There are lot of speculations in the media about the credit of Rs. 65,000 crore claimed by taxpayers in respect of Central Excise and Service Tax in the pre-GST period. Some people are under the impression that because of Rs. 65,000 crore claimed as transition credit, the income of Government this … [Read more...]
GSTN application for refund is getting ready
Blockage of Working Capital of Exporters There are lot of apprehensions expressed in the media about the problem of blockage of working capital for exporters post-GST. There are various figures also being discussed on the blockage of such funds, which are wild estimates. Such media reports are … [Read more...]
The procedure for reconciliation of information furnished in FORM GSTR-3 and FORM GSTR-3B
Circular No. 7/7/2017-GST No. 349/164/2017/-GST Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs GST Policy Wing New Delhi, Dated the 01st September, 2017 To, The Principal Chief Commissioners/Chief Commissioners/Principal Commissioners/ … [Read more...]
GST return filing dates of July 2017 is extended – GST Council
Recommendations made by the GST Council in the 21st meeting at Hyderabad on 9th September, 2017 The GST Council, in its 21st meeting held at Hyderabad on 9th September 2017, has recommended the following measures to facilitate taxpayers: a)In view of the difficulties being faced by taxpayers … [Read more...]
GOI has extended the time limit for furnishing GST return for the month of July and August 2017
[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification No. 29/2017 – Central Tax New Delhi, the 5th September, 2017 G.S.R. …..(E).— In … [Read more...]
How to off-setting the GST liability in GST return
The following points should be kept in mind for off-setting the liabilities in GST Return The offset liability function is available only once for use in a tax period. There is no facility of setting off liabilities in part. Offset liability is successful only if the offset criteria is met … [Read more...]
Due date of tax audit and for A.Y. 2017-18 is extended to 31st October 2017
F.No. 225/270/2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi dated the 31st of August, 2017 Order under Section 119 of the Income-tax Act, 1961 (`Act') The Goods and Services Tax ('GST') has come … [Read more...]
Registration Under GST FAQs
Q 1. What is advantage of taking registration in GST? Ans. Registration under Goods and Service Tax (GST) regime will confer following advantages to the business: Legally recognized as supplier of goods or Proper accounting of taxes paid on the input goods or services which … [Read more...]
GST Levy and Exemption from Tax – FAQs
Q 1. Where is the power to levy GST derived from? Ans. Article 246A of the Constitution, which was introduced by the Constitution (101st Amendment) Act, 2016 confers concurrent powers to both, Parliament and State Legislatures to make laws with respect to GST i. e. central tax (CGST) and state … [Read more...]
Overview of Goods and Services Tax – FAQs
Q 1. What is Goods and Services Tax (GST)? Ans. It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only … [Read more...]
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