Blog

2019

A Guide to E invoice Generation under GST

  • The GST Council approved the standard of e-invoice in its 37th meeting held on 20th September 2019.
  • E-invoicing is proposed to be implemented from 1st January 2020.
  • It will be implemented in a phased manner by GSTN.
  • Similar to the new GST return filing system, the electronic invoicing system will first be available on a trial basis or voluntary compliance

Archive


2019

Negative List of Input Tax Credit under GST

The article focuses on following areas:

Non-availability of Input Tax Credit on certain inward supplies under GST.
Exception to rules / provisions of non-availability of Input Tax Credit under GST.

Refer to the below table for further details:

Membership of a Club, Health and Fitness Center.​

Travel benefits extended to employees on vacation such as leave or home travel concession.​

2019

Restriction on Availability of Unmatched ITC

In a recent notification no. 49/2019-CT dated 9th October 2019, CBIC has inserted sub-rule (4) in section 36 of the Central Goods and Services Tax Rules, 2017. Through this amendment, a restriction has been imposed on the taxpayers for availing Input Tax Credit (ITC). As per the notification the taxpayer will be able to take credit of the unmatched ITC only up to 20% of the ITC reflected in GSTR-2A.

2019

Tax Payers Liability in case of Voluntary Cancellation of Registration under GST

Sometimes a registered dealer may wish to cancel GST Registration on voluntary basis. In such scenario, some common confusion prevails among tax payers. For example..

  • Are we liable to file GST returns after applying for cancellation of GST registration on voluntary basis?
  • Whether there is a need to file GSTR after applying for voluntary cancellation of registration?
  • If there are any penalty for not filing GST Return in between the period of application and cancellation order?

Hence, in this article we will discuss certain points that may clear confusion in this regard.

2019

Methods for E Verification of ITR

Income Tax Return (ITR) verification refers to the process by which one validates or authenticates the details furnished during the return filing process. An Income Tax Return filed but not verified will not be considered as valid return. ITRs are processed further and refunds (if any) are given by the Income Tax Department (ITD) only when you are done with ITR verification.

2019

Cost Inflation Index for the Financial Year 2019 20

CBDT has announced, in a recent notification, the Cost Inflation Index for the Financial Year 2019-20 vide Notification No. 63/2019 dated 12th September, 2019. Cost Inflation Index for Financial Year 2019-20 is declared 289. Refer to the notification below:

Financial Management