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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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GST Tip – 461

As per provisions of Rule 46 of the CGST Rules 2017, every tax invoice is to be signed by an authorized signatory.  Who is an authorized signatory? The person whose name is registered as an authorized signatory in the GST Registration at gst.gov,in portal. It has been observed that many of the taxpayers are issuing invoices […]

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GST Tip – 382

The final acceptance for the claim of input tax credit in respect of any tax period, for the matched tax invoice, debit note or for IGST paid on imports shall be made available electronically to the registered person making such claim in FORM GST MIS-1 through the common portal.

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Demystifying the reasons for mismatch between Supplier’s GSTR – 1 and Recipients GSTR – 2

It is almost 120 days after the rollout of GST and we are yet to file the first month returns, i.e., for the month of July 2017. Is technology the main culprit for this delay? The answer is “Yes” and “No.” Yes, in case of taxpayers who have a large number of invoices and becomes […]

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GST Tip – 373

In case of movement of goods on sale or approval basis, the supply is known only at the time of acceptance by the customer, after customers acceptance only tax invoice can be issued.  Until such point of time, the goods are to be removed or moved only on delivery challan and e-waybill if applicable.

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GST Tip – 362

As per Notification No.   45/2017 – Central Tax in Sub-rule 2 of Rule 54 in case of documents issued by a bank or financial institution, the words “tax invoice” is replaced by a new term known as “consolidated tax invoice” as the statement is issued for a period.

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GST Tip – 315

As per Rule 46 of the CGST Rules, a registered taxpayer can issue a consolidated tax invoice at the end of the day if the transaction value is less than or equal to Rs 200 if the recipient does not require tax invoice or recipient is a non-registered taxpayer.

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GST Tip – 314

As per Rule 47 of the CGST Rules, The tax invoice referred in Rule 46 in case of supply of services has to be issued within 30 days date of supply of service.

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GST Tip – 313

As per Rule 46 of the CGST Rules, every taxpayer has to mention the name, address, place of delivery of goods, state name, and state code on supplies made to the unregistered taxpayers if the value of the supplies is  Rs 50,000 or more on the tax invoice.

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