GST on Gems & Jewellery Question 1: Whether advertising and communication material (banners / hoardings / posters) provided to distributors would be treated as supply in the course of business by the company thereby not requiring any reversal of ITC. Answer: (a) Where the material is provided free of cost: This would not amount to… Read More »
GST on Government Services Question 1: Are all services provided by the Government or local authority exempted from payment of tax ? Answer: No, all services provided by the Government or a local authority are not exempt from tax. As for instance, services, namely, (i) services by the Department of Posts by way of speed… Read More »
How can I view the Electronic Cash Ledger? The Electronic Cash Ledger contains a summary of all the deposits made by a taxpayer. In the ledger, information is displayed major head-wise i.e., IGST, CGST, SGST/UTGST and CESS. Each major head is further divided into five minor heads: Tax, Interest, Penalty, Fee and Others. To view… Read More »
Last Date for Payment of Gst and Filing of Return For July 2017 Extended By 5 Days The GST Implementation Committee, consisting of State and Central Government officers, has taken a decision to extend the last date for payment of the GST for the month of July 2017 to 25th August, 2017. Earlier the last date for… Read More »
GSTR-1 1. What is GSTR-1? GSTR-1 is a monthly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services. 2. Who is required to file the GSTR-1? Every registered taxable person,… Read More »
GST FAQ on IT / ITES Question 1: Whether software is regarded as goods or services in GST ? Answer: In terms of Schedule II of the CGST Act 2017, development, design, programming, customisation, adaptation, upgradation, enhancement, implementation of information technology software and temporary transfer or permitting the use or enjoyment of any intellectual property… Read More »
Notification No 19/2017 Union Territory Tax (Rate) Seek to reduce UTGST rate on specified parts of tractors from 14% to 9 %. vide Notification No 19/2017 Union Territory Tax (Rate) Dated 18th August, 2017 [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department… Read More »
Debit Note in GST Analysis of provisions of Debit Note in GST Introduction A supplier of goods or services or both is mandatorily required to issue a tax invoice. However, during the course of trade or commerce, after the invoice has been issued there could be situations like: The supplier has erroneously declared a value… Read More »
Special Audit in GST Detailed analysis of Special Audit in GST Introduction GST is a trust based taxation regime wherein the assessee is required to self-assess his returns and determine tax liability without any intervention by the tax official.Therefore a tax regime that relies on self-assessment has to put in place a robust audit mechanism to… Read More »
Credit Note in GST Detailed Analysis of Credit Note in GST Introduction A supplier of goods or services or both is mandatorily required to issue a tax invoice.However, during the course of trade or commerce, after the invoice has been issued there could be situations like: • The supplier has erroneously declared a value which… Read More »