GstTak

DEFINITION:- Goods:- As per the Section 2(52) “goods” means every kind of movable property other than money and securities but includes actionable claim, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under a contract of supply. Capital Goods:- As per the Section 2(19) “capital goods” means goods, the value of which is capitalized in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business. From the above definitions it is understood that all the Capital Goods shall be a "Goods" but all the Goods shall not be a "Capital Goods". Business Assets:- The term business asset is not define in the GST law but Business Asset is of very wide connotation. It includes every asset of the business including capital goods, finished goods etc. First we will understand the provision related to "Scope...

Filing NIL Form GSTR-3B through SMS on GST Portal. 1) A taxpayer may now file NIL Form GSTR-3B, through an SMS, apart from filing it through online mode, on GST Portal. 2) To file NIL Form GSTR-3B through SMS, the taxpayer must fulfill following conditions:- a) They must be registered as Normal taxpayer/ Casual taxpayer/ SEZ Unit / SEZ Developer. b) They have valid GSTIN. c) Phone number of Authorized signatory is registered on the GST Portal. d) There is no pending tax liability for previous tax periods, interest or late fee. e) All GSTR-3B returns for previous tax periods are filed. f) No data should be in saved stage for Form GSTR-3B on the GST Portal, related to that respective month. g) NIL Form GSTR-3B can be filed anytime on or after the 1st of the subsequent month for which the return is to be filed. 3) NIL Form GSTR-3B for a tax period must be filed if the taxpayer:- a) Has NOT made any Outward Supply b) Do NOT have any reverse charge liabil...

GST on Director Remuneration. INTRODUCTION:- Goods and Services Tax [GST] has been imposed on "supply of goods or services". That means for the purpose of imposition of GST there has to be supply, if there is no supply then no GST will be impose. However government has specify the certain activities in Schedule III which shall be treated neither as a supply of goods nor a supply of service. One of them is as under. "Services by an employee to the employer in the course of or in relation to his employment"   Further GST shall be paid by forward charge (i.e. Supplier shall liable to pay GST) or Reverse Charge (i.e. Receiver shall liable to pay GST). Government has specify the certain goods & service, GST on which shall be paid by Reverse Charge (i.e. Receiver shall be liable to pay GST) one of them is as under. "Services supplied by a director of a company or a body corporate to the said company or the body corporate" Now before understandin...

Registration Under GST:- This article is written by considering the latest provisions and rules made thereunder relating to registration under GST. This article also covered all the notifications related to registration till date. Hence article provides clear understanding related to registration in present scenario. Following are the relevant Notifications related to registration under GST. Notifications:- (a) Notification No. 32/2017 CT, Dt. 15.09.2017:- Seeks to granting exemption to a casual taxable person making taxable supplies of handicraft goods from the requirement to obtain registration. (b) Notification No. 38/2017 CT, Dt. 13.10.2017:- Seeks to amend notification no. 32/2017-CT dated 15.09.2017 so as to add certain items to the list of “handicrafts goods”. (c) Notification No. 65/2017 CT, Dt. 15.11.2017:- Seeks to exempt suppliers of services through an e-commerce platform from obtaining compulsory registration. (d) Notification No. 58/2018 CT, Dt. 26.10.201...

This article is written by considering the latest provisions and rules made thereunder relating to Job work under GST. This article also covered all the notifications & circular related to Job work till date. Hence article provides clear understanding related to Job work in present scenario. Following are the relevant Notifications & Circular related to Job Work under GST. (A) Notifications:- (a) Notification No. 10/2017 CT, Dt. 28.06.2017:- Amend GST Rules (Already considered latest rules related to Job Work in this article) (b) Notification No. 53/2017 CT, Dt. 28.10.2017:- Extend the Due date of Form GST ITC-04 for the period of July 17 - Sep 17 to 30th Nov 2017. (c) Notification No. 14/2018 CT, Dt. 23.03.2018:- Amend GST Rules (Already considered latest rules related to Job Work in this article) (d) Notification No. 40/2018 CT, Dt. 04.09.2018:- Extend the Due date of Form GST ITC-04 for the period of July 17 - June 18 to 30th Sep 2018. (e) Notification No. 59/2...