Customer Care
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GST Impact on Transactions During COVID

A virus which is invisible to the human eye has brought in lot of disruptions in the economies of the world and in many lives. This presentation is on the impact of GST on transactions during the period of lockdown and post lockdown. Effective planning and small change in buisness process can help to optimize […]

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All About Input Tax Credit Restriction

Self-Assessment of the liability and input tax credit are the two business-friendly measures rolled out in GST, and it is being misused by a section of the taxpayers. As a result of it, to curb the tax evasion on the supply side, e-way bills were introduced, and now it is completely operational. On the input […]

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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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Decisions taken by the GST Council in the 34thmeeting held on 19thMarch, 2019 regarding GST rate on real estate sector

GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate of 1% in case of affordable houses and 5% on construction of houses other than affordable house. The council decided the modalities […]

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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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GST Tip 463

GST Tip – 463 : What we can understand is that hardly 50% of the taxpayers have filed GSTR -1 and if enforcement is undertaken immediately it means that about 50% of the taxpayers will receive notices and at the same time many of the taxpayers have to reverse the ITC with interest if matching […]

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Demystifying Anti-profiteering in GST

Demystifying Anti-profiteering in GST Anti-profiteering is introduced in the GST Act based on the experience gained at the time of implementation of VAT in India and all other countries where GST / VAT is rolled out. The Government across the world felt that the until and unless there is a provision in the law the […]

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GST Tip – 418

Table 6A  of FORM GSTR – 1 is enabled for taxpayers only for claiming the refund of taxes paid on exports or claim refund of the input tax credit for exported goods if FORM GSTR – 1 is not filed during the month the refund is being applied.

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GST Tip – 416

Refund processing in GST is available in the GSTN portal by selecting the refund type along with the period for which the refund is being filed. Types of Refunds are Refund of Excess Balance in Electronic Cash Ledger Refund of ITC on Export of Goods & Services without Payment of Integrated Tax On account of […]

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GST Tip – 412

As per Rule 41 of the CGST Rule, in case of sale, merger, amalgamation, lease or transfer of a business, the existing ITC can be transferred by filing FORM GST ITC-02, now the same is enabled on the GSTN i.e on the common portal.

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