GSTR-10
A taxable person who has applied for surrender of GSTIN or whose GST Registration has been cancelled needs to file GSTR-10 or Final return after getting the cancellation order from GST Department. GSTR-10 is a statement of stocks held on the day immediately before the effective date of ca…
Our valuable client is an interior decorator having registered office in Kolkata. He has been assigned with the interior work of a company located in Bihar. He has raised the following questions:
Our …
In a move to simplify the procedure of exports for small exporters, Ministry of Finance, Central Board of Excise and Customs, GST Policy Wing has issued a circular dated 4th October, 2017 vide Circular No. 8/8/2017-GST, clarifying issues relating to Bond/LUT in case of export of goods and services w…
Definition:
Transactions taking place before filing of bill of entry are termed as “high sea sale” transactions under common trade practice where the original importer sells the goods to a third person before the goods are entered for customs clearance.
The above definition implies that “h…
Credit of eligible duties and taxes in respect of inputs or input services during transit
THE LAW:
140(5) - Credit of eligible duties and taxes in respect of inputs or input services during transit
A registered person shall be entitled to take, in his electronic credit ledger, credit of e…
Credit of eligible duties and taxes in respect of inputs held in stock allowed incertain situations
THE LAW:
140(4) - Credit of eligible duties and taxes in respect of inputs held in stock allowed in certain situations.
A registered person, who was engaged in the manufacture of taxable as w…
Credit of eligible duties in respect of inputs held in stock allowed in certain Situations
THE LAW:
140(3) - Credit of eligible duties in respect of inputs held in stock allowed in certain situations.
A registered person, who was not liable to be registered under the existing law, or who w…
There can be two instances for supply of labour under GST
Scientific Consultancy Services to a Central Govt. company
Our valuable client had raised the following query on scientific consultancy services provided to a Central Govt. company.
Question - I am doing scientific consultancy in Delhi, my registration is in Kolkata but I am working for …
Credit of unavailed CENVAT credit in respect of capital goods
THE LAW:
140(2)- Credit of unavailed CENVAT credit in respect of capital goods, not carried forward in a return, shall be allowed.
Section 140(2) states, a registered person, other than a person opting to pay tax under section 1…
Carry forward of tax credit claimed in the tax returns
THE LAW:
140(1)-Amount of CENVAT credit carried forward in the return allowed as input tax credit.
Section 140(1) states, a registered person, other than a person opting to pay tax under section 10, shall be entitled to take, in his ele…
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Sl No |
Details / Return |
Tax Period |
Revised due date |
|
|
GSTR-1 |
July, 2017 |
10-OCT-17 |
|
For registered persons with aggregate turnover of more than Rs… | |||
The following recommendations were made by the GST Council at its 21st meeting held in Hyderabad on 9th September, 2017.
GST Returns
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Sl No |
Details / Return |
Tax Period | … |
REDEVELOPMENT OF PROJECTS UNDER GST
The Goods and Services Tax (GST), the ultimate tax reform since independence, aims to eliminate the complex and ambiguous tax structure plaguing the country currently. GST is expected to be a sentiment booster for the real estate industry and will seek to reviv…
Under GST regime, export of goods and services has been treated as a “zero rated supply”. This implies that no tax would be payable on such supplies and the exporter will be able to claim the corresponding input tax credits.
Indian Government has specified the following procedures for export …
This Friday, i.e. 1st September, 2017 CBEC has issued a circular and clarified that the errors made by tax payers in GSTR-3B can be rectified while filing regular returns in GSTR-1 & GSTR-2 respectively.
Previously, there was no provision to revise GSTR-3B even in case there was an inadvertent mi…
Real estate and Indian economy
Real estate plays a significant role and is an essential contributor in Indian economic development. Real estate and building business is the second largest employer after agriculture. It is one of the fastest growing sectors of the Indian economy. This sector is di…
One of our valuable clients has raised the following queries related to excess VAT payment, ITC on education cess, etc which have been answered as below:-
Q.1. If a supplier show the supplies under B2C in his GSTR-1 in this case will we get the input tax credit?
A.1. A supplier who is re…
Introduction:
Input tax credit is the most important feature of the GST era.
Sec (19) of CGST Act states “capital goods” means goods, the value of which is capitalised 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…