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Author: CMA Bhogavalli Mallikarjuna Gupta

FAQ – 19

What are the transactions i need to show in the Point F of Part II of FORM GSTR – 9C, “Trade Discounts accounted for in the audited Annual Financial Statement but are not permissible under GST” ? There could be some business cases where the discount being offered is not know at the time of supply […]

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TDS Impact on PSU-PSU Transactions

Tax Deduction at Source is applicable under GST from 1st of Oct 2018  wide Notification No. 50/2018-Central Tax, dated the 13th September 2018, on all transactions, if the contract value is above Rs 2.5 Lacs. The whole intention of rolling out of TDS is an anti-evasion measure. Being an anti-evasion measure the question arises is […]

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FAQ – 18

FAQ – 18 : In From GSTR – 9C, what is “Adjustments in turnover due to foreign exchange fluctuations” and in which cases do i need to fill it? It has to be filled by all taxpayers who have outward supplies in foreign currency and where they issue a tax invoice as well as a commercial invoice. […]

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FAQ – 17

What are the various reasons where the GST Liability as per financial statements and GST Returns could be different? There could a difference due to the following reasons commonly a) Revenue Recognition b) Stock Transfer outside the states c) Advance Receipt from customers d) GST on paid on job work if not returned in stipulated time […]

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FAQ – 16

Is it Mandatory to fill all the columns in Table 4 (Outward Supplies) ? How do I show data in Table 4 of the GSTR – 9 (Annual Return)? Yes, it is mandatory to fill all the columns of Table 4 if the same is reported in the monthly returns. The break up can be […]

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FAQ – 15

Do I need to do Reconciliationreconciliation between the Financial Statements and GST Returns for the turnover / outward supplies while preparing the GST Audit Reconciliation Statement? Yes, as per Ind AS – 18, revenue will be recognized only when the risks and rewards are transferred whereas in GST, at the time of Supply (section 13,14 […]

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FAQ – 14

As a taxpayer, if I do not file the Annual return by the due date or on the due date, is there any late fee i need to file if i am filing it after the due date? Yes, a late fee is applicable and the provisions for the same are given in Section 47(2) […]

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FAQ – 13

Do I need to prepare the Annual Return before starting my GST Audit and filling of Form GSTR – 9C? Yes, the Annual Return has filled /to be taken as a base for preparing the reconciliation statement as it will give the final input tax credit availed, output tax liability for the period July 2017 […]

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FAQ – 12

  FAQ -12: My turnover during the period July 2017 to March 2018 is Rs 71.25 Lacs and basis of the Notification No 12/2017-Central Tax dated 28th June 2017, i have not shown HSN Codes on the Tax Invoice. In the Annual Return do i need to show the HSN Summary? The said notification is only for the purpose […]

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FAQ – 11

FAQ 11 : As a registered taxpayer which Annual Returns i have to file if i have migrated from Composition Scheme to Regular Scheme due to the increase in my turnover? Do i need to file Annual Return as Regular Tax Payer or Composition Tax Payer or both? Annual Returns for the Regular Scheme and Composition Scheme are to be filed by the […]

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