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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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GST Tip – 380

In GSTR – 3 if there is a difference between the tax amounts filed in GSTR – 3B and with GSTR – 1 and GSTR – 2, the same can be adjusted in Part – B of GSTR – 3. If the tax liability is more, then the same has to be paid/discharged in case […]

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GST Tip – 329

If a taxpayer has missed any outward supplies or inward supplies invoices amounts while filing GSTR – 3B, those invoices can be included in the GSTR – 1 and GSTR – 2 and the output liability and input tax credit will be considered in the GSTR – 3 and if any amount is payable the […]

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GST Tip – 308

As per section 29 of the CGST Act at the time of cancellation of registration, the taxpayer has to reduce the input tax credit claimed at rate of 5% per quarter on the capital goods, plant, and machinery.

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GST Tip – 293

In section 4( B ) of GSTR – 3B, input tax credit availed at the time of inward supply being reversed on account of using the same inputs used for taxable supplies and exempted supplies. Reversal of such input tax credit has to be done for both the inputs and the capital goods. Input tax […]

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GST Tip – 292

In subsection A of Section 4 of GSTR – 3B, input tax credit availed during the month has to be shown separately for all the taxes for import of goods, import of services, inward supplies from ISD, inward supplies which attract reverse charge along with any other sources from where ITC is claimed that is for the […]

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GST Tip – 240

As per Transition Rules, an unregistered person claiming input tax credit of Central Excise on the opening stock as on the appointed day, have to file monthly return known as FORM GST TRAN 2 with details of the outwards supplies made for the tax period.

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