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BITCOIN

The Cryptocurrency and the Blockchain
Bitcoin (“BTC”) is the beginning of something great: a currency without a government, something necessary and imperative.

What is a Bitcoin?
Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency. It is a form of virtual currency which was invented by an unknown programmer or a group of programmers, under a mysterious name Satoshi Nakamoto and released as opensource software in January 2009.

It is a digital currency that is not backed by any country’s central bank or government. This means that it is decentralised and has no central authority controlling it. Like currency notes, it can be sent from one person to another, but without a central bank or the government attempting to track it. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as a payment.

This Bitcoin system is peer-to-peer, users can transact directly without an intermediary. The transactions are made by digitally exchanging anonymous, heavily encrypted hash codes across a peer-to-peer network. These transactions are verified by network nodes and recorded in a public distributed ledger.

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23rd GST Council Meeting

Lates Changes in GST 23rd Council Meeting

In the 23rd GST Council Meeting, GST rate reduction for various goods and services was announced. A major highlight of the 23rd GST Council Meeting was the reduction of GST rates for various goods listed under the 28% slab. The GST rates changes will tremendously reduce the tax burden on the common man and boost the economy. In this article, we look at a summary of GST rate changes announced in the 23rd GST Council Meeting held on 10th November 2017.

 

Highlights of the 23rd GST Council Meeting

The goods and services on the 28% slab list were severely reduced to a mere 50 from the previous 228 items, which brought smiles to many faces.  The items remaining on the trimmed list now only include luxury and “sin” goods.

Additionally, restaurants will only be taxed at 5%, however, input tax credit will not be available.  This reduction will benefit consumers directly with an increase in online food ordering and eating out.

Moreover, the penalty fee for late filing was drastically reduced from Rs200/day to Rs20/day.

Nepal and Bhutan exporters can now avail of input tax credit on output services, also.

The central government will take care of the compliance for diplomatic mission/UN organization, who will each be issued UIN.

A manual filing process for advance ruling, on future or completed transactions, has been introduced.

Registration exemption of service providers whose aggregate turnover is less than Rs. 20 lakhs (Rs. 10 lakhs for special states) now includes e-commerce operators, interstate and intra-state suppliers.

 

The Recommendations from the 23rd GST Council Meeting

Filing of returns to be simplified

  • Taxpayers should file the returns on Form GSTR-3B with the payment of tax by 20th of every month till March 2018.
  • Filing of form GSTR-2 and GSTR-3 suspended from the current financial year. However, filing of GSTR-1 will continue for the entire period.
  • Taxpayers will be divided into two categories for filling of details in the Form GSTR-1. They are:
    1. Taxpayers with annual turnover upto or below Rs.1.5 crore need to file GSTR-1 on a quarterly basis.
    2. Taxpayers with annual turnover more than Rs.1.5 crore need to file GSTR-1 on a monthly basis.
  • Facility for the manual filing of the application for the advance ruling introduced for the time being.

 

Penalties reduced

  • A large number of taxpayers were unable to file their returns in Form GSTR-3B within due date of July, August, and September 2017.Late fee waived in all such cases.It has been decided that where such late fee was paid, it will be re-credited to their Electronic Cash Ledger under “Tax” head instead of “Fee” head so as to enable them to use that amount for the discharge of their future tax liabilities. The software changes for this would be made and thereafter this decision will be implemented.
  • For the succeeding months i.e. October 2017 onwards, the amount of late payable by a taxpayer whose tax liability for that month was “NIL” will be Rs.20 per day (Rs. 10 per day each if it is under CGST AND SGST Acts). Earlier it was Rs.200 per day(Rs. 100 per day each if it is under CGST AND SGST Acts).

