GST on Discount GST will be calculated and what will be applicable on value of supply as per Section 15 of CGST act 2017 . GST on Discount will charged as per provision mentioned in Section 15(3) of CGST act 2017 Relevant Portion of Section 15(3) of CGST Act 2017 :- The value of the supply… Read More »
Aggregate Turnover in GST 1. Turnover, in common parlance, is the total volume of a business. The term ‘aggregate turnover’ has been defined in GST law as under: “Aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge… Read More »
Transfer of securities only in demat form- Deadline extended till April 1, 2019 Dec 03, 2018 PR No.: 49/2018 Transfer of securities only in demat form- Deadline extended till April 1, 2019 The Board, on March 28, 2018, decided that except in case of transmission or transposition of securities, requests for effecting transfer of securities shall… Read More »
GST Council may consider ‘One Time Amnesty Scheme’ for Non/ Nil Filers of GST Returns As per reports in media, the GST Council may consider ‘one time amnesty scheme’ for exit of non-filers/ nil-filers of GST Returns to facilitate about 25 lac registered/ migrated taxpayers who file their returns with ‘nil’ GST liability and about… Read More »
Structure of GSTIN [Also Refer GSTIN Number : Free Study Material ] 1. GSTIN stands for “Goods and Services Tax Identification Number” unique to a legal person (Individual, Partnership, LLP, AOP/BOI, Company etc.,). Each tax payer who is obligated or volunteered to register shall/may, as the case may be, apply for registration under GST Law as per… Read More »
MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) Publuc Notice No. 53/2015-2020 New Delhi, the 30th November, 2018 Subject : Insertion of a new provision under Para 2.103 and amendment in Para 2.104 – reg. F. No. 01/93/180/56/AM-13/PC-2(B)/E-2205.—In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy,… Read More »
Ministry of Finance Status of GST Refunds Posted On: 03 DEC 2018 Total GST refunds to the tune of Rs 91,149 crores have been disposed by CBIC and State authorities out of the total refund claims of Rs 97,202 crores received so far. Thus, the disposal rate of 93.77 per cent has been achieved. The… Read More »
Penalty if GST Audit not done There is Late Fees prescribed in Section 47 of CGST Act for not filing GST Annual Return as per Section 44 of CGST Act. But there is no specific penalty prescribed for not getting the GST Audit done . Therefore General Penalty as per Section 125 of CGST Act… Read More »
Technical Guide on Annual Return & GST Audit The GST Audit notification was issued without public comments and there seem to be several challenges even in the filling of Form 9. However as the time provided as of now is very short viz- End of the year, the IDTC has come out with publication namely… Read More »
Books on GST Audit Here are Latest and Best Books on GST Audit Taxmann GST Audit : How to meet your obligations 2019 Taxmann GST Audit Manual 2019 Guide to GST Audit and Annual Returns Book by Snowhite Publications Practitioners Guide to GST Audit and Annual Return : New Book How to Handle GST TDS… Read More »