Rules regarding E-way Bill (Notification No. 27/2017 Central Tax dated 30.08.2017) E-way bill is an electronic way bill for movement of goods which can be generated online through the GST portal. The facility of generation and cancellation of e-way bill may also be made available through SMS. 1. A registered dealer / supplier of goods can cause…
Read MoreLate fees waived for GST-3B Return The Goods and Services Tax (GST) tax was introduced on 1st of July 2017. The last date for payment of GST for the month of July 2017 was 25th August 2017. Payment of GST is complete only when amount of tax payable is debited from electronic cash / credit ledger. 2.…
Read MoreGST- Casual Taxable Person Introduction “Casual taxable person” means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business.…
Read MoreSelling of Space for advertisement in print media Query has been raised before this Ministry regarding GST applicable on selling of space for advertisement in print media. 1. Selling of space for advertisement in print media is leviable to GST @ 5%. If the advertisement agency works on principal to principal basis, that is, buys space from…
Read MoreSpecial Audit in GST: Introduction GST is a trust based taxation regime wherein the assessee is required to self-assess his returns and determine tax liability without any intervention by the tax official. Therefore a tax regime that relies on self-assessment has to put in place a robust audit mechanism to measure and ensure compliance of…
Read MoreGSTR-3B date and Payment date extended to 25.08.2017 Technical glitch held up filing of the first Goods and Services Tax return on the last day prompting the government to extend the last date to August 25. A finance ministry statement said the GST Implementation Committee, consisting of state and central government officers, has taken a…
Read MoreDue date for filing GSTR-3B extended to 28.08.2017 if transitional credit to be claimed: As per the rules, the GST for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form-3B can be filed. Concerns have been raised about the form for…
Read MoreFAQ on GST Compliance for GTA: Q1 . What is a Goods Transport Agency ? Why is it Important? “Goods Transport Agency” means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called. All other means of goods transport by road enjoy exemption from…
Read MoreReturns under GST: Returns mechanism under in GST regime includes electronic filing, uploading of invoice details and auto- generate of Input Tax Credit (ITC) details from suppliers Returns. Goods and Services Tax is payable by taxable person on self-assessment basis. A registered person needs to furnish monthly returns, quarterly returns, annual return & final return…
Read MoreInput Tax Credit: Meaning Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. VAT vs GST The table below will clear the difference between ITC under VAT and GST. This shall enable us to understand the pre and post GST scenario with respect…
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