GstTak

SUMMARY:- (Notification 38,40,41,42 of 2020 of Central Tax Dt. 05.05.2020) 1) Registered person being company can file Form 3B through EVC provided return file during the period from 21.04.2020 to 30.06.2020. 2) NIL form 3B can be file by way of short messaging through registered mobile no. 3) Validity of E way extended till 31.05.2020 for those E-way bill which were generated on or befor 24.03.2020 and had expiry between the period from 20.03.2020 to 15.04.2020. 4) Due date of annual return for 2018-19 extended till 30.09.2020 5) Due date of Form 3B for the period of November, 2019 to February, 2020 is 24.03.2020 for those who were registered in Union territory of Jammu and Kashmir. 6) Due date of Form 3B for the period of November, 2019 to December, 2019 is 24.03.2020 for those who were registered in Union territory of Ladakh. 7) Due date of Form 3B for the period of January, 2020 to March, 2020 is 20.05.2020 for those who were registered in Union territory of Ladakh. Det...

INTRODUCTION:- In the year of 2017 government of India introduced one nation one tax i.e. GST, Once person is registered under GST he needs to be comply many of the provisions related to GST. However it is very difficult for small tax payer to to comply such provisions as its result in to improving the administrative cost. Therefor for the benefit of the small tax payer and make every person to adhere to GST law, Composition Scheme comes in to the picture. The Composition levy scheme is a very simple, hassle free compliance scheme for small taxpayers. It is a voluntary and optional scheme. Please note that this article states the current position with respect to Composition scheme and is not a compilation of the law as existed at the time of introduction of GST and amendments & notifications & circular made thereafter. DEFINITION:- 1) Person:- As per the Section 2(84) “person” includes, (a) An individual. (b) A Hindu Undivided Family. (c) A company. (d) A fir...

INTRODUCTION:- GST law provide two event i.e. Taxable event & Charging Event, Taxable event in GST is supply of goods or service or both whereas Charging event in GST is time of supply i.e At what time GST liability is to be paid. GST will be payable on every supply of goods or services or both unless otherwise exempted. GST law specified different type of GST rates for different type of goods & Service & taxable person has to discharged the GST liability as per rates provided for each goods & service. The application of rates will pose no problem if the supply is of individual goods or services which is clearly identifiable and the goods or services are subject to a particular rate of tax. But not all supplies will be such simple and clearly identifiable supplies. Some of the supplies will be a combination of goods or combination of services or combination of goods and services both. Each individual component in a given supply may attract different rate of tax. Diff...

Before discussing about the transfer of Electronic Cash Ledger amount in intra-head or inter-head, first we need to know about Rule 87. Electronic Cash Ledger (RULE 87):- 1) The electronic cash ledger shall be maintained in FORM GST PMT-05 for each person, liable to pay tax, interest, penalty, late fee or any other amount, on the common portal for crediting the amount deposited and debiting the payment therefrom towards tax, interest, penalty, fee or any other amount. 2) For paying tax, interest, penalty, late fee or any other amount, challan need to be generate in FORM GST PMT-06. (Provided that the challan in FORM GST PMT-06 generated at the common portal shall be valid for a period of fifteen days.) 3) Deposite shall be made through any of the following modes, (a) Internet Banking through authorised banks. (b) Credit card or Debit card through the authorised bank. (c) National Electronic Fund Transfer or Real Time Gross Settlement from any bank. (d) Over the Counte...

INTRODUCTION:- GST has to pay if there is supply. In order to calculate and discharge tax liability it is important to know the date when the tax liability arises i.e. the date on which the charging event has occurred, In GST law it is known as time of supply. GST law provide three different provision to determine time of supply of goods (Section 12), Time of supply of service (Section 13), Time of supply where there is a change in the rate of tax in respect of goods or services or both (Section 14). DEFINITION:- 1) Voucher:- As per the Section 2(118), “voucher” means an instrument where there is an obligation to accept it as consideration or part consideration for a supply of goods or services or both and where the goods or services or both to be supplied or the identities of their potential suppliers are either indicated on the instrument itself or in related documentation, including the terms and conditions of use of such instrument. 2) Point of time when supplier receives...

(A)Notification No. 30/2020 Dt. 03.04.2020.:- (This Notification Deal With Due Date for Application of Opting of Composition Scheme & Restriction of ITC as per Rule 36(4) 1) Due Date for Opting of Composition (in Form CMP-02) Scheme for F.Y. 2020-21:- 30th June, 2020. 2) Rule 36(4) of CGST Rule restricts the claim of ITC in GSTR 3B. According to this rule ITC claim is restricted to 10% above the ITC as per GSTR 2A. Considering the lock down situation, the Government has relaxed the provisions of Rule 36(4). Therefore, for the GST returns relating to periods from February 2020 to August 2020, ITC as per Books can be claimed without considering the ITC as per GSTR 2A. However, the ITC claimed has to be matched in a consolidated manner with GSTR 2A before filing GSTR 3B of September 2020. (B) Notification No. 31/2020 Dt. 03.04.2020:- (This Notification Deal With lowering of interest rate for Various Tax Periods in Form 3B) 1) Taxpayers having an aggregate turnover of up t...

A) Background:-       1) The GST Council, at its 37th meeting held at Goa on 20th September, 2019 approved the introduction of E Invoicing System. Accordingly the government has issued Notification No 68/2019 – CT to 72/2019 – CT to make applicable all the provisions relating to E Invoicing w.e.f. 1st April, 2020. (Now it extended till 1st Oct, 2020 in 39th Meeting held on 14th March, 2020)       2) E-invoicing in India will be a big move, due to the volume of business transactions undertaken every day, as well as non-standardized formats used in invoice generation. The main objective is to enable an E-invoice generated by one software should be capable of being read by any other software. Basically, through machine readability, an invoice can be uniformly-interpreted.       3) In addition to the above, this new system of e-invoicing aims to make invoice reporting an integral part of a business process and ...