 

GST Rate Reduced from 28% to 12%
For the following goods, GST rate has been reduced from 28% to 12%:

  • Wet grinders consisting of stone as grinder
  • Tanks and other armoured fighting vehicles

 

 

GST Rate Reduced from 18% to 12%
For the following goods, GST rate has been reduced from 18% to 12%:

  • Condensed milk
  • Refined sugar and sugar cubes
  • Pasta
  • Curry paste, mayonnaise and salad dressings, mixed condiments and mixei seasoning
  • Diabetic food
  • Medicinal grade oxygen
  • Printing ink
  • Hand bags and shopping bags of jute and cotton
  • Hats (knitted or crocheted)
  • Parts of specified agricultural, horticultural, forestry, harvesting or threshing machinery
  • Specified parts of sewing machine
  • Spectacles frames
  • Furniture wholly made of bamboo or cane

 

 

GST Rate Reduced from 18% to 5%
For the following goods, GST rate has been reduced from 18% to 5%:

  • Puffed rice chikki, peanut chikki, sesame chikki, revdi, tilrevdi, khaza, kazuali, groundnut sweets gatta, kuliya
  • Flour of potatoes put up in unit container bearing a brand name
  • Chutney powder
  • Fly ash
  • Sulphur recovered in refining of crude
  • Fly ash aggregate with 90% or more fly ash content

 

Conclusion

Mostly, the decisions rendered during the latest GST council meeting were met with smiles and applause.  The cuts and extensions will help to increase compliance, as implementation of GST had left many confused and frustrated business owners in its wake.  However, by adopting the help of the experts at H&R Block to delve into the new GST processes, business owners can once again continue to focus their energy and efforts into what they love most, which is developing their business and increasing their customer base.

 

If you have any query regarding this Click Here.

tax adviser in india

AJSH & Co LLP: Getting GST Ready

Midson Entrepreneur Network is a platform for entrepreneurs to collectively grow, learn and collaborate. Recently, a Diwali Special Meeting has been organized to bring together the trusted people and create Networking, Learning and Business Opportunities.

Ankit Jain, Director of AJSH & Co LLP, presented a talk on GST – Implementation Challenges & Remedies. The presentation covered the important aspects of the recent changes facilitated by GST council, GST on Services from Goods Transport Agency (GTA), GST on Job Work, Sale of Pre GST stock, GST on Exports, E-way Bill, Reverse Charge Mechanism, Increased Compliances and Challenges, Other Challenges, etc.

Mr. Jain guided the mass to combat the initial challenges of GST implementation by taking professional consultancy, using appropriate software for return filing and get the Get LOU issued for exporting without payment of IGST.

Below are the few glimpses of the meeting held in Caspia Hotel (Premier Inn):

Tax adviser in India

tas adviser in india

TAX PLANNING WITH MUTUAL FUNDS

Mutual fund is an investment programme funded by shareholders that trades in diversified holdings and is professionally managed.Your Fixed Deposit may be offering decent returns with little option for liquidity, while the stock market may give you decent returns with easy liquidity and slightly higher probability of losses. A Mutual Fund is a fine balance between the two offering you good returns while providing you with decent liquidity.

Tax saving mutual fund schemes or ELSS (Equity Linked Savings Schemes) are one of the best tax-saving option available under Section 80C, qualifying for up to Rs.1.5 Lakh of income tax deductions. Similar to other tax saving options, ELSS also comes in with a mandatory 3 year lock-in period.Always consider the taxation policy before investing.

Funds are invested in the equity markets in such a way that even if one investment incurs losses, the other investment manages to mitigate the loss. Despite this, investment in stocks may inherently be volatile and should be done only after assessing your risk appetite. Also, even though ELSS has a mandatory 3 year lock-in period, investment should be done if you are open to 5-7 years of investment horizon as they can offer superior returns over a long period.

Some tax-saving schemes are as follows:

  • Tata India Tax Savings Fund – Direct (G)
  • L&T Tax Advantage -Direct (G)
  • Aditya Birla SL Tax Plan Direct-G

With professionally managed Mutual Funds, you can be assured that your investments are managed by people with many years of experience with market analysis. They will have enough knowledge to take calls on buying and selling those stocks and other investments. This is particularly helpful if you do not have the knowledge or time to handle individual stock or fixed-income investments.

If you are new to the entire investment scenario, it is advised to seek professional help. Professionals can advise on the available range of viable investmentsand will help you chalk out your entire investment plan. We canalso assist you with our tax advisory services at AJSH & Co LLP.

