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Search results for: input tax credit

Latest Changes in GSTR 9 and GSTR 9C

CBIC Latest Updates for Annual Returns GSTR 9 & GSTR 9C Forms

A short time ago, the Central Board of Indirect Taxes and Customs issued the Central Goods and Services Tax (Sixth Amendment) Rules, 2021 that amended Central Goods and Services Tax Rules, 2017. Various amendments have been made in Rule 80 of CGST Rule pertaining to Annual Return, FORM GSTR-9C and FORM GSTR-9. Here are the […]

ITC Matching Process with Books of Accounts Beneath QRMP

GST ITC Matching Process with Book of Accounts for QRMP Scheme Holder

GST PMT 06 has been a popular way of tax-paying in registered taxpayers for one month after bearing in mind the availability of input tax credit completely that may be a straightforward administration on own of the second and third month in which additional input tax credit amount available compared with the tax liability going […]

GST Impact Financial Statements Accounts Transactions

GST Impact on Financial Statements’ Transactions & Various Accounts

Since July 2017, the One Nation One tax i.e. Goods and Services Tax (GST) has been introduced in India. Apparently, it looks simplified; however, the entire accounting mechanism has been overhauled. Nevertheless, the concept of GST has its own advantages in the long run. As Per the Indian Accounting Standards State-based Registration and Consequent Accounting […]

Gujarat HC's Order for DGGI officers Related to ITC Fraud

Gujarat HC: DGGI Officials Authorized to Issue Writ for Wrongful ITC Claim

Many people may not know that there is a constitutional office of the ‘Directorate General of the Goods and Services Tax Intelligence’. The Gujarat High court has in a recent decree held that DGGI officers are completely empowered to issue the summons to the taxpayers as per the Central Goods and Services Tax Act, 2017 […]

Rising GST e-way Bills Signal for High Tax Collections

GSTN July Data Shows Increasing GST E-way Bills Signal for High Collection

In the month of July the electronic-way bill directing to a recovery in the common days in context to the economic activities and refinement in GST collections for the month of August providing relief to the policymakers. From the given information through the GST network, it reveals that the daily average GST e-way bills Get […]

Karnataka AAR Order for GST Rate on Used Gold Jewellery

AAR: GST will be Levied on the Difference Among Buying & Selling Cost of Used Gold Jewellery

The Authority for Advance Ruling, Karnataka has recently held that the difference between the buying price and the selling price of second-hand jewellery shall be the base value for levying the Goods and Services Tax (GST). Experts believe that the aforesaid ruling shall bring a lot of clarity on various aspects of taxation and shall […]

MSMEs Units Demand More Time for Tax and GST Payment

MSMEs Requests Govt for the Due Date Extension of I-T & GST Payment

The various groups and stakeholders of The Micro Small and Medium-scale Enterprises (MSMEs) have requested the State Government to further request the Union Government to extend the deadline of payment of GST Check out due dates of payment under GST for general and composition taxpayers in India. We have included penalty charges on late payment […]

Assam GST Amendment Bill 2021

FM Assam: GST Amendment Bill 2021 for Section 7, ITC, Annual Return

On Monday the Assam goods and services tax (amendment) bill 2021 is present by the Finance minister of Assam Ajanta Neog which is held with some revisions in the GST act who has obtained the presidential assent in March in an identical year. The GST officials have urged that the amendments can be built in […]

AAR's Order for ST. Thomas Hospital on Composite Supply

Kar AAR: No GST Levy on Exempted Healthcare Services Under SAC 999311

The Karnataka Authority of Advance Ruling (AAR) has passed a ruling that no GST shall be imposed on the composite supply of the healthcare services. Here in this case the applicant is Messrs Saint Thomas Hospital that is a multi-specialty hospital that provides health care services Check out the brief details of GST impact on […]

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