GST Update on job work and composite supply

We have already given an update on job work of textiles. In the said update, it was mentioned that refund of unutilized credit is not admissible to the supplier of textiles. Notification No. 5/2017-Central Tax(Rate) dated 28th June,2017 has been issued in this regard. It is worthwhile to mention here that the raw material or … Read more

Clarification about Transition Credit

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 month has plummeted. Firstly, … 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 not based on facts. i) First of all, … Read more

Categories GST

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/ Commissioners of Central Tax (All) The Principal Director Generals/ Director Generals (All) Subject: System based reconciliation of information … 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 in filing returns, the following revised schedule has been approved: … 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 exercise of the powers conferred by the second proviso … 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 and complete liabilities are offered … Read more

Categories GST

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 can be utilized for payment of GST due on supply … 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 tax (SGST) or union territory … 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 value … Read more