Penalty if GST Collected but not paid to Govt

By | January 16, 2018

Share this on WhatsAppWhat happens if a person collects tax from another person but does not deposit the same with Government? Ans. It is mandatory to pay amount, collected from other person representing tax under this act, to the government. For any such amount not so paid, proper officer may issue SCN (show Cause Notice) … Read More »

Can refund be withheld by the GST department?

By | January 16, 2018

Share this on WhatsAppCan refund be withheld by the GST department? Yes, the proper officer can withhold refund of accumulated ITC under Section 54(3)  in the following circumstances: i. If the person has failed to furnish any return till he files such return; ii. If the registered taxable person is required to pay any tax,… Read More »

E-way bill drafted by Govt. take proper care of interest of revenue: Madras HC

By | January 16, 2018

Share this on WhatsApp HIGH COURT OF MADRAS K.K. Ramesh v. Union of India M. SATHYANARAYANAN AND MRS. R. HEMALATHA, JJ. W.P. (MD) NO. 16112 OF 2017 JANUARY  3, 2018 K.K. Ramesh for the Petitioner. Ms. S. Logeshwari for the Respondent. ORDER M. Sathyanarayanan, J. – By consent, the Writ Petition itself is taken up for final disposal. 2. The petitioner seems to… Read More »

December 2017 issue of e-newsletter on GST by ICAI Indirect Tax Committee

By | January 15, 2018

Share this on WhatsAppThe Indirect Taxes Committee of ICAI committed has come up with the December issue of e-newsletter on GST in order to serve all the stakeholders with the latest developments under GST. This well sourced newsletter contains latest GST updates & news, relevant articles on important issues under GST, ICAI’s initiatives and much more. E-newsletter… Read More »

GST Audit : Can the Taxpayer see Audit Report

By | January 15, 2018

Share this on WhatsAppWhat would be the action by the proper officer upon conclusion of the audit under GST? Audit by Department The proper officer shall, on conclusion of audit, within 30 days inform the taxable person about his findings, reasons for findings and the taxable person’s rights and obligations in respect of such findings.… Read More »

GST Input Tax Credit Refund if Business is closed

By | January 15, 2018

Share this on WhatsAppAn assessee doing business from 2 years. He closed his business in dec-17. Is he eligible to claim refund of ITC Balance in Electronic Credit Ledger? Section 54 (3) of CGST Act : Provided that no refund of unutilised input tax credit shall be allowed in cases other than— (i) zero-rated supplies made without… Read More »

Penalty if Eway Bill not generated under GST

By | January 15, 2018

Share this on WhatsAppConsequences of non- Compliance to E-way bill rules If e-way bills, wherever required, are not issued in accordance with the provisions contained in Rule 138 of the CGST Rules, 2017, the same will be considered as contravention of rules As per Section 122 of the CGST Act, 2017 (Penalty for certain offences),… Read More »

GSTR 4 for Oct-Dec 2017 enabled on GST portal

By | January 15, 2018

Share this on WhatsAppComposition Scheme Return : GSTR 4 Functionality to save, submit, and file Form GSTR 4, for Oct-Dec, 2017 quarter, has been enabled on GST Portal (ww.Gst.gov.in) Related Topic on GST  Topic Click Link GST Acts Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates… Read More »

GST Portal Complaint : Taxpayers can lodge grievance

By | January 15, 2018

Share this on WhatsAppTaxpayers have now being provided with a facility to lodge grievance related to processes (application), ledgers etc on the GST Portal. www.gst.gov.in   Related Topic on GST  Topic Click Link GST Acts Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST… Read More »

GST levy on rental income of Charitable entity

By | January 15, 2018

Share this on WhatsApp If Charitable religious entity ( registered under Section 12AA of Income Tax act  ) Receive rental income from building not situated within premises. Will it be liable for GST ? There is NIL GST on the following Services by a person by way of— (b) renting of precincts of a religious place meant… Read More »

GST levy on Donations received by Charitable entity

By | January 15, 2018

Share this on WhatsAppIf Charitable entity ( registered under Section 12AA of Income Tax act ) Receive donations for religious ceremony with specific instructions to advertise the name of donor. Will it be liable for GST ? There is NIL GST on the following Services by a person by way of— (a) conduct of any religious… Read More »

Claim ITC on stock by filing FORM ITC 01 under GST

By | January 14, 2018

Share this on WhatsAppClaim ITC on stock by filing FORM ITC 01 Related Topic on GST  Topic Click Link GST Acts Central GST Act and States GST Acts GST Rules GST Rules  GST Forms GST Forms GST Rates GST Rates GST Notifications GST Act Notifications GST Circulars GST Circulars  GST Judgments GST Judgments GST Press… Read More »

GST on Scrap generated during Job Work

By | January 14, 2018

Share this on WhatsAppA Registered  dealer sent some goods for processing to a job worker. The realizable waste was generated at the time of processing. The waste were sold by the job worker. Who is liable to prepare invoice, a dealer or a job worker? Is dealer permitted to allow job worker to sell the… Read More »

GST Registration Limit if renting of Immovable property in Special Category States

By | January 14, 2018

Share this on WhatsAppGST Registration Limit for renting of Immovable property in Special Category States If a person providing renting service is located in kanpur city Uttar Pradesh and the property suited in Nanital  (Uttarakhand  ) and is given on rent to the person located in Nanital (Uttarakhand). The rent amount is Rs1440000 annually. whether… Read More »

GST ITC on Demurrage charges

By | January 14, 2018

Share this on WhatsAppGST ITC on Demurrage charges Can we avail credit of GST paid on Demurrage Charges (paid to Railways for Outward Transportation of Goods)? In Question 1 What will be the situation if we are recovering such demurrage charges(including GST) from parties? Section 16. (1) of CGST Act 2017 :  Every registered person shall,… Read More »

