Tag Archives: gst

RBI finds no evidence of de-stocking by firms despite note ban, GST

RBI finds no evidence of de-stocking by firms despite note ban, GST Despite demonetisation and implementation of the Goods and Services Tax (GST), there was no evidence that listed private sector manufacturing firms have de-stocked or liquidated their inventories, the Reserve Bank of India (RBI) said. In the report, analysing the performance of listed non-government, […]

GST Council started raise notice to GST Return Defaulters

GST Council started raise notice to GST Return Defaulters

GST Council started raise notice to GST Return Defaulters GST Department across the country has started sending notices to Taxpayers who have not filed their Gst Return within the time limit allowed by GST Department. In such notices department has demanded taxes, Interest, and Penalty from non-filers. Its the irony that even those taxpayers who […]

Value of supply under Goods And Services for Businessman

Value of supply under Goods And Services for Businessman

Value of supply under Goods And Services for Businessman Transaction value when the price is sole consideration and supplier and recipient are not related is the basis of valuation. IGST, CGST, UTGST and SGST charged on supply will not be includible in value, but other taxes, if any will be includible. GST is payable on outward freight […]

Reverse and forward charge under Goods and Service Tax

Reverse and forward charge under Goods and Service Tax

Reverse and forward charge under Goods and Service Tax Tax is payable by the supplier of goods or services or both. however, in some cases, the recipient is made liable to pay tax. this is termed as a reverse charge. When tax is payable under reverse charge basis, the exemption available to a small taxable […]

How to Maintain Books of Accounts under Goods and Service Tax

What records must be maintained under GST? Goods and Services Tax (GST) is a tax reform that will eliminate India’s major indirect taxes – Excise, Service Tax, and VAT. However, record-keeping and reporting requirements under GST contain elements from each of these, and they are far from simple. Section 35 of the GST Act explains the […]

Filling of GSTR 1 Deadline extended to 10th and 15th Feb

Filling of GSTR 1 Deadline extended to 10th and 15th Feb

Filling of GSTR 1 Deadline extended to 10th and 15th Feb NEW DELHI, DEC 28 The government has extended by 10 days the last date for filing of final sales return GSTR-1 till January 10 under the Goods and Services Tax, sources said. Businesses with the turnover of up to Rs 1.5 crore will have […]

Accounts & Records to be maintained by registered person in GST

Rule 56. Maintenance of accounts by registered persons- (Rule (1) to (18) Rule 57. Generation and maintenance of electronic records- (Rule (1) to (3) Rule 58. Records to be maintained by owner or operator of godown or warehouse and transporters- (Rule (1) to (5) FORM GST ENT-01 (Rule 58(1) Application for Enrolment under section 35(2) […]

GST RETURN FILLING

GST has been implemented in India from 1st July, 2017. Under the new GST regime, More than 1 crore busineses in India have obtained GST registration. All entities having GST registration are required to file GST returns, as per the GST return due date schedule mentioned below. GST return filing is mandatory for all entities […]

Cancellation of Registration Certificate under GST

1. A registered person other than the person who are liable to deduct TDS or TCS or the person registered as UIN can apply for cancellation of REGISTRATION CERTIFICATE through GST FORM REG 16. 2. Registered person has to give all the details related to stock, capital goods on the date from which cancellation of REGISTRATION CERTIFICATE is […]

Information to Taxpayers on new releases on GST Portal, as on 05.02.2018

Dear Taxpayer, Greetings from Team GSTN. The GST portal has now more than one Crore taxpayers registered on it and more than six Crores returns have been filed on the portal. The overall percentage of return filing for July GSTR-3B is 93.3%, the same for August it stands at 89.05%. The percentile of GSTR-1 filing is […]

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