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GST

Who Can Exercise Power Under Section 83 Of CGST Act, 2017

Any case under diverse tax laws, including GST, might take an adequate amount of time. The pendency of any proceedings could likely delay the earning of revenue by the government. Further, the taxpayer may transfer his/her property to another person before the end of the proceedings. What is the meaning of attachment of property? If the government attaches the property of any individual, the person cannot transfer the said property… Read More »Who Can Exercise Power Under Section 83 Of CGST Act, 2017

E-Invoicing Under GST: A Critical Analysis

In the 35th meeting of the GST Council, the council has decided to implementation a system of e-Invoicing, which will be applicable to specified categories of persons. The CBIC (Central Board of Indirect Taxes and Customs) formally notified the system of e-Invoicing under GST vide Notification No. 68/2019 – Central Tax, which inserted sub-rules (4), sub-rules (5) and sub-rules (6) under rule 48 of the CGST Rules, 2017 for the… Read More »E-Invoicing Under GST: A Critical Analysis

All About Aadhaar Authentication For Existing GST Taxpayers

The CBIC (Central Board of Indirect Tax and Customs) had released a notification on March’23,2020, about Aadhaar authentication for GST registration from April’01, 2020. The same has been amended vide notification 62/2020 on August’20, 2020 to be made optional. The aadhaar authentication for GST registration is not required for those who are non-residents, persons other than citizens of India, and persons who have already been registered under GST. Aadhaar authentication… Read More »All About Aadhaar Authentication For Existing GST Taxpayers

Whether GST Liability Can Be Paid In Monthly Installments?

Every registered person is needed to compute his/her tax liability on a monthly basis by setting off the ITC (Input Tax Credit) against the Outward Tax Liability. If there is any tax liability then the same is required to be paid to the government. These are 3 ledgers that is required to be maintained by every tax payer as prescribed by the government – Electronic Tax Liability Ledger Electronic Cash… Read More »Whether GST Liability Can Be Paid In Monthly Installments?

GST and Statutory Compliance Under Dropshipping Business

Dropshipping is a business in which the seller sells the goods which he/she does not own at time of selling goods but then passes the order to a third party after receiving order then third party delivers the order to the purchaser. The dropshipping business is increasing at a rapid rate. Since the person does not purchase the goods in advance, there is no investment and no risk of dead… Read More »GST and Statutory Compliance Under Dropshipping Business

15 Important Points Of GST In Income Tax Audit To Be Taken Care Off

After Corona pandemic relief, income-tax audit season is approaching now. Now, let’s understand what are the important points of GST which are to be remembered while doing Tax Audit under Income Tax Act, 1961? These are few important points of GST which shall be checked while doing Income Tax Audit and filing 3CD FORM: Clause 4: The GST no. of the assessee should be reported in clause 4 of the… Read More »15 Important Points Of GST In Income Tax Audit To Be Taken Care Off

Can Buyer Claim ITC If Supplier Has Not Paid His Tax Under GST?

Input tax credit a.k.a. ITC is the tax paid on the purchase of goods or services which can be set off against the tax liability on the sale of goods or services. Under GSTR-1 and GSTR-3B system, the tax credit is claimed by the recipient based on the sales invoices uploaded by the seller/supplier. The provisional credit (without invoice upload) is allowed only to the extent of 10% of ITC… Read More »Can Buyer Claim ITC If Supplier Has Not Paid His Tax Under GST?

GST E-Invoicing System for E-Commerce Operators

E-Invoicing is also known as electronic invoicing’ creates a system through which B2B invoices are electronically authenticated by GST Network for further use. Under the e-invoicing system, an identification no. will be issued against each invoice by the IRP (Invoice Registration Portal) to be managed by the GSTN (GST Network).   The first IRP was launched by the NIC (National Informatics Centre) at the web address einvoice1.gst.gov.in. All information related… Read More »GST E-Invoicing System for E-Commerce Operators

How to Opt Quarterly Return & Monthly Payments (QRMP)

QRMP scheme is also known as Quarterly Returns with Monthly Payment Scheme is for eligible taxpayers to file their Form GSTR-1 and Form GSTR-3B returns on quarterly basis, while paying their due tax on monthly basis by challan. Who are eligible for the QRMP scheme? All taxpayers whose aggregate annual turnover (PAN based) is up to INR 5 Crore in the current FY (financial year) and the preceding financial year… Read More »How to Opt Quarterly Return & Monthly Payments (QRMP)

GST: Quarterly Return Monthly Payment Scheme with Examples

Quarterly Return Monthly Payment Scheme is also known as QRMP, recently introduced initiative by the Government in its initiative to simplify compliance for taxpayers. The CBDT (Central Board of Direct Taxes) had issued notifications which are: Notification No. 82/2020, Notification No. 83/2020, Notification No.  84/2020 & Notification No. 85/2020 Central Tax dated 10-11-2020 and Circular 143/2020 on 10th November, whereby the registered persons having aggregate turnover up to INR 5… Read More »GST: Quarterly Return Monthly Payment Scheme with Examples