Does a tax payer need to report the credit notes and debit notes of supplies to consumer separately under GST ? No. In case of supplies to consumers are to be reported in a consolidated manner (intra-state supplies to consumer and inter-state supplies of invoice value less than INR 2.5 lakhs), the credit/debit notes… Read More »
What are Credit Notes? Credit Note is a document issued against an invoice in cases where invoice was issued at a value higher than the actual value of goods and/or services provided or the invoice value is reduced due to post supply negotiations. This may also happen when the goods supplied are returned by the… Read More »
What are Debit Notes under GST ? A Debit Note is a document issued against an invoice in cases where the original invoice was issued at a value lower than the actual value of goods and/or services provided. It can also be issued in case of post supply price negotiations. The difference amount is accounted… Read More »
What is meant by B2C Supplies? B2C Supply refers to supply transactions between a Registered Supplier and an Unregistered Buyer (Business-to-Consumer). Related GST FAQ GSTR 1 FAQ GSTR 2A FAQs GSTR 3B FAQ How to utilize GST Electronic Cash and Input Tax Ledger GST FAQ on IT / ITES 150 GST FAQ’s Replied by… Read More »
What are B2B Supplies? B2B Supply refers to supply transactions between registered taxable entities/persons (Business-to-Business supplies). Related GST FAQ GSTR 1 FAQ GSTR 2A FAQs GSTR 3B FAQ How to utilize GST Electronic Cash and Input Tax Ledger GST FAQ on IT / ITES 150 GST FAQ’s Replied by Govt of India Tweet FAQs… Read More »
Can I enter details of Goods and Services in the same invoice under GST ? Yes, you can enter details of Goods and Services in the same invoices. Related GST FAQ GSTR 1 FAQ GSTR 2A FAQs GSTR 3B FAQ How to utilize GST Electronic Cash and Input Tax Ledger GST FAQ on IT… Read More »
Will there be any validation on relationship between Invoice value and Taxable Value in GSTR 1 ? Taxable value is the value as per the provisions of GST law. There will be no validation that the invoice value is equivalent to taxable value plus the tax amount. [ Note he ‘Total Invoice Value’ column in GSTR-1… Read More »
What does the ‘Total Invoice Value’ column indicate in GSTR-1? The ‘Total Invoice Value’ column in GSTR-1 is for the invoice value inclusive of taxes. Related GST FAQ GSTR 1 FAQ GSTR 2A FAQs GSTR 3B FAQ How to utilize GST Electronic Cash and Input Tax Ledger GST FAQ on IT / ITES 150… Read More »
How should the value of turnover to be in entered in the mandatory field on the landing page of GSTR-1? The turnover value in Table 3 of GSTR-1 has to be entered manually for the first year as the information is not available with the GST system. From the second year of implementation of GST,… Read More »
For which class of Taxpayers is DSC mandatory for filing returns under GST ? DSC is mandatory in case of all Public & Private Limited Companies, Limited Liability Partnerships (LLPs), and Foreign Limited Liability Partnerships (FLLPs). Related GST FAQ GSTR 1 FAQ GSTR 2A FAQs GSTR 3B FAQ How to utilize GST Electronic Cash… Read More »