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2018

Checklist for Tax Invoice Preparation under GST

GST Law prescribes specific guidelines regarding issue and format of Tax Invoice by registered dealers. Here is a detailed check list of things to keep in mind while issuing tax invoice. Refer to the following list for further details:

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2018

Structure of GST Annual Return

Introduction:

GSTR 9 is the relevant form prescribed in terms of section 44 CGST Act. This GSTR 9 has two parts to it i.e (i) Part A titled Basic Details and (ii) Part B which is the Annual Return. Part I seeks to capture the basic details of the Registered Person under Part A (Reconciliation Statement) which has 4 clauses. Each of the clauses in Part I is significant in terms of the disclosure requirement. Part B contains various fields which are required for filing Annual Return. Kindly refer below for further details.

2018

Application for Refund of Tax under GST

In normal cases, a tax payer can offset the amount of GST paid by him on all inward supplies while discharging the output tax liability arising due to outward taxable supply. If there is any excess input tax credit which could not be offset completely against outward taxable supplies, the same must be carried forward to the next month. No refund shall be provided by the Government in this regard. However, in certain cases, refund of Input Tax Credit can be claimed by the tax payer. The procedure laid down for applying refund under GST law is different under different scenarios. In this article we shall understand how and when tax payers can claim refund for excess input tax credit.

2018

Provisions related to TDS TCS in GST Regime

In order to make GST simpler and to ensure smooth transition of GST roll out, many of the GST provisions were differed to later dates. Provisions related to TDS/TCS were also kept in abeyance till June 30. Later on it was further differed till 30 September 2018. Finally these provisions are applicable from 1st October 2018. In this article we shall focus on the frequently asked questions related to TDS/TCS under GST.

2018

Steps to be taken while filing GSTR 3B2FGSTR 1 1

It is critically important to verify the details to be uploaded in GSTR 1 and 3B. Details of outward & inward supplies as well as available ITC must be cross verified to determine net tax liability for the month. As the due date of GSTR 3B is approaching fast, it is relevant to discuss all the points which are essential for an accountant and tax consultant before filing GST Returns.

2018

Composition Scheme Under GST

GST has brought many compliance requirements with its implementation like return filing, payment of GST on monthly basis etc. Small dealers who operate at relatively lower scale and margins find it difficult to comply with many regulations as dedicated resources and manpower is required for the purpose. In order to provide relief to such small taxpayers, the Government has come up with the concept of "Composition Levy" (aka Composition scheme) under GST. Any dealer registering under GST has two options i.e. Registration as Regular Dealer or under Composition scheme. By opting for composition scheme, the dealer can avail relief from many compliance requirements.

Financial Management