October 19, 2019
GST Council, in its 37th Council meeting held in Goa, announced that new GST returns shall be implemented from April 2020 instead of September 2019. This new return filing system shall replace the existing GST return filing system. This new simplified return filing system will be introduced to ease the compliance process and identify defaulting taxpayers. Under
October 9, 2019
Under GST, apart from the filing of regular returns, for many other compliances, the due date is prescribed. Said due dates are very stringent. If it is not followed, then Taxpayer may be required to bear the loss in lakhs.It is observed that for said compliance of F.Y. 2017-18, many taxpayers and professionals have not
October 2, 2019
Input tax credit is credit available on purchase of goods or services or both against GST payable.As per section 18 of Central Goods and Service Tax, 2017, certain circumstances have been defined where input tax credit may be availed. Special cases under which ITC can be claimed Compulsory Registration When a person applies for registration
October 1, 2019
Table of Contents 1What is ineligible ITC in GSTR-3B?2Ineligible ITC under GST Section-17(5)3FAQs on Blocked Credit GST was introduced with the view of removing cascading effect of taxes that existed under previous indirect laws. Any manufacturer, trader, retailer, supplier, e-commerce operator or any other person who is registered under the GST Act and has a
September 28, 2019
Table of Content What is Input Tax Credit?Lets Understand With the help of Example Basic Requisites / Conditions for Claiming Input Tax Credit (ITC) Documents on which Input Tax Credit may be claimed:Reversal of Input tax Credit (ITC)Where input tax credit (ITC) is reversed, How To Avail Credit Where Tax Has Been Paid Under Reverse Charge Mechanism (RCM) Time limit
September 23, 2019
The 37th GST Council Meeting was held in Goa on 20th September, 2019 under the chairmanship of Union Finance Corporate Affairs Minister Smt. Nirmala Sitaraman.The main expectations from this meeting were decisions to be taken on implementation of new returns, GSTR 9, GSTR 9A and GSTR 9C due date and applicability and GST rate change
