Customer Care
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Change or Perish: New Year – New Resolutions in Business

The new year is around the corner, and we normally come across resolutions adopted by the people for the beginning. Now the same has intruded into the business, especially from the GST perspective. It is the time for the business to take resolution and then take it forward else the entrepreneur cannot reach his goals. […]

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Demystifying 1% GST Liability Discharge in Cash

Availing input tax credit seamlessly is one of the major features of Goods and Service Tax. The recipient is entitled to take the input tax credit on goods or services on his inward supplies if the recipient is registered under GST and used for taxable supplies. In the recent past, we have seen many new […]

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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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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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FAQ – 13

Do I need to prepare the Annual Return before starting my GST Audit and filling of Form GSTR – 9C? Yes, the Annual Return has filled /to be taken as a base for preparing the reconciliation statement as it will give the final input tax credit availed, output tax liability for the period July 2017 […]

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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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Check list to be followed before filing GST Returns for the month of September 2018

One of the main features of Goods and Service Tax is the availability of the Input Tax Credit across the supply chain cycle. This statement provides very soothing sound to the trade and industry but it has certain conditions to be fulfilled to take advantage of this statement. As there is no matching for the time being as the Government has […]

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GST TIP – 437

As per Circular No. 33/07/2018-GST dated 23rd Feb 2018, the taxpayer as on 1st of July is not eligible to take the credit on the blocked CENVAT Credit from the carried forward balance in the Electronic Credit Ledger. Blocked input tax credit here refers to input tax credit taken on items such as pipelines laid […]

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GST Tip – 411

As per Section 171 of the CGST Act, any reduction in the tax rate or additional benefit of the input tax credit has to be passed to the recipient under Anti-Profiteering.

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GST Tip – 381

The claim of input tax credit shall be considered as matched where the amount of input tax credit claimed in GSTR – 2 of the recipient is equal to or less than the output tax on such tax invoice or debit note in the GSTR -1 of the Supplier.

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