As per Notification No. 45/2017 – Central Tax in Sub-rule 2 of Rule 54 in case of documents issued by a bank or financial institution, the words “tax invoice” is replaced by a new term known as “consolidated tax invoice” as the statement is issued for a period.
Synopsis of GST Notifications During the 22nd GST Council Meeting, many decisions have been taken to make the GST System simpler and more user-friendly. Some of the key decisions taken are like differing reverse charge till the end of April 2018, change in the reporting requirements for GST Taxpayers up to a turnover of Rs 1.5 […]
The Goods and Services Tax (GST) was introduced on 1st of July, 2017. In the press release dated 29th August, 2017, it was reported that the total revenue of GST paid under different heads for the month of July, 2017 (upto 29th August) was Rs. 92,283 crore. Out of the total GST collection of Rs. 92,283 crore, the […]
Section 6.1 of GSTR – 3B, details of payment for GST has to be shown. Amount of Tax Payable, Amount of Tax paid under GST utilizing the ITC and balance amount in cash has to be shown along with interest and late if any payable for CGST, SGST, UTGST, IGST and Cess.
As per Notification No. 11/2017-Central Tax (Rate), for Passenger transport services as per clause 8, the CGST rate is 2.5% except for services falling in sub clause (vii), Provided that credit of input tax charged in respect of goods used in supplying the service is not utilized for paying central tax or integrated tax on the […]
As per Notification No.2/2017-Central Tax (Rate), 149 items are exempted from the CGST on the recommendation of the GST Council which are of public interest. The same can be accessed from here – http://india-gst.in/wp-content/uploads/2017/06/Rate-2-2017.pdf
As per the Final Returns, in GSTR – 1, HSN wise Summary has to be shown for the outwards supplies for the month along with the Unit of Measure, Quantity supplied, total value, taxable value along with the tax amounts for CGST, SGST/ UT GST, IGST and Cess in Table 12.
As per Final GST Returns, in Table 6 of GSTR – 1, data for exports / deemed exports and supplies to SEZ should be shown in this table. The columns related to CGST & SGST rates and amount, tax paid on the provisional basis, HSN Code and identification of line as the supply of goods or […]
As per the Determination of Value of Supply Rules, the formula is given to derive the tax amount from the total value of supply in cases where the value of supply includes GST taxes. Tax amount= Value inclusive of taxes X tax rate in % of IGST or as the case may be CGST, SGST […]