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 […]
GST TIP – 441
As per Circular No 34 dated 1 st March 2018, bus body building is considered as Composite Supply and based on the contract to contract, the principal supply is to be determined and basis on which GST will be determined as supply of goods or services.
GST Tip – 373
In case of movement of goods on sale or approval basis, the supply is known only at the time of acceptance by the customer, after customers acceptance only tax invoice can be issued. Until such point of time, the goods are to be removed or moved only on delivery challan and e-waybill if applicable.
Synopsis of GST Notifications issued on 13th Oct 2017
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 […]
GST Tip – 321
As per Rule 140 of the CGST Rules, if the goods are not produced before the concerned officer on the date said by the person whose goods are seized, the officer can encash the security provided and adjusted against the tax, interest and penalty and fine, if any, payable in respect of such goods.
GST Tip – 320
As per Rule 139 of CGST Rules 2017, the officer who is seizing the goods, documents, books or things shall prepare an inventory of such goods or documents or books or things containing along with the description, quantity or unit, make, mark or model, where applicable, and get it signed by the person from whom such […]
GST Tip – 317
As per Rule 139 of the CGST Rules, during Inspection, Search or Seizure, if the officer finds that any of the documents, goods, books or any other thing liable for seizure, the things seized should be issued in FORM GST INS-02 to the taxpayer.