A person who has applied for registration within 30 days from the date on which he becomes liable to registration and has been granted such registration shall be entitled to take credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on...
Continue readingEmployee Reimbursement under GST
GST Act & Law The applicability of GST on employee reimbursements, and some related rules: According to section 7 clause 1 of schedule III, of the CGST Act, 2017, services provided by the employee to the employer in the course of or in relation to his employment shall never be treated as supply of...
Continue readingGST on sale of old and used vehicle
Is GST applicable on old and used car sales? Yes, GST shall be applicable to sale of old used cars. After the implementation of GST on sale of vehicles that are used and old were taxed at the same rate as applicable on new vehicles which were 28% + Applicable cess which was up to 15%, and...
Continue readingDelivery Challan
What is Delivery Challan? A delivery challan is a certificate/document created during the shipment of goods from one place to another which may or may not result in sales. This is sent along with the dispatched goods. It contains the details of the items shipped, the quantity of those goods, buyer, and delivery address....
Continue readingExemption from compulsory GST Registration on interstate Supply
As per Section 24(1), compulsory GST registration required if a person makes Interstate Supply even if his aggregate Turnover is below the specified exemption limit and are exempt from GST registration under section 22(1) Under GST, the supply of goods or services from one to another state called Interstate Supply It is between:- Two...
Continue readingOffence and Penalties
PENALTY FOR CERTAIN OFFENCES The list of following offenses is as under: Supply of any goods or services or both without the issue of any invoice or issue of false invoice or issue an incorrect statement Issue bill or Invoice without the supply of goods or services or both in violation of the provisions...
Continue readingFile an appeal in GST
Where a person is not happy with any order passed or decision formed against him by an adjudicating authority under GST then an appeal to the First Appellate Authority can be filed by him. If they are not agreed with the decision of the First Appellate Authority they can appeal to the National Appellate Tribunal, then to the High...
Continue readingGST on job work
Job work means processing or working on raw materials or semi-finished goods supplied by the principal producer to the job worker. This is to complete a part or whole of the process which results in the manufacture or finishing of an item or any other essential operation. For example, big shoe manufacturers send out...
Continue readingGSTR-9
What is the GSTR-9 annual return? GSTR 9 is an annual return to be filed yearly by REGISTERED taxpayers registered under GST. Points to note: In these details regarding the outward and inward supplies made during the previous year under different tax heads. It is a consolidation of all the monthly/quarterly returns filed in...
Continue readingWhat is the ITR-3 Form?
About: The ITR 3 is applicable for individuals and HUF who have income from PGBP. Persons generating income from the following sources are eligible to file ITR 3. a. Carrying on a profession or business ( both tax audit and non-audit cases). b. The return may include income from Salary/Pension, House property, and Income from other sources. Structure...
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