If you have any query regarding this Click Here.

Starting business in India

FOREIGN ENTITY ENTRY OPTIONS FOR BUSINESS IN INDIA

There are various options that a foreign company has to enter the Indian market and avail the economic benefits that India has to offer. The foreign entity may setup a corporate or non-corporate entity.

A foreign entity can set up anIndian corporate entity in India as a wholly owned subsidiary, as a Limited Liability Partnership or through joint venture with an Indian partner. The foreign entity may choose to operate as a foreign company in India through a Branch office, Liasion Office or a Project Office in India as well.

 

Starting business in India

Indian Entity options

Wholly owned subsidiary: Foreign companies can set up wholly owned subsidiary companies in India in form of private companies subject to FDI guidelines. A wholly owned or a subsidiary company has the maximum flexibility to conduct business in India when compared with a liaison or branch office and has following salient features:

  • Funding can be done via equity, debt (foreign as well as local) and internal accruals
  • Indian transfer pricing regulations apply
  • Repatriation of dividends is allowed without approvals

 

Limited Liability Company:An LLP is governed by the Limited Liability Partnership Act, 2008 and came into force in India on 1 April 2009. FDI is permitted in an LLP with the prior approval of the GOI in sectors where 100% FDI is allowed under the automatic route and there are no FDI-linked performance conditions. LLPs with FDI are not allowed to operate in agricultural or plantation activity, print media or real estate business. FIIs/FVCIs are not permitted to invest in LLPs. LLPs with FDI are not eligible to make any downstream investments.

Joint Venture with Indian or foreign partner: Foreign companies can also set up joint venture with Indian or foreign companies in India. There are no separate laws for joint ventures in India and laws governing domestics companies apply equally to joint ventures.

 

Foreign company options

Liaison office: A liaison or a representative office can be opened in India subject to approval by Reserve Bank of India. Such an office can undertake liaison activities on its company’s behalf. A liaison office can also undertake:

  • Representing parent/group companies in India
  • Promoting import/export in India
  • Promoting technical/financial collaborations on parent company/group’s behalf
  • Coordinating communications between parent/group companies and Indian companies

 

Branch Office: Foreign companies can conduct their business in India through its branch office which can be opened after obtaining a specific approval from Reserve Bank of India. A branch office can undertake following activities:

  • Import & export of goods
  • Rendering professional or consultancy services
  • Carrying out research work in area which its parent company is engaged
  • Promoting technical/financial collaborations on behalf of parent company/ overseas group company
  • Representing parent/group companies in India and acting as buying/selling agent in India
  • Providing IT services and developing software in India
  • Providing technical support for products supplied by parent company/group

 

Project office: If a foreign company is engaged by an Indian company to execute a project in India, it may set up a project office without obtaining approval from Reserve Bank of India subject to prescribed reporting compliances. As applicable in case of a branch office, a project office is treated as an extension of foreign company and is taxed at the rate applicable to foreign companies.

 

Find out more about the suitable options for you to start business in India by speaking to one of our advisors at AJSH & Co LLP. We can also advise you with regards to transfer pricing policies in India.

If you have any query regarding this Click Here.

 

 

GST Adviser in Delhi

Changes in GST (Goods & Service Tax)

  • Annual aggregate turnover for availing composition scheme increased to 1 Cr. (Special category states-75Lacs except J&K and UK)
  • Composition scheme can be availed till 31.03.2018 by both- migrated and new tax payers.
  • Persons providing exempt services but otherwise eligible for Composition Scheme can now avail the benefit.
  • Relief from getting registered, if turnover less than 20 Lacs and dealer involved in inter-state taxable supplies.
  • Quarterly returns (GSTR-1,2&3) from third quarter (Oct-Dec 2017) if turnover up to 1.5 Cr with quarterly payment of taxes from Quarter 4.
  • GSTR-3B to be filed monthly till Dec 2017.
  • Reverse Charge Mechanism on supply from unregistered dealer, suspended till 31.03.2018.
  •  No GST to be paid on advances received if turnover up to 1 Cr.
  •  Services by GTA to unregistered – Exempted from GST.
  •  Registration and operationalization of TDS/TCS provisions postponed till 31.03.2018.
  •  E-way bill system to be introduced from 01.01.2018 and to be rolled out nation wide from 01.04.2018.
  •  Due date for filing GSTR-4 & GSTR 6 extended till 15.11.2017.
  •  Invoicing rules are being modified.
  •  GST rates reduced significantly on Goods as well as Services.
  • Refund procedure for exporters to be expedited.
  •  Electronic wallet (e-Wallet) will be set up by April, 2018 for refunds
  • to exporters.
  •  Exporters will get a notional advance amount in their e-Wallets and it will be later offset with tax refunds.

