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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 – 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 – 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 5

Is there any specific form for filing of GST annual return? If yes what are the form names and which taxpayer has to file which form for GST annual return? All taxpayers have to file the Form GSTR – 9 Taxpayers registered under composition scheme have to file Form GSTR – 9A Taxpayers registered as […]

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GST Annual Return

Every registered taxpayer under GST has to file Annual Return by 31st December 2018 for the period July 2017 to March 2018. The same is notified wide Notification No. 39/2018 – Central Tax dated 4th September 2018  It is a summary return to be filed for the transactions which have taken during the above said […]

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Latest changes in GST

The basis of the 28th GST Council Meeting, the changes proposed are passed as bills in the Lok Sabha on 9th August 2018. The Central Goods and Services Tax (Amendment) Bill, 2018 The Goods and Services Tax (Compensation to States) Amendment Bill, 2018 The Integrated Goods and Services Tax (Amendment) Bill, 2018 The Union Territory […]

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GST TIP – 447

As per Circular No. 05/2018-Customs, Exporters have to file GSTR 3B with taxable value for export and IGST paid against exports indicated in appropriate fields before filing of the application for the refunds by the taxpayer under GST.

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GST TIP – 444

As per Circular No 34 dated 1 st March 2018, the services provided by DISCOMS such as application fee for releasing connection of electricity, rental charges on meters, testing fee on meters, capacitors or transformers, labor charges, charges collected for issue of duplicate bill are considered as taxable supplies and GST is to be levied […]

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