124 ViewsSection 47(1) of CGST Act, 2017 states that,“Any registered person who fails to furnish the details of outward or inward supplies required under section 37 or section 38 or returns required under section 39 or section 45 by the due date shall pay a late fee of one hundred rupees for every day during which […]
Input Tax Credit eligibility and its restriction
121 ViewsThe provision for Input Tax Credit (ITC) is given under Chapter V of CGST Act, 2017. Section 16 : Eligibility and conditions for taking Input Tax Credit (ITC) Section 17 : Apportionment of credit and blocked credits Section 18 : Availability of credit in special circumstances Section 19 : Taking input tax credit in […]
GST Annual Return filing for F.Y.17-18 is extended to 31.01.2020
116 ViewsSection 44(1) of CGST Act, 2017 provides for Annual Return as “Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, shall furnish an annual return for every financial year electronically in such form and manner […]
Clerical mistake in Part-B of e-way bill is excused
319 ViewsThe appellant M/s. K.B.Enterprises, a registered tax payer is engaged in the supply of a taxable goods. One particular vehicle bearing no. HP 32A 3097, carrying a goods of the appellant to his customer’s place was caught and detained by a commercial tax officer on 01.12.2018. The reason the authority gave for the detention […]
GST Forms Updated as on 04.12.2019
155 Views Sr. No. Forms Available for Description of Forms 1. REGISTRATION 1 FORM GST REG-01 For Taxpayer Application for Registration 2 FORM GST REG-03 For Tax Official Notice for Seeking Additional Information / Clarification / Documents relating to Application for registration 3 FORM GST REG-04 For Taxpayer Clarification/additional information/document for registration 4 FORM GST […]
Preparedness for the new changes in GST
125 ViewsGST is a two years and six months’ old law now. It is still evolving and developing. Various amendments in GST law indicates the improvement and growing stage. Thanks to GST Council which is accepting and acting upon the representation of trade, industry, tax payers, consultants etc. Thanks to Government to have implemented GST […]
Recommendations made by GST Council on 18.12.2019 in meeting
141 Views1. Grievance Redressal Committees (GRC) will be constituted at Zonal/State level with both CGST and SGST officers and including representatives of trade and industry and other GST stakeholders (GST practitioners and GSTN etc.). These committees will address grievances of specific/ general nature of taxpayers at the Zonal/ State level. 2. Due date for GST […]
All communications from the Office of CBIC must contain DIN
164 ViewsCBIC, vide Circular no. 122/41/2019-GST dated 05.11.2019, had implemented a system for electronic (digital) generation of a Document Identification Number (DIN) for all communications sent by its officers to taxpayers and other concerned persons with effect from 08.11.2019. As an initial step, CBIC has mandated mentioning of DIN for specified documents like search authorization, […]
Invoice Reference Number (IRN) & Quick Reference (QR) Code
149 ViewsCBIC has issued Notification No. 68 to 72 of 2019 on 13.12.2019. Vide these notifications it is hereby notified that all the invoices raised by a registered person with effect from 01.04.2020 must contain ‘Invoice Reference Number’ and ‘Quick Response Code’. Conditions: For Invoice Reference Number (IRN): A registered person having turnover exceeding Rs.100 […]
E-Invoicing under GST w.e.f 01.04.2020
153 ViewsE-Invoicing is mandatory w.e.f. 01.04.2020 for a person with a turnover of Rs.100 Crores and above. The Government has notified a series of website through which an Invoicing Reference Number (IRN) should be generated. Following are the websites notified vide Notification No. 69/2019 – Central Tax dated 13.12.2019 for the purpose of generating IRN […]