Daily Archives: March 25, 2019

Financial Year Meaning under GST

By | March 25, 2019

Financial Year The word Financial Year has not been defined in any of the Act relating to GST. Therefore, the meaning of the Financial Year as provided in General Clauses Act can be adopted. Section 3(21) of the General Clauses Act, 1897 defines Financial Year as follows:— ‘(21)”financial year” shall mean the year commencing on the first day of April;’ It means the period commencing on the 1st Day of April and ending… Read More »

ITC Reversal On Expired Items under GST

By | March 25, 2019

Distributor has inventory of expired drugs. As per the contract, the manufacturer will not accept return of expired drugs. Hence the distributor is forced to destroy. How to deal with reversal of ITC? Circular No. 72/46/2018 explains from the angle of Manufacturer, in case of return of expired drugs. but practically and genuinely there are… Read More »

GST Refund on export of Exempted Goods or services

By | March 25, 2019

GST Refund on export of Exempted Goods or services ? छूट वाले सामान के निर्यात पर जीएसटी रिफंड [Also Refer GST Refund : Free Study Material ] As per Para No 6 of Circular No 45/19/2018 GST Dated 30.05.2018 6. Whether bond or Letter of Undertaking (LUT) is required in the case of zero rated supply of exempted or non-GST goods and whether refund can be… Read More »

GST and Income Tax Compliance Calendar for March 2019 : Due Dates

By | March 25, 2019

GST and Income Tax Compliance Calendar for March 2019 : Due Dates 2nd March 2019 Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA (TDS on Immovable   property  in the month of January, 2019 Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB (TDS on Certain Rent… Read More »

Checklist for filing GST Annual Return

By | March 25, 2019

Checklist for filing GST Annual Return Who is required to File GST Annual return ? Every registered person, other than an Input Service Distributor, a person paying tax under section 51 of CGST Act 2017  or section 52  of CGST Act 2017, a casual taxable person and a non-resident taxable person, shall furnish an annual return for… Read More »

Category: GST