 

Goods Transport Agency (GTA)

  • “Goods Transport Agency” – any person providing service of transport of goods by road and issuing consignment note.
  •  “Consignment Note” – a document, issued by a GTA against the receipt of goods to be transported in a goods carriage, containing prescribed details.
  • To qualify as services of GTA, issuance of consignment note is must.
  • Only services provided by a GTA are taxable under GST. Services of transportation of goods by a person other than GTA are exempt.
  • The service of transportation of goods by road continue to be exempt even under the GST regime.

   Taxability Under GST

  • For specified recipient, GST to be paid under Reverse Charge Mechanism.
  •  For non-specified recipients, GTA can opt for collecting and paying taxes :
    ▪ @ 12% (6% CGST + 6% SGST) with availment of ITC
    ▪ @ 5% (2.5% CGST + 2.5% SGST) without claiming ITC.
  •  No GST payable on inputs for hiring transport to provide output service.
  •  Services from GTA to unregistered, exempted from GST.

 

Company registration in India

New Company Registration in India

Being register as a company is always turned to be a hectic schedule while accompanying with several rules and guidelines. In India as per New Companies Act, 2013; different companies of different rules as for private limited, public limited, govt. company, semi government company, One Person Company, NGO and many more. Company law for varied companies generally varies that need to be accompanied by the owners or partners before applying with company registration.

Company Registration in India acts and laws do not only bring the status of legality but also the level of credibility and reliability in the target market. Companies with business laws are always preferred by the target audience where they expect the services with high quality ad best cost. Registered products and services are always be treated with high concern in compare of those unregister services. Thus, not only from law point of view but also from marketing and branding purpose; those company registration services have really proved to be as a bloom for all types of business houses.

 

Different types of New Company Registration/Business Incorporation

Sole Proprietorship: The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.

Limited Liability Partnership: Partnerships when given the feature of limited liability, the LIMITED LIABILITY PARTNERSHIPS came into picture. LLP is a separate legal entity and which can be formed in India by minimum of two persons with a motive of earning profit.

Partnership: A business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business. Partnerships are easy to form. There is no minimum capital requirement. Only two people are needed to incorporate the partnership.

Private Limited Company: Private Limited company is the most preferred form of business. Private company can be form by two persons. Private company is the ultimate form of business, because in this form, owners can do any type of complex business transaction as they like. For e.g. they can issue ESOPs, raise capital etc.

One Person Company: OPC can be regarded as a refined form of proprietorship. Only 1 person is required to form the OPC and enjoys all the benefits of a normal limited liability company.

Public Limited Company: Public limited Company is the biggest and the most powerful form of business in India. Public limited companies gives the trust that you are doing something big and also they have noted that the valuation of business increases by 10 to 15 times.

 

Let’s start the registration procedure: 4 Steps
Step 1: Acquire Director Identification Number(DIN)
This is the first process in registration that each director of the company should obtain their identification number. As per the amendment act 2006, acquiring a DIN  is compulsory for every director i.e. as such every existing and intending directors have to obtain their DIN. To get DIN one need to file a eForm DIN-1. The DIN-1 form is available on Official site of the ministry of corporate affairs the link is DIN-1 Form.

