Customer Care
+91-9951805559

FAQ – 17

What are the various reasons where the GST Liability as per financial statements and GST Returns could be different? There could a difference due to the following reasons commonly a) Revenue Recognition b) Stock Transfer outside the states c) Advance Receipt from customers d) GST on paid on job work if not returned in stipulated time […]

Read More

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 […]

Read More

GST Tip – 299

As per Rule 46 of CGST Rules 2017, in the case of inward supplies of reverse charge where the inward supplies are more than Rs 5,000 per day, a consolidated tax invoice can be issued at the end of the month for all such transactions during the month.

Read More

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 […]

Read More

GST Tip – 290

In Section 3.1 of GSTR – 3B, details of the outwards supplies along with the inwards supplies on which reverse charge is applicable has to be shown. It should be shown in summary format for the above supplies with the taxable value for each category along with the tax amounts. Outward supplies for Zero Rated, […]

Read More

GST Tip – 288

Notification No.10/2017-Central Tax (Rate), if a registered tax payer who is in the purchase and sales of second-hand goods is exempted from paying taxes under reverse charge in case if he makes any purchases from the unregistered tax payers.  Refer here for full extract of the notification – http://india-gst.in/wp-content/uploads/2017/06/Rate-10-2017.pdf

Read More

GST Tip – 287

Notification No. 13/2017-Central Tax (Rate) provides the list of services on which reverse charge is applicable. The list of services are, Supply of Services by a goods transport agency (GTA), services by advocates, Services supplied by an arbitral tribunal to a business entity, Services provided by way of sponsorship to any body corporate or partnership firm, […]

Read More

GST Tip – 259

The list of products on which Reverse Charge is applicable for the supply of goods is given in Notification No.4/2017-Central Tax (Rate), the products on which GST is applicable on reverse charge are Cashew nuts, not shelled or peeled, Bidi wrapper leaves (tendu) & Tobacco leaves if the supplier of goods is Agriculturist. If Silk yarn is being supplied by Any […]

Read More