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GST ComplianceDetermination of Value of Supply (Under GST)
In order to reach the desired destination, we must know the address and the way. In the same way, to levy GST, we must know the value of taxable supply and the rules to calculate it. The value of a transaction as per the
GST ComplianceInstructions of Form GSTR-9
Instructions: – Terms used: a. GSTIN: Goods and Services Tax Identification Number b. UQC: Unit Quantity Code c. HSN: Harmonized System of Nomenclature Code 2. It is mandatory to file all FORM GSTR-1 and FORM GSTR-3B for the financial year for which the return is
GST ComplianceClassification & Importance of HSN under GST
Importance of Correct Classification The term “Classification” is defined as a systematic arrangement in groups or categories according to established criteria. Under the given concept, the arrangement of varied items is into mutually exclusive but related classes. An essential and integral part of the
GST ComplianceReconciliation under GST
Loosely speaking, reconciliation can be defined as, “Comparing different sets of data on the same category, prepared by different people, methods, or organizations. It includes identifying & investigating differences, & taking corrective action when necessary.” It is not merely a fault or difference finding
GST ComplianceConstruction Services Under Gst – a Detailed Information
Food, clothing, and shelter are three basic needs of any human being. Construction activity not only provides homes by virtue of building houses but also provides food and clothing by giving them employment. It was the construction activity only, which turned out to be
GST ComplianceGstr 2a Vs Gstr 2b – Detailed Comparison of Gstr-2a with Gstr-2b
Introduction There’s a new (static) monthly statement out, known as the ‘GSTR-2B’. Launched back in August this year, effective from 12th September, this is designed for regular users (taxpayers). This is on the common portal without any import data & inward supplies from SEZ units
GST ComplianceGSTR 9 and 9C –FY 2020-21
Registered Persons having “Aggregate Turnover” up to Rs. 2 Crore are exempted from filing of Annual Return- Notification No. 31/2021 – Central Tax dated 30th July 2021 Registered Persons having “Aggregate Turnover” above Rs. 2 Crore required to file Annual Return (GSTR 9) with
GST ComplianceNotification No. 31/2021 – Central Tax
[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 31/2021 – Central Tax New Delhi, the 30th July 2021 G.S.R……(E).— In
GST ComplianceNotification No. 30/2021 – Central Tax
[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 30/2021 – Central Tax New Delhi, the 30th July 2021 G.S.R……(E).- In
GST ComplianceTwo major amendments in GST audit -Notification No. 29/2021 – Central Tax
This notification has notified two important sections of FA 2021. Section 110 and 111 of FA 2021 are applicable from 1st August 2021. Section 110 of Finance Act 2021 omitted section 35(5) of the CGST Act. This section was about the GST audit. From now
GST ComplianceGST on Liquidated Damages – A Complete Detail
Damages means,” reparation for the aggrieved person in money terms in lieu of suffering loss or injury”. Liquidated means,” to sell something in order to get cash”. Liquidated Damages,” are the damages in the monetary form which are received by the aggrieved party from the
GST ComplianceHow to Claim Opening ITC on New Registration and Transfer of Business
Opening ITC on first-time registration ITC is GST paid on Inward supplies. Only a person registered under the GST can claim ITC. A person carrying on business holds inputs, semi-finished goods, finished goods & Capital goods at their place of business. If such a person