KEY changes in GST 23rd Council Meeting on 10.11.2017 (Will be applicable from the date of notification to be issued most likely from 15.11.2017) 1. Changes recommended in Return Filing Dates: i. All taxpayers (except Composition supplier) would be required to file return in FORM GSTR-3B along with payment of tax by 20th of the…
Read MoreMajor Decisions by GST Council on 06.10.17 The GST Council, in its 22nd meeting held at New Delhi on 6th October 2017, has recommended the following facilitative changes to ease the burden of compliance on small and medium businesses: COMPOSITION SCHEME: The composition scheme shall be made available to taxpayers including Jammu & Kashmir and Uttarakhand…
Read MoreVarious Exemption under GST: Under Section 11 of the CGST Act, 2017 the Central or the State Governments are empowered to grant exemptions from tax, subject to the following conditions: (i) Exemption should be in public interest (ii) By way of issue of notification (iii) On recommendation from the Council (iv) Absolute / conditional exemption may…
Read MoreRecent FAQs on GST: Replied by GOI 1. Do individual freelancers working for US client require GST Registration? Yes, as it is a interstate supply, registration is compulsory under section 24(i) of CGST Act, 2017 2. Service provided, GST on which is to be paid by receiver under RCM in which column this amount to…
Read MoreRules 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 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 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 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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