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The new GST return system will come into action from October 2020 onwards. The old system got revised due to the need for a single, simple and concise return form which will take the place of multiple return forms of complex nature that are currently being filed by taxpayers. The new system will feature only […]
Latest in the news, Government has made it clear in its pitch that, goods and services tax or GST will be imposed on the exchange of services from one state to another. If the scale of the services provided by the office in one state goes to the office in another state than the responsible […]
The National Anti-profiteering Authority (NAA) has made a pitch for the Standard Operating Procedure (SOP) for Central and State Tax Officials and presented it before the 35th GST council meeting on June 21. According to the proposed SOP, all commissioners of CGST and SGST will single out the top 20 suppliers including distributors, manufacturers and […]
The government revealed that 5,106 out of 1.42 Lakh exporters are found claiming fraud IGST returns which are based on bogus invoices. Sources further say that the fraud claims by these risky exporters could exceed over 1000 Crore. On this, the government has decided to manually investigate their claims before issuing refunds to the exporters. […]
Goods Transport Agency (GTA): The transportation services of goods by road under Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017 (sr.no.18), are free from GST Services (Heading 9965): (a) By road except for the services of: (b) By internal waterways. Latest Update Thus, it is to be considered as the transportation of goods by road, unless […]
In the upcoming 35th GST Council meeting, there is a possibility that electronic billing on a real-time basis will become mandatory for the large businessmen, wholesale businessmen are uncomfortable with the likelihood. Though it may become mandatory for the businesses whose turnover is 50-100 million or more, it will also be of great value to […]
The days are passing and we are approaching towards the due date for filing the GSTR-9 return, with high pace. GSTR-9 is an annual return that conceives the supplies made and received throughout the year under various tax heads – CGST, SGST and IGST. This is the first time that all taxpayers are filing GSTR […]
In some cases, a registered person comes under an obligation to pay tax on a reverse charge basis. Table 4G in GSTR 9 encompasses details of such inward supplies which makes a registered person liable to pay tax on a reverse charge basis. Important Points of Table 4G: Some Cases when Tax is Paid on […]
The Authority for Advance Rulings (AAR), West Bengal has recently declared that input tax credit (ITC) will not be admissible against the GST paid on the purchase of motor vehicles for supplying rent-a-cab service, under the section 17(5)(b)(i) of the GST Act. In a recent hearing, an applicant claimed that she provide rent-a-cab service according […]
