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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 – 9

Can a taxpayer take input tax credit after the due date of September month return or filing of Annual Return? No, you cannot take credit of the previous fiscal year after the due date of the September month return or filing of annual return whichever basis on the provisions of Sub-Section 4, Section 16 of […]

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FAQ – 8

FAQ – 8 : A Taxpayer has operations in three different states and his total turnover as per GST in all the three states is Rs 2.25 Crs. Turnover in State A is Rs 2.04 Crs, State B is Rs 14.00 Lacs and turnover in State is Rs 7.00 Lacs. Does the taxpayer has to file GSTR – […]

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FAQ – 7

Under which provision of the GST Act, the audit is required? GST Audit is required as per provisions of Sub-section 5, Section 35 of the CGST Act 2018.

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GST Tip – 464

As per provisions of Rule 18 of the CGST Rules and corresponding State / Union Territory Rules, the taxpayer has to display his certificate of registration and registration number at a prominent location at the principal place of business and at every additional place of business. As per provisions of Section 125 of the CGST […]

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GST TIP – 434

As per Notification No 7 – Central Tax, Last date for filing of GSTR – 6 i.e by Input Service Distributor for the period July 2017 to February 2018 is 31st March 2018

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GST TIP – 433

As per Notification No 7 – Central Tax, the late for the filing of GSTR – 6 is Rs 25 per day.

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GST TIP – 431

As per Notification No 5 – Central Tax, the late for the filing of GSTR – 5 is Rs 25 per day in case of regular returns and in case of Nil returns is Rs 10 per Day.

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GST TIP – 430

As per Notification No 4 – Central Tax, the late for the filing of GSTR – 1 is Rs 25 per day in case of regular returns and in case of Nil returns is Rs 10 per Day.

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