E-Way Bills, there are three kinds of taxpayers/ users are involved: Registered Suppliers Unregistered Suppliers Registered/ Unregistered Transporters In order to generate e-Way bills it is compulsory to get register on the e-Way portal. Following Requisites for the registration on e-Way Bill portal: GSTIN of the registered taxpayer/ transporter, if registered Registered Mobile number ...
Continue readingGST refund
When the GST amount is paid more than the GST liability a situation arises of claiming of GST refund. The method of claiming a refund is to make a uniform to avoid confusion. When the refund can be claimed There are following Stéroïdes oraux cases where a refund can be claimed are as under:...
Continue readingInput Tax Credit, Eligibility and Conditions
Tax charged on the tax invoice by a registered person on his outward supply of goods or services or both is an Input Tax for the buyer of such goods or services or both. The tax charged by the supplier on the tax invoice could be either Central Tax and State Tax / Union...
Continue readingConcept of Missing Invoices under New GST Return
Now a question arises can recipient take credit of invoice that was not uploaded by the supplier in his GST return. As we all know that according to GST returns, suppliers are required to upload invoices of outward supplies, imports and inward supplies attracting reverse charge in Form GST Annex 1 up to 10th...
Continue readingTax Implication on mutual fund
Mutual Fund Taxation Mutual Fund is one option which has the potential to offer capital gains. The period over which investors invested in a mutual fund scheme is known as the holding period. The holding period plays a significant role in determining the tax implications of an investment. Types of Holding Periods Long-Term Holding...
Continue readingDemand and Recovery under GST
Levy of taxes is mandatory by law and its recovery is an important function of administration as per law. The verification, scrutiny, audit, review of returns, and records are well-recognized methods in tax administration. Some Legal provisions under GST for demand and recovery Chapter XV comprise of Sections 73 to 84 lay down the...
Continue readingImpact of GST on E-commerce Market Place Sellers
Introduction The increasing size of E-Commerce in India has also resulted in the conception of online marketplaces. A Marketplace is an E-commerce platform owned by E-commerce Operators such as Amazon, Flipkart, and Snapdeal. Features of a marketplace model are: Online Marketplace enables 3rd party sellers to sell online on their platform. online marketplace charges...
Continue readingReconciliation of turnover in GSTR 9C
Table 5A Turnover (including exports) as per audited financial statements for the State/UT (for the multi-GSTIN unit under the same PAN the turnover shall be derived from the audited annual financial statement) The turnover as per the audited annual financial statement shall be declared here. There may be cases where multiple GSTINs (State-wise) registrations...
Continue readingReconciliation of Tax paid & ITC in Form9C
Reconciliation of tax paid: Table 9 Reconciliation of rate wise liability and the amount payable thereon: The table provides for cancellation of tax paid as per reconciliation statement and amount of tax paid as declared in annual return (GSTR 9). Under the head labeled “RC”, supplies where tax was paid on a reverse charge...
Continue readingGSTR 9C
About: GSTR 9C is a statement of reconciliation between the annual returns in GSTR-9 filed for a financial year, first being 2017-18, and the figures as per audited annual financial statements of the taxpayer. It is certified by the Chartered Accountant. It can be considered to be similar to that of our tax audit...
Continue reading