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Advisory for Taxpayers Filing of Quarterly Returns FORM GSTR1

December 21st, 2017 by

Advisory for Taxpayers Filing of Quarterly Returns FORM GSTR1 Taxpayers opting for quarterly filing of return will have to select the last month of the quarter from the drop down menu. However, for the month of July 2017, GSTR-1 has to be filed separately by all taxpayers, as option to file quarterly returns is applicable Read More

Refund under GST

December 11th, 2017 by

Refund under GST Characteristics of refund procedure under GST: Under GST refund of excess GST paid or erroneously paid is time bound procedure led by a simplified and technology driven exercise with minimal human interface. An application has to make in FORM GST RFD – 01 online with requisite documents. However, refund claim arising from Read More

Cancellation of GST Registration

December 5th, 2017 by

Cancellation of GST Registration When need for cancellation for registration in required: In case GST registration is issued by department is the process of migrating the existing registration and under GST regime assessee is not liable to get himself registered. For example, the dealer is registered under service tax being his turnover exceeding Rs 10 Read More

GST Implication of second hand and used cars etc

November 30th, 2017 by

GST Implication of second hand and used cars etc Chargeability of GST: [Section 9] There shall be levied a tax called the central goods and services tax on all intra-State supplies of goods or services or both, Except on the supply of alcoholic liquor for human consumption, On the value determined under section 15 and Read More

Procedure required for migrating data from GSTR 2A to GSTR 2

November 6th, 2017 by

Procedure required for migrating data from GSTR 2A to GSTR 2: There are two method of filing GSTR 2: Offline mode and online mode. Under offline mode you can down data from GSTR 2A in the portal in CSV format and convert it to excel format and check it and upload the same into the Read More

Decision taken in 22nd GST Council Meeting

October 9th, 2017 by

Decision taken in 22nd GST Council Meeting 1.     GST Council allows SMEs with turnover of up to Rs 1.5 cr to file quarterly returns instead of monthly filings. 2.     Nominal 0.1% GST on exports 3.     For July exports, refund cheques will be processed by October 10 and for August exports, refund cheques will be processed Read More

GST and TDS calculation under income tax act

October 6th, 2017 by

GST and TDS calculation under Income Tax Act Circular no 23/2017 of CBDT: The Central Board of Direct Taxes (the Board) had earlier issued Circular No. 112014 dated 13.01.2014 clarifying that wherever in terms of the agreement or contract between the payer and the payee, the Service Tax component comprised in the amount payable to Read More

Accounting Entries in case GST paid under Reverse Charge

September 26th, 2017 by

Accounting Entries in case GST paid under Reverse Charge Features of reverse charge mechanism of payment of tax on certain supply of services under GST: The bulleted points of the above discussion are as below: Reverse charge is a mode of collection of tax by government and not a different tax. If goods and / Read More

GSTR 2 & 2A

September 25th, 2017 by

GSTR 2 & 2A Role of GSTR -2 for the registered dealer: GSTR – 2 is a return document used by GST portal for giving Input Tax Credit in GSTR – 3 to the dealer. Hence, it is a very important document and due care should be maintained in filing this form so that we Read More

Deadline for filing GSTR 1 extended to 10th October 2017

September 10th, 2017 by

Deadline for filing GSTR 1 extended to 10th October 2017 S.No. GSTR Form No. Tax Period Revised Due Date 1 GSTR-1 July 2017 10-Oct-2017 1.1 GSTR-1 (Turnover more than 100 crore) July 2017 3-Oct-2017 2 GSTR-2 July 2017 31-Oct-2017 3 GSTR-3 July 2017 10-Nov-2017 4 GSTR-4 July-September 2017 18-Oct-2017 (no change) 5 GSTR-6 July 2017 13-Oct-2017 Read More

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