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Manual filing and processing of refund claims on account of inverted duty structure, deemed exports and excess balance in electronic cash ledger

Manual filing and processing of refund claims on account of inverted duty structure, deemed exports and excess balance in electronic cash ledger Refund on account of following shall be filled and processed manually. Refund of unutilized input tax credit where the credit has accumulated on account of inverted duty structure. Refund of tax on the supply of goods regarded as deemed exports. Refund of balance in the electronic cash ledger. Condition for claiming refund: Refund shall be filed on monthly basis in form GST RFD – 01A. In case registered person filled quarterly return, such refund shall be filed quarterly basis. Filing GSTR-1 and GSTR-3B is mandatory before claiming refund. […]

MAINTENANCE OF BOOKS AND ACCOUNTS RELATING TO ADDITIONAL PLACE OF BUSINESS BY A PRINCIPAL OR AN AUCTIONEER

ACCOUNTS AND OTHER RECORDS – ISSUES IN RESPECT OF MAINTENANCE OF BOOKS AND ACCOUNTS RELATING TO ADDITIONAL PLACE OF BUSINESS BY A PRINCIPAL OR AN AUCTIONEER FOR PURPOSE OF AUCTION OF TEA, COFFEE, RUBBER, ETC. Difficulty: It is represented that both the principal and auctioneer may be allowed to maintained books of accounts relating to additional place of business at their principal place of business itself as difficulties being faced by a principal and an auctioneer in relation to maintaining books of accounts at each and every additional place of business related to stock of goods like tea, coffee, rubber, etc. meant for supply through an auction. First proviso of […]

TREATMENT OF SUPPLY BY AN ARTIST IN VARIOUS STATES AND SUPPLY OF GOODS BY ARTISTS FROM GALLERIES

CLARIFICATION ON ISSUES REGARDING TREATMENT OF SUPPLY BY AN ARTIST IN VARIOUS STATES AND SUPPLY OF GOODS BY ARTISTS FROM GALLERIES In case of work of art given to galleries, Treatment of taxability in the hands of artist when handover to art galleries or at the time of actual supplies by the galleries. Clarification as given below: As per combined reading of Rule55(1)(c ): Delivery challan shall be issued for transportation of goods where such transportation is for reason other than supply. Rule55(3): Such delivery challan shall be declared as per Rule 138 Rule55(4): Tax invoice shall be issued after supply in case such invoice could not be issued at […]

Waives the late fee payable for failure to furnish the return in FORM GSTR-4

Waives the late fee payable for failure to furnish the return in FORM GSTR-4 The Central Government, on the recommendations of the Council, hereby waives the amount of late fee payable under section 47 of the said Act, by any registered person for failure to furnish the return in FORM GSTR-4 by the due date, which is in excess of an amount of twenty-five rupees for every day during which such failure continues.

Notifies the date from which E-Way Bill Rules shall come into force

As per the notification no 74 dated 29th December 2017, Eway bill shall be applicable from 01st February 2018 74/2017-Central Tax ,dt. 21-12-2017  

Extension in Various Due Dates for Return filling dated 21th December 2017

Extension in Various Due Dates for Return filling dated 21th December 2017 S no Descriptions Form no Period Revised Date Notification No 1 The registered person who is eligible to avail ITC u/s 18(1) GST ITC – 01 July’17 August’17 September’17 October’17 November’ 2017 31st January 2018 67/2017-Central Tax ,dt. 21-12-2017 2 Return filled by the non-resident person GST ITC-05 July’17 August’17 September’17 October’17 November’ 2017 December’2017 31st January 2018 68/2017-Central Tax ,dt. 21-12-2017 3 Furnishing of Return by a person supplying online information and database access or retrieval services from a place outside India to a non-taxable online recipient GST ITC-5A July’17 August’17 September’17 October’17 November’ 2017 December’2017 31st […]

How to get Refund under GST

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Contents Introduction: Type of Refund to Exporters Under GST. Process of refund to exporter under GST Documents required for refund application: Relevant dates for refunds: Various Time Lines for Export Refunds Refund to Exporters under GST Introduction: Type of refund to exporters under GST Process of refund to exporter under GST Documents required for refund under GST Relevant dates for refund applications under GST for exports Various time lines for Export refunds Type of Refund to Exporters Under GST. As we know there are two options to exports under GST. Refund procedure for both the option is different. Option – 1 Exports made on payment of IGST System designated by […]

Rajasthan E-Way Bill

E-Way Bill notified by Rajasthan Government Rajasthan Govt. notifies e-way bill mechanism w.e.f. today, i.e. December 20, 2017 for inter-state movement of specified goods where consignment value exceeds Rs. 50,000/-; Every person who causes such movement must, before commencement, furnish information electronically in Part A of E-way Bill which includes below details and thereafter the consignor / consignee may generate E-way Bill upon furnishing vehicle number in Part B. Part A A.1 Recipient’s GSTIN A.2 Place of Delivery A.3 Invoice/Challan number & Date A.4 Value of Goods A.5 HSN Code A.6 Reason for transportation A.7 Transport document number Part-B B. Vehicle Number When goods are handed over to transporter for […]

Key Takeaways from 24th GST Council Meeting

Key Takeaways from 24th GST Council Meeting System for both inter-State and intra-State e-way Bill generation will be ready by 16th January, 2018. Uniform system implemented for inter-state and intra-state movement will be implemented across the country by 01th June 2018. The nationwide e-way Bill system will be ready to be rolled out on a trial basis latest by 16th January, 2018. Trade and transporters can start using this system on a voluntary basis from 16th January, 2018. Compulsory implementation for Inter-state movement of Goods w.e.f 01st February 2018.

Permanent transfer of Intellectual Property is a supply of goods or service

To obviate dispute and litigation, CBEC vide Notification No. 41/2017-Central Tax (Rate) dated 14th November 2017 notified that irrespective of whether permanent transfer of Intellectual Property is a supply of goods or service: –   Description Rate Permanent transfer of Intellectual Property other than Information Technology software attracts GST @ 12% Permanent transfer of Intellectual Property in respect of Information Technology software attracts GST @ 18%  

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