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All About Input Tax Credit Restriction

Self-Assessment of the liability and input tax credit are the two business-friendly measures rolled out in GST, and it is being misused by a section of the taxpayers. As a result of it, to curb the tax evasion on the supply side, e-way bills were introduced, and now it is completely operational. On the input […]

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Over Simplified GST Annual Return & GST Audit

Apart from the monthly filing of returns by the taxpayers in GST, all taxpayers have to file GST Annual Return and taxpayer with turn over above Rs 2 Crores have to file GST Audit Report yearly.  Annual Return under GST has to be filed through GSTR – 9 by all the taxpayers who have registered […]

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360° analysis of Circular No. 123/42/2019 – GST

Restrictions on Input Tax Credit is notified on 9th Oct 2019 wide Notification No 49/Central Tax, dated 9th Oct 2019. There is a lot of confusion and the process of availing the restricted input tax credit by the trade and industry and along with the professional. Keeping in view of all these, CBIC has issued […]

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Say Hi-Five to Input Tax Credit Reconciliation in GST

One of the notifications issued recently talks about the input tax credit to be availed by taxpayers on a provisional basis up to 20% of the eligible credit available in the GSTR – 2A. This is notified wide Notification No 49/2019 – Central Tax, dated 9th Oct 2019. What does it mean? It means that […]

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GST Rate on Services as Recommended by The GST Council in Its 37th Meeting

Posted On: 20 SEP 2019 10:04PM by PIB Delhi The 37thGST Council met in Goa today under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman  . The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Chief Minister of Goa Shri PramodSawant,  […]

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GST Rate on Goods as Recommended by The GST Council in Its 37th Meeting

The 37thGST Council met in Goa today under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman  . The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Chief Minister of Goa Shri Pramod Sawant,  Finance Ministers of States & UTs and seniors […]

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37th GST Council Meeting Recommendations of GST council related to law & procedure

Posted On: 20 SEP 2019 10:08PM by PIB Delhi The 37thGST Council met in Goa today under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman  . The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Chief Minister of Goa Shri Pramod […]

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NATIONAL APPELLATE AUTHORITY FOR ADVANCE RULING

Advance Ruling means a written opinion or decision given by the competent authority with respect to transactions proposed to be undertaken or being carried out on the taxability of the transactions under GST by a person registered under the GST Act or willing to register under the GST Act. As per the Revised Kyoto Convention in 1999 and […]

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e-invoicing

Goods and Service Tax has been rolled out from 1st of July 2017 and has completed two years. During this period there were many changes introduced as part of the tax ease of doing business and also to curb the menace of tax evasion. Once such measure to curb tax evasion is the introduction of ewaybills. As a next step now, […]

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Check List for GST Audit

GST Audit Report, GSTR – 9C is required to be filed by all the taxpayers who have crossed the turnover of Rs 200 lacs during the year, Being the first year of GST and the implemented from the middle of the Financial year in 2017-18, there is a confusion for determining the turnover to be considered. Should be […]

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