GST - Goods and Services Tax

As per section 7 one of the conditions to be satisfied to levy GST is the supply must be for consideration. However there can be certain supplies which can be made by a taxable person without consideration in order to avoid levy of GST. Therefore, the government has listed few activities to be considered as supply even if the supplier has not received any consideration for … [Read more...] about Activities treated as supply in GST even if made without consideration – Deemed supply

Taxable event refers to any transaction that results in a tax consequences for a party who executes the transaction. Government sets rules to decide which events have taxable consequences. If a particular transaction is taxable in India then, the person who executes it is liable to tax as per rules and regulations of the country. For example, in India the government requires … [Read more...] about Is supply of goods and/or services a taxable event under GST law

Supply of individual goods or individual services which is clearly identified are subject to GST at a specified rate. However, in business you can have situations where supply of goods and/or services are not clearly identifiable. In certain cases, you will find supply is a mix of different goods or combination of different services or combination of both goods and services. In … [Read more...] about GST on Mixed Supply of Goods and/or Services

Supply of individual goods or services which can be clearly identified are subject to GST at a specified rate. However, in business you will have situations where supply of goods and/or services are not clearly identifiable and it's a mix of different goods or combination of different services or combination of both goods and services. In such cases, you can not levy GST as you … [Read more...] about GST on composite supply of goods and/or services

As per section 2(61), Input service distributor means an office of the supplier of goods or services or both which receives tax invoices towards the receipt of input services and issues a prescribed document for the purposes of distributing the credit of CGST, SGST, IGST or UGST paid on the said invoices to a supplier of taxable goods or services or both having same permanent … [Read more...] about GST return for input service distributor or ISD

As per section 38(1), every registered person other than the following shall verify, validate, modify or delete, if required the details relating to outward supplies and credit or debit notes communicated u/s 37(1) to prepare the details of inwards supplies and credit or debit notes. Input service distributor or ISDNonresident taxable personsA person paying tax under … [Read more...] about When and how to furnish GST return for inward supplies

A registered person who fails to furnish following GST return by the due date shall pay a late fee. Statement of outward supplies U/S 37Returns for inward supplies U/S 38 Monthly summary return in form GSTR-3B - U/S 39Details of the supplies made by composition dealers - U/S 39(2)Final return U/S 45 In above cases, late fee should be the least of followings; Rs 25 for … [Read more...] about Late fee levied for delay in furnishing GST return

GST annual return is a yearly compilation of outward supplies, inward supplies, tax liability and input tax credit availed for the whole financial year. It is basically a summary of all the periodic returns filed by eligible taxpayers with the tax administrative authorities. Except following persons, all other registered persons are required to furnish annual return U/S 44 of … [Read more...] about GST annual return – When and who is required to furnish

As a GST registered person, you can authorise an approved goods and services tax practitioners (GSTP) to furnish information, on your behalf to the government. These GST practitioners are provided separate login ID and password to enable them to work on behalf of their clients without asking for the client's GST user ID and passwords. If you want to change goods and services … [Read more...] about Goods and services tax practitioners – All you need to know

In goods and services tax, returns are built from details of the individual transactions. There may be a need to change these details due to error or omission in the GST return. Due to this reason, section 39(9) of the CGST Act, 2017, allows a taxpayer to change the details of the invoices, debit and credit notes that have already been filed in a GST return. In GST law, it's … [Read more...] about Can errors or omissions in GST return be revised or rectified