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Analysis of GSTR-2B and Its Practical Implications
Analysis of GSTR-2B and Its Practical Implications Background of GSTR 2B GST Council, in its 39th Meeting held on March 14, 2020, recommended linking the data available in GSTN viz. linking outward supply data in Form GSTR-1 and Form GSTR-3B and Input Tax Credit (‘ITC’)
Refund of Unutilized ITC whether to be allowed to the supplier only?
Refund of Unutilized ITC whether to be allowed to the supplier only? Gujrat High Court in Britania Industries Limited discusses this issue on 11-03-2020 in the context of section 54(3), which says that a registered person shall be allowed refund of unutilized ITC as the
Format of “Form” – REG 25
Introduction REG 25 is a certificate of provisional registration under GST. Every taxpayer registered under excise/VAT/service tax enrolls on a common portal. He provides his email ID and mobile number for verification purposes. On enrollment: Taxpayer gets provisional certificate of registration in form GST REG
Format of “Form” – REG 21
Introduction Form REG 21 is application for revocation of cancellation of registration under GST. What does revocation mean? Revocation means official cancellation. So revocation of cancellation of registration means reversal of decision to cancel the registration. It means registration is still valid. Requirement to file
Format of “Form” – REG 16
Introduction Cancellation of GST registration means a taxpayer is not registered anymore. He need not to collect or pay tax anymore. But why does the taxpayer wish to cancel his registration? Reasons can be: Business discontinue Business transfer, amalgamation, demerger, disposal. In such a case
Format of “Form” – REG 14
Introduction Many times applicants commit mistakes at the time of filing an application for registration. Such mistakes can be updated or corrected at the time application is being processed. If business is already registered then after application is processed. REG 14 is a form for
Excess Input Tax Credit claimed in 3B of F.Y. 2017-18 and not reversed in 3B of F.Y.2018-19 and effect have given through DRC-03 in GSTR-9 of Financial Year 2018-19.
Excess Input Tax Credit claimed in 3B of F.Y. 2017-18 and not reversed in 3B of F.Y.2018-19 and effect have given through DRC-03 in GSTR-9 of Financial Year 2018-19. Herewith I giving with the example for your better understanding. Illustration-4. “A” Tax Payer purchased inward
Short claim of Input Tax Credit in GSTR-3B of Financial Year 2017-18 and 2018-19 but both are not claimed in 3B of 2018-19-LAPSED.
The short claim of Input Tax Credit in GSTR-3B of Financial Year 2017-18 and 2018-19 but both are not claimed in 3B of 2018-19-LAPSED. Herewith I giving with the example for your better understanding. Illustration-2. “A” Tax Payer purchased inward supply of goods worth of
The short claim of Input Tax Credit in GSTR-3B of Financial Year 2017-18 and not claimed in GSTR-3B of Financial 2018-19. LAPSED.
The short claim of Input Tax Credit in GSTR-3B of Financial Year 2017-18 and not claimed in GSTR-3B of Financial 2018-19. LAPSED. Herewith I giving with the example for your better understanding. Illustration-1. “A” Tax Payer purchased inward supply of goods worth Rs.1,00,000/- as per
Excess Input Tax Credit claimed in GSTR-3B for the F.Y.2017-18 and reversed in GSTR-3B of F.Y 2018-19
Excess Input Tax Credit claimed in GSTR-3B for the F.Y.2017-18 and reversed in GSTR-3B of F.Y 2018-19 Herewith I giving with the example for your better understanding. Illustration-3. “A” Tax Payer purchased inward supply of goods worth Rs.1,00,000/- as per books. The rate of GST
GSTR 3b will auto compile form GSTR 1
GSTR 3b will auto compile form GSTR 1- You can see that on the portal. Data filled in GSTR 1 is going to get auto reflected in GSTR 3b. Thus you can get an auto reflected GSTR 3b on the portal. GSTR 3b will auto compile
GSTIN enabled facility to report negative figure in GSTR 3b
GSTIN enabled the facility to report a negative figure in GSTR 3b- Now you can enter a negative figure in GSTR 3b. GSTIN portal has enabled the facility to report the negative figure in GSTR3b. It is a huge relief for the taxpayer. GSTIN doesn’t