Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Indirect Taxes & GST India

Indirect Taxes & Goods and Service Tax (GST) in India

Assessment and Audit under CGST Act, 2017

Word “Assessment” has been defined in Section 2(11) of the CGST Act, 2017. As per Section 2(11), Assessment means determination of tax liability under this Act and includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment. In simple words, ‘Assessment’ is estimation of tax liability of a registered person i.e., the amount of …

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Accounts and Records under GST [Section 35 of the CGST Act]

Accounts and other records play a very important role in GST Regime due to following reasons: (i)         GST is an accounting-based law. (ii)        Input Tax Credit of a large number of goods or services or both is available under GST Regime only if prescribed records are maintained. (iii)       Every registered person is …

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GST Return under GST Act.

A GST Return is a summarised statement furnished by the tax payer to the tax administrators containing details of specified particulars relating to business activity undertaken by him during a prescribed period. Following are the various purposes of furnishing GST Returns: >>        Mode of transfer of information to tax administration; >>        Compliance verification program of …

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GST Registration, Modification and Cancellation Procedure

The registration in GST is PAN based and State specific. Supplier has to register in each of such State or Union territory from where he effects supply. In GST registration, the supplier is allotted a 15-digit GST identification number called “GSTIN”, and a certificate of registration incorporating therein this GSTIN is made available to the …

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e-Way Rules 138 under Chapter XVI of CGST Rules, 2017 – Generation of e-Way Bill for Movement of Goods

Provisions under Rule 138 of the Central Goods and Services Tax (CGST) Rules, 2017 relating to “Information to be furnished prior to commencement of movement of goods and generation of e-way bill”, are as under: (1) Why is an E-Way Bill required ? As per section 68 of the Central Goods and Service Tax Act, the Government may require the person in …

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Chapter VI of Central Goods and Services (CGST) Rules, 2017

Chapter VI of Central Goods and Services (CGST) Rules, 2017 has laid down various rules relating to— (1)        CGST Rule 46- Tax Invoice; (2)        CGST Rule 47- Time Limit for Issuing Tax Invoice; (3)        CGST Rule 48- Manner of Issuing Invoice; (4)        CGST Rule 49- Bill of Supply, (5)        CGST …

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Tax Invoice , Credit and Debit Notes under Section 31, 33, 34 of CGST / SGST Act, 2017

GST Acts give immense importance to invoice and named it as tax invoice because it is one of the most important document on the basis of which tax credit is availed by the recipient of goods or services or both. Various sections applicable to tax invoice, debit and credit note and procedure of issue thereof …

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[Section 18] Mode of Availability of Input Tax Credit (ITC) in Special Circumstances

The provisions of section 18 are given below – 1.   Fresh GST Registration– The case of fresh registration, covered by section 18(1)(a), is as follows – 1.    A person has applied for GST registration within 30 days from the date on which he becomes liable to GST Registration. 2.   On his uploading registration request, …

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