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GST Update-25th October 2017

GST Update-25th October 2017 Penalties for filling Form 3B for August and September 2017 has been waived off   In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby waives the late fee payable under section 47 of the said Act, for all registered persons who failed to furnish the return in FORM GSTR-3B for the months of August and September, 2017 by the due date.         50/2017-Central Tax ,dt. 24-10-2017 Clarification on Taxability of Printing Contracts   Case-1 In the case of printing of books, […]

How to file GSTR – 1

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Introduction We will understand Following: What is GSTR – 1 Importance of information to be provided under GSTR – 1 Various table provided under GSTR – 1 What are the information to be provided under each table of GSTR – 1 What is GSTR – 1? GSTR – 1 is the return form which needs to fill 10th of every month for the previous month by Registered person. Detail of Outward supplies will be provided under GSTR – 1. There are total 13 table provided under GSTR – 1 in order to capture different information with respect to outward supplies. Let’s understand each and every table separately. Table – 1, […]

Export Procedure under GST

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Introduction: We will understand following: Method of Export under GST Detail of Export Procedures under Bond/LUT Step by Step approach for Export Documents required Method of Export under GST There are two method of export has been defined under GST. Export on payment of IGST Export on Non Payment of IGST Export under Non – Payment of IGST can be done as follows Export against Letter of Undertaking (LUT) Export against Bond with Bank Gurantee Purpose of Bond or LUT: The purpose of Bond or L U T is to bind Exporters to pay tax along with interest under GST. In the case of Export of Goods, Exporters bind himself […]

IMPORTANTS DATES FOR AUGUST AND SEPTEMBER 2017

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IMPORTANTS DATES FOR AUGUST AND SEPTEMBER 2017 Sr. No. Date Purpose Compliance Month Event Details 1 15th August 2017 Service Tax Return Qtr1. of FY 2017-18 Due date for filling Services tax return Quarter 1 – April 2017 till June 2017 2 20th August 2017 GST Liability- July Deposit Jul-17 Due date of depositing liabilities under GST for the month of July 2017 3 20th August 2017 GST Return- July Summary Return Jul-17 Due date for filling GST return for July 2017 – GSTR – 3B 4 5th September 2017 GST Return- July Detail Outward Jul-17 Due date for filling  GST return for July 2017 – GSTR – 1 5 […]

First Return under GST – GSTR3B

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Checklist for GSTR-3B Return A registered person under GST has to file GSTR-3B return on or before 20th August 2017 for the month of July 2017 and on or before 20th September 2017 for the month of August 2017. GSTR-3B shall be treated as return for submitting the provisional assessment of tax liability. After filing the GSTR-3B, a detailed return under GSTR-1, 2 and 3 shall be filed in September 2017 for the month of July and August 2017. Let’s discuss the GSTR-3B return in detail- Details of Outward supplies and inward supplies liable to reverse charge Under this part of return we require, details of sale/ services provided during […]

E Way Bill – Uttar Pradesh

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E – WAY BILL – UTTAR PRADESH The Uttar Pradesh (UP) Government has issued the notification with respect to E-Way Bill which has been effective from 26th July’ 2017. For reference notification attached. You may go the given link- http://comtax.up.nic.in to generate the E-Way Bill before the movement of Goods started towards in Uttar Pradesh. Click Here to download the Eway Bill – Notification – Eway Bill – UP  

Transfer of Stock and Input credit under GST

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Purpose of GST TRAN – 1 GST TRAN – 1 is the form provided under GST in accordance with the transition provision. The purpose of this form is to collect information with respect to inputs tax credit of Cenvat and VAT available under existing law so that the same can be transferred to electronic credit ledger under GST and Registered person can utilized this credit for the payment of CGST and SGST. Section for Business Information First section is to collect Business Information for registered person. In this section of form, registered person has to provide basic details about their business. These details are GSTIN Number. Legal Name of Registered […]

Formats of Invoices under GST

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Formats of Invoices under GST View Video on “Various Invoices under GST” for details about each invoices type.

Various Returns under Goods and Service Tax (GST)

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Various Returns under GST Important Aspect relating to Returns under Goods and service tax such as: What are the Returns to be filled under GST Who is required to files returns What are the due dates for filing returns under GST What are the penalties for non-filing of returns under GST with in Due dates Types of Returns under GST There are provisions for 6 types of return have been given under Goods and service tax. Under Goods and service tax there are 3 return to be filled on monthly basis. These return are Monthly Outward Details Monthly Inward Details Monthly Returns There are 1 annual returns to be fill by […]

Applicability and Registration under Goods and Service Tax

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  Applicability and Registrations under GST Registration Under GST Subject to Turnover Every supplier making taxable supplies of goods or services or both, will have to take registration if aggregate turnover in financial year exceeds INR 20 lakh. Such supplier required to make application with in 30 days from the date he become liable to get registered. A casual taxable or a non-resident taxable person required to make application at least 5 days prior to commencement to business. Registration for supplier of special category state In case, supplier makes taxable supplies of goods or services or both from any of the special category state, he shall be liable to registration […]

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