This papa: – In erstwhile Excise regime, export under bond or LUT, there was requirement to maintain the balances. The amount is debited as soon as export goods are cleared from factory and afterwards credit is granted as and when the proof of export is submitted in Annexure 19. A proper account was maintained. However, … Read more
Total Revenue of Rs. 7.19 lakh crore collected under GST in the period between August 2017 and March 2018 During 2017-18, total revenue collected under GST in the period between August 2017 and March 2018 has been Rs. 7.19 lakh crore. This includes Rs. 1.19 lakh crore of CGST, Rs. 1.72 lakh crore of SGST, … Read more
Many steps have been taken by the Government for the smooth implementation of GST. But there are some problems being faced by the assesses especially the exporters relating to the Refund of IGST paid and unutilized credit. A set of Representations have already been sent by us requesting for solving the issue and providing relief. … Read more
Under GST regime, there have been a lot of issues regarding taxability of transactions between employer and employee and applicability of reverse charge mechanism on such transactions. Now, according to clause 1 of Schedule III of the CGST Act, 2017, any services provided by employee to employer in course or in relation of employment shall … Read more
The tweets received by askGST_GoI handle were scrutinized and developed into a short FAQ of 100 tweets. It should be noted that the tweets received or the replies quoted are only for educational and guidance purposes and do not hold any legal validity. S. No. Questions / Tweets Received Replies Registration 1. Does aggregate turnover … Read more
As per Rule 1 of GST revised Rules, the tax invoice shall include – Name, address and GSTIN of the supplier; a consecutive serial number containing only alphabets and/or numerals, unique for a financial year; date of its issue; name, address and GSTIN/ Unique ID Number, if registered, of the recipient; name and address of … Read more
The GST Council at its meeting on May 18, 19 has evolved a consensus on GST rates for goods and services, leading us closer to July 1 implementation. The underlying objective of rate declaration was clear for some time, which is to maintain the current effective indirect tax burden to control inflation and avoid surprises. … Read more
As per Section 12(6) of CGST Act, 2017 relating to Time of Supply of Goods states that time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which the supplier … Read more
As we all know, filing of numerous returns in the GST regime will be a cumbersome task which will be essential for claiming input tax credit because credit availment requires matching of outward supplies of the supplier and inward purchases of the purchaser on online portal. The task will be tedious for large sized companies … Read more
Commerce is the lifeline of the human society and the introduction of the internet has made things and circumstances more favorable than problematic. In the Indian scenario, shifting from the traditional brick and mortar structure to the online structure, the rise of ecommerce has been meteoric. Statistics say that in the year 2016, about 69 … Read more