  • Register yourself on MCA Website first and have a login id. After filling DIN-1 Form, one should upload the filled form by clicking to eForm upload button on MCA website and should pay applicable fees.
  • After getting generated DIN one should intimate their company about DIN. The director can intimate their company about DIN  by using DIN-2 Form.
  • Then company should intimate the Registrar of Corporates(ROC) about all director’s DIN through DIN-3 Form.
  • If there is any change in DIN or need for any updation  like change of address, personal details etc, then director should intimate this change by submitting the eForm DIN-4 Form.

 

Step 2: Acquire Digital Signature Certificate(DSC):
In order to ensure the security or authenticity of documents filed electronically the information act 2000 demands a valid digital signature on the documents submitted electronically. This is the only and safest way that one can submit their documents electronically. The digital signature certificate should be acquired by only those agencies which are appointed by the controller of certification agencies (CCA). One should not use DSC given by any other agency which is not approved and it’s illegal to use others DSC as yours or the false one.
If you already have a digital signature then you can use the same, no need to apply for another. But do check for your digital signature validity, agencies issue DSC’s with one or two year validity after expiry you have to renew it.
One can acquire his/her Digital Signature certificates  from these government listed agencies like TCS, IDBRT, MTNL, SAFESCRYPT, NIC, nCODE Solutions etc. to check out their price details of these Govt approved agencies, Go to this link.

Step 3: Create a account on MCA Portal – New user registration
This is about having a registered user account on MCA Portal for filing a eForm, for online fee payment, for different transactions as registered and business user. Creating an account is totally free of cost. To register yourself on the MCA portal, click on the register link.

Step 4: Apply for the company to be registered.
This is the final major step in a registration of your company which includes incorporating company name, Registering the office address or notice of situation of office and notice for appointment of company directors, manager and secretary. And also regarding the take and pay for their qualification shares.

Want to Register Your Business Click Here

Goods and Services Tax

Key Changes in GST (22nd Meeting of GST Council)

  1. In order to ease the compliance burden of SME Sectors, following amendments has been recommended:
    •  Composition Scheme will be available up to the turnover of Rs. 1 Crore. Tax Rate for Composition Scheme will remain same at present level.
    •  Person with a turnover up to 1.5 Crore will be required to furnish the quarterly return instead of monthly return. Tax will also be required to be paid on Quarterly basis. Switchover will take place from 1st October.
    •  Returns from July to September’ 2017 will still be required to be filed on monthly basis.
    •  Big Tax Payers filing monthly basis who are purchasing goods from small tax payers will require to avail credit through their GSTR 2 by filing manual feeding.
  2. E-way bill will be tried to notify upto 1st April, 2018 nation wide.
  3. Applicability of Reverse Charge on Inward Supply from unregistered person is deferred will 31st March 2018.
  4.  TDS & TCS Provisions will be effective from 1st April 2018.
  5.  Service Provider with a turnover of upto 20 Lakh will be exempted with applicability of GST on their Inter-State supply.
  6.  Refund to exporters will be granted with effect from 10th October for the month of July and with effect from 18th October for the month of August.
  7.  Future exports can be made by the merchant exporter at nominal rate of 0.1% IGST up to 31st March. Preferably by 1st April, 2018, E-wallets system will be developed for exporters.
  8.  Issues with respect to allowing composition taxpayers to make inter-state outward supply, to pay composition tax only on taxable items will be studied by group of ministers (GOM) on urgent basis.
  9.  Now suppliers having upto  20 lacs interstate supplies shall not be require to have mandatory registration .
  10.  Tax Rates of around 27 items has been revisited by fit-ment committee. Changes rates for some items are as follows:
  •  From 12 to 5: Unbranded namkeen, Unbranded ayurvedic medicines, Paper Waste,
  •  From 18 to 5: Plastic Waste, Rubber Waste,
  •  From 28 to 18: Parts of Diesel Engine, Stationary items, Stones used for flouring except marble and stone
  • From 18 to 12: Man-made Yarn
  •  Many Items of Job Work for example printing items are reduced to 5% from 12%.
  •  Rates for government construction contracts in several case where labour component is more such as irrigation projects are reduced to 5% from 12%.

