Input Tax Credit Under GST With Example

Input Tax Credit Under GST With Examples – Special Cases

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 1. Compulsory Registration When a person applies for […]

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Ineligible ITC Under GST

Ineligible ITC Under GST

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 valid GSTN can claim credit on purchases / inward supplies received by him. However, there certain […]

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input tax credit under gst with example

Input Tax Credit (ITC) Under GST With Examples

One of the objectives of GST was to eradicate cascading effect of taxes which existed under excise, VAT and service tax. Under GST input tax credit can be claimed irrespective of place of supplier, thus making accessibility for sales and purchase of goods easier.Let us now understand the concept of input tax credit in detail […]

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gst council meeting

37th GST Council Meeting (September 2019) – Key Highlights

The 37th GST Council Meeting was held in Goa on 20th September, 2019 under the chairmanship of Union Finance Corporate Affairs Minister Smt. Nirmala Sitharaman. 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 […]

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new return form 2019

New GST Return Form RET 1, Sahaj and Sugam 2019 – Explained

In the 35th GST Council Meeting held on 21st June 2019, Council has finally announced the process for implementation of New Return Forms. New return forms will contain basically 3 forms GST Anx – 1, GST ANX – 2 and GST Ret – 01. New return forms will be applicable from October 2019.Transition to New […]

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Management Representation Format

Management Representation Format for Certifying GSTR 9C – GST Audit U/S 35(5)

Definition of Audit given under Section 2(13) of CGST Act 2017, envisages, auditor should verify the correctness of Turnover Declared, taxes paid, refund claimed, ITC availed and assess compliance with provisions of GST Law. While carrying out certification for Form GSTR 9C, auditor is required to ensure that he has obtained reasonable audit evidence to […]

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gstr9

How to File GSTR 9 Annual Return Online – Step by Step

In our previous post here we explained What IS GSTR 9? Type, Applicability, Late Fees & Requirements in detail. You can browse other GSTR 9 tutorials here.Today we are going to see How to File GSTR 9 Annual Return Online – Step by Step. While filing GSTR 9 you may have certain questions like-What if […]

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GSTR 9 GAQs

GSTR-9 FAQ’s (Annual Return FAQ’s)

1.What if outward supplies as per GSTR 1 is more than that reported In GSTR 3B?Verify if outward liability reported as per GSTR 1 is accurate. If GSR 1 is accurate, then verify if additional liability has been reported in GSTR 3B in the next year. If it is reported in next year, then show […]

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Tax Deducted At Source (TDS) Under GST – With Examples

By virtue of Section 51 of CGST Act 2017, government has introduced the concept of Tax Deducted at Source under GST, unlike it is there under Income Tax. TDS refers to the tax which is to be deducted when the recipient of goods/ services makes some payments under contract. Intention behind this seems to be, […]

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GST on Housing Society

GST on Housing Society – July 2019 Update

Housing society are non profit oriented organisation, which works for its members. Housing, under GST, it is important that said societes should evaluate GST Impact on its activity. GST is not just on organisation who are doing profit motive business, but it is also applicable to on association of person, charitable organisation. There is one […]

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