to Rule 46 (b) of the CGST Rules 2017, which specifies that the tax invoice issued by a registered person should have a consecutive serial number, not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters – hyphen or dash and slash […]
GSTR-1 Due date extended by 2 days for March 2019
132 ViewsThe due date for furnishing FORM GSTR-1 for taxpayers having aggregate turnover more than Rs. 1.5 crores for the month of March, 2019 is extended from 11.04.2019 to 13.04.2019
Ineligible Input Tax Credit (ITC) u/s 17(5) of CGST Act, 2017
143 ViewsAs per section 17(5) of CGST Act, 2017, the Input Tax Credit (ITC) shall not be available in respect of the followings, namely:- Clause (a): Motor vehicles used for transportation of persons having approved seating capacity of up to thirteen persons (including the drivers).And when they are used for making further supply of such […]
Eligibility and conditions for taking Input Tax Credit in GST
153 ViewsSection 16 of Central Goods and Service Tax (“the Act”) provides for the eligibility and conditions for taking Input Tax Credit (ITC). The said section provides that, subject to the conditions, every registered person shall be entitled to take credit of input tax charged on any supply of goods or services or both made […]
Precious 20days to ensure all ITC of F.Y.2017-18 is claimed
143 ViewsThe time limit to claim input tax credit of the invoices pertaining to financial year 2017-18 is 20th April, 2019. As per the provision the time limit was 20th October, 2018. But since the financial year 2017-18 is the first year of implementation of Goods and Service Tax, the Central Board of Indirect Tax […]
Maximum availment of Input Tax Credit (ITC)
140 ViewsPresently, the mechanism of claiming Input Tax Credit (ITC) is a self assessment basis. That is the registered person furnishes the ITC amount in table no. 4 of FORM GSTR 3B based on his own working and claims the credit.. The ITC arrived is not matched with GSTR-2A detail. GSTR-2A is a invoice wise […]