 

If you have any query regarding this Click Here

GST Advisor in Delhi

Interest on Late Payment of GST

Goods and Service Tax is an ambitious tax regime applicable from 1st of July 2017 made a number of indirect taxes subsumed into it. The government has now revealed the due dates for the payment of GST. The GST payment due date for general taxpayers is 20th of October.

All the registered taxpayers are required to make the payment of their taxes on GST Portal latest by the 20th of this october for a particular tax period. Taxpayers registered under composition scheme will have to pay GST only once every quarter.

 

GST Payment Due Date

  • GST Payment due date (normal taxpayer): 20 days from the end of the tax period month.
  • GST Payment due date (composition scheme taxpayer): 18 days from the end of a tax quarter.

 

Interest Applicable on GST Late Payment
Interest at the rate of 18% per annum will be applicable for GST late payment. In case it is determined that the taxpayer misstated output tax liability in the GST return, then interest at the rate of 24% would be applicable. In addition to the interest, penalty could also be levied on the taxpayer under GST for erroneous return filing, wilful misstatement or fraud.

 

Rules and Regulations of GST Payment for Taxpayers

  • The electronic cash ledger will be credited if payment for tax, interest, penalty and fee has been made by internet banking, credit card, NEFT, RTGS. While the amount can be used for the payment of interest, tax, penalty which is remaining in the electronic cash ledger of the taxpayer.
  • A payment for GST PMT-06 form is done through challan while the challan is only valid for the time period of 15 days. When the payment is done successfully, a Challan Identification Number (CIN) is generated. If in any case the CIN is not generated than the taxpayer can file Form GST PMT-07.
  • Online payments even made after 8 pm will be credited on the same day to the taxpayer’s account. While there will be no physical challan accepted for the GST payment while the challans will be generated from the gst.gov.in only for all the payments of taxes, fees, penalty, interest.
  • For the payment of challan under the 10000 rupees limit, it can be done over the counter with cash, cheques, demand draft through authorised banks while for the payments exceeding the amount of 10000 will be collected through digital mode only

 

Interest and Penalty on late payment of GST

A person is liable to pay interest/penalty as per following conditions and rules.

  • Any payment after the due date will attract an interest at the rate of 18%.
  • If a person makes excess or undue claims of input credits or excess/undue reduction in tax liability, they will have to pay an interest at the rate of 24% on the excess claim or reduction amount.
  • The penalty of 10% of the unpaid or short paid tax or Rs. 10,000, whichever is higher, is to be levied in case of non-payment of GST even after 3 months from the originally scheduled date.
  • In case of a fraud or misstatement to escape tax, the penalty of Rs. 10,000 or 100% of the tax will be applicable.

 

Hence, it is imperative for you as a tax payer, to avoid instances of interest payment. Default in payment of tax will also have an impact on your compliance rating. Timely and accurate compliance will help you to avoid unnecessary cash outflow and achieve a good compliance score.

 

For assistance with GST return filing or Making GST payments, get in touch with an GST Advisor