GST on sale of Goods by Charitable entity

By | January 14, 2018

Share this on WhatsAppIf an “ not for profit”  entity registered under section 12AA of Income Tax Act 1961 supply goods , is it liable for GST ? There is NIL GST on following :- Services by an entity registered under section 12AA of the Income-tax Act, 1961 (43 of 1961) by way of charitable… Read More »

Statutory GST Audit

By | January 13, 2018

Share this on WhatsAppStatutory GST Audit Like under VAT regime, is there any statutory GST audit by a Chartered Accountant compulsory for all assesses and what are the provisions for it ?  Annual return with reconciliation statement  has to be certified by CA (Chartered Accountant) / cost accountant if turnover exceeds Rs two croes and… Read More »

GST on Security Service by Govt to Govt Authority

By | January 13, 2018

Share this on WhatsAppThe Central Government provides Security service to a government authority, whether such services shall be taxable  under  GST ? There is NIL GST on Following Services :- Services by the Central Government, State Government, Union territory or local authority excluding the following services— (a) services by the Department of Posts by way of… Read More »

GST ITC on Repair of Building

By | January 13, 2018

Share this on WhatsAppCan a company can take/avail credit on repairs of building which is in the nature of work contract. Account Head debited in its Profit and Loss book is Building Repair ? Section 17 (5) of CGST Act 2017  ….. , input tax credit shall not be available in respect of the following,… Read More »

GST ITC on Train Ticket

By | January 13, 2018

Share this on WhatsAppCan a company can take ITC (Input Tax Credit) on IRCTC tickets when the company is sending its employees to official tour purpose ? Section 16. (1) of CGST Act 2017 :  Every registered person shall, subject to such conditions and restric- tions as may be prescribed and in the manner specified in… Read More »

How to Generate e way Bill

By | January 13, 2018

Share this on WhatsApp How to Generate e way Bill After the recent notification of Implementation of E-waybill System from 1st feb 2018 ( and mandatory to all states from June), E-waybill can be generated from the New Portal. http://ewaybill.nic.in How to Generate on E-Way Bill Portal? First:  You have to register if You haven’t registered… Read More »

GST on Transfer of business as going concern

By | January 12, 2018

Share this on WhatsAppGST on Transfer of business as going concern Mr. Ram, a sole proprietor has transferred all assets and liabilities of his business carried on under the name and style of Ram Interiors as a going concern to M/s XYZ Private Limited . Is Mr A liable to pay GST on this transfer… Read More »

GST on Car Sale and Car Repair Services

By | January 12, 2018

Share this on WhatsAppWe are authorised CAR dealer and our showroom is located in Surat, [Gujarat]. We sale car and provide car repair service. Our customers belong to Daman & Silvassa (Daman & Silvassa are Union Territories). 1.Place of Supply for Sale of Car if customer address is of Daman & Silvassa ? 2.Place of… Read More »

Can a Regular employee signed GST Tax Invoice.

By | January 12, 2018

Share this on WhatsAppCan a Regular employee signed the Tax Invoice. If the same person not authorized under GST Registration form ? Rule 46 of CGST Rules ……a tax invoice referred to in section 31 shall be issued by the registered person containing the following particulars, namely,— …… (q) signature or digital signature of the supplier… Read More »

e-TDS/TCS RPU version 2.2 for TDS returns

By | January 12, 2018

Share this on WhatsAppe-TDS/TCS RPU version 2.2 for TDS returns released by NSDL The New e-TDS/TCS Return Preparation Utility Ver. 2.2 released by NSDL today for Regular & Correction quarterly e-TDS/TCS statements is applicable from FY 2007-08 Guidelines for usage of these RPUs are provided in the respective utilities. The users are advised to read these guidelines… Read More »

FAQ’s and MCQ’s on GST Released by ICAI Indirect Tax Committee (January 2018)

By | January 11, 2018

Share this on WhatsAppFAQ’s and MCQ’s on GST (January, 2018) GST, a single biggest tax reform in the history of India is a destination based tax pervasively impacting ever sphere of business like supply chain, IT system, accounting, cash flow, credits, product pricing, compliances, legal contact etc. Hassle free implementation of GST calls for endeavors… Read More »

USA IRS : Steps to help people protect their data from thieves

By | January 11, 2018

Share this on WhatsAppSteps to help people protect their data from thieves Taxpayers can follow a few simple to protect your personal and financial data online and at home steps. Criminals continue to steal large amounts of personal data of taxpayers and tax preparers. Thieves use this information to file fraudulent tax returns or commit other crimes to impersonate… Read More »

Schedule I of Mizoram GST Act 2017 : Activities to be treated as supply even if made without consideration

By | January 11, 2018

Share this on WhatsApp Schedule I of Mizoram GST Act 2017 ( Schedule I of  Mizoram GST Act 2017 explains Activities to be treated as supply even if made without consideration ) SCHEDULE I [See section 7] ACTIVITIES TO BE TREATED AS SUPPLY EVEN IF MADE WITHOUT CONSIDERATION 1. Permanent transfer or disposal of business assets where input… Read More »

Schedule III of Mizoram GST Act 2017 : Activities or transactions which shall be treated neither as a supply of goods nor a supply of services

By | January 11, 2018

Share this on WhatsApp Schedule III of Mizoram GST Act 2017 ( Schedule III of Mizoram GST Act 2017 explains Activities or transactions which shall be treated neither as a supply of goods nor a supply of services ) SCHEDULE III [See section 7] ACTIVITIES OR TRANSACTIONS WHICH SHALL BE TREATED NEITHER AS A SUPPLY OF GOODS NOR A… Read More »