How do I report supplies to SEZ units or SEZ developers in GSTR-1? As the SEZ unit or SEZ developer are registered and have GSTIN, the invoice details of supplies to them need to be reported in the section of supplies to registered taxpayers (B2B invoice details) with appropriate SEZ flag. Related GST FAQ… Read More »
Q Is shipping bill number mandatory while declaring export invoices in GSTR-1? No, a taxpayer can furnish details of the export invoices in GSTR-1 and file the return without mentioning the shipping bill number and date, if the shipping bill details are not readily available with him. Q. How can shipping bill number be furnished… Read More »
In case of Receipt of advance by the Supplier from a Receiver, is the supplier liable to pay tax on such an advance amount under GST ? Yes, Supplier is liable to pay tax on advances received from Receivers for the supply of goods and services and report the consolidated advance received details in month… Read More »
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 »