GST adviser in India

GST Clarifications

  1. Taxpayers who have not set off their tax liability for GSTR3B for July 2017 and have only done submit of their GSTR-3B, have now been given option to edit, Submit and file their return. But those who have already offset liability would not be able to edit GSTR-3B
  2. If something wrong done in GSTR-3B than Correction can be made in next month’s return or during reconciliation between GSTR-1, 2 & 3 with GSTR-3B.
  3. GST credit can be availed on spare parts used for vehicles repairs and vehicle is a truck used for moving goods.
  4. Under Tran-1 you have to give detail of Revised ST-3 and not the original ST-3.
  5. If you have purchased goods from other state , bill date was 31.08.17 & Goods received on 05.09.2017 , then ITC should be claimed in the return for the Month of September 2017
  6. A taxpayer submitted his registration Application Within 30 days but got registration in August. Now he had purchased certain goods in Month of July. He can take the credit of those bill in the return of August Month.
  7. If you forgot some purchase bill to submit in GSTR-3B of July than you can add them in the Return of August.
  8. Composition Dealer can Import Goods on payment of BCD and IGST
  9. Service tax paid on advance received and now service is completed and while billing under GST Regime GST is Payble on (Bill Amount – Advance Recd)
  10. Input credit of Revise Return filed under VAT laws after 1st july but before filing of TRAN 1 can be claimed only through filling TRAN-1
  11. Unregistered dealer cannot make inter-state supplies except in terms of  Notification 32/17-Central Tax dated 15/09/17. The purchaser will be liable u/s 9(4) to pay GST.
  12. ITC is available under GST with respect to CSR expenses incurred by companies.
  13. Insurance/freight paid and charged separately in export invoice(with IGST), will not be treated as export of service.
  14. MRP is inclusive of all taxes. No amount of GST can be charged over and above MRP. Amount of GST, however is required to be shown separately on Tax Invoice.
  15. Even in case of over the counter sales, if the address of purchaser on Invoice is of other state than it would be treated Inter state Sale.
  16. Section 52 of CGST Act has not yet been notified. Till the section is notified all supplies made through E- commerce portal need to be shown in Part-4A of GSTR-1. These supplies are also need to be shown in Part 3.1 of GSTR-3B
  17. Amount of IGST need to be mentioned on the invoice made to SEZ.
  18. Transporter whose 100% GST liability is paid under reverse charge by receiver of service is not required to be registered under GST as Per Notification No-5/2017 of Central Tax
  19. GST paid on RCM for July on 20 Aug can be utilised against July liability.
  20. RCM is applicable on Expenses incurred by Director outside India for business Purpose if it is in the nature of supply imported into India.
  21. As per Section 51 of CGST Act, only registration of deductor has been opened. Date from which liability to deduct arises will be notified separately.
  22. No ITC can be claimed on Car purchased for business purpose.
  23. Electricity Expense is a Non GST Inward Supplies for GSTR-3B
  24. Manufacturer can take transitional ITC only on duty paying document as per Section 140(3) of CGST Act 2017
  25. If Paid IGST by Mistake instead of CGST+SGST than as per Section 19(1) of the IGST Act A Registered person shall be granted refund of the amount of integrated tax so paid in such manner and subject to such conditions as may be prescribed.
  26. ITC of IGST on import can be availed only if your GSTIN is mentioned on BOE. So if paid a broker pay the amount on behalf of company than no credit will be allowed.
  27. Custom Clearing Charges will come in form GSTR3B under the heading “All other ITC”.
  28. Bill of Supply is to be issued for Exempt Goods, Nil rated supplies and Non-GST goods and not a Invoice
  29. Advance received for export can be shown under Place of supply -Other Territory under tax bracket of 0% at Sl.11 GSTR-1
  30. An Individual renting residential dwelling to Pvt Ltd Co for residential use of director/Officer is Liable to GST
  31. Gst is not applicable on sale of used car by an individual
  32. HSN code for self invoices raised under RCM will depend upon goods / services being procured. To be shown in Table 4B of GSTR-2.
  33. GST paid to bus operator for employee transportation is available as credit because only rent-a-cab credit is blocked.
  34. Transfer of land development rights is taxable under gst. And time of supply is as per Section 13 and value as per Section 15
  35. Reduction in rate is effective from date of Notification- Like Press release dated 5-8-17 reduced GST on certain job work to 5%. Notification issued on 22-8-17. Rate reduction effective from 22-08-2017 I.e from the date of notification
  36. Claim of ITC paid on RCM basis for inward supply from unregistered dealer has to to manually declared in table-4 of GSTR-2, it will not get auto populated
  37. A trader purchased goods from SSI- excise opted out unit and such goods are in stock as on 30-6-17. Is deemed credit available in CGST Vide Trans 1. Yes, please see Rule 117(4) of CGST Rules.
  38. Advertisement Billboard located at Delhi & service provider also in delhi & service recipient at mumbai than CGST+SGST will be charged
  39. Returns under Central Excise Act will continue for non-GST goods.
  40. Mistake in GSTR-3B? can be corrected while filing GSTR-1. Mistake in GSTR-1, can be rectified only in next month’s return.

 

If you have any query regarding this Click Here