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2019

GST on Advance Tax

Under GST regime, if a registered dealer receives any sum of money as advance for any nature supply, such advance receipts will be liable to GST at applicable tax rates. Hence, the dealer must assume the amount of advance receipt as inclusive of GST and must discharge his tax liability on such advance receipts along with other tax liabilities for the relevant tax period in which advance amount is received. Continue reading the article for further details.

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2018

Section 9 of CGST Act 2017

Section 9 is the charging section of CGST Act, 2017. It details:

As per CGST Act 2017, there shall be levied a tax called “Goods and Service Tax” on all the Intrastate supplies of goods and services on the value determined u/s 15 of the CGST Act 2017. There is also such exclusion from levying CGST on which GST is levied by the Central government on the recommendation of the council.

2018

Audit under GST

Audit under GST is compulsory for all registered dealers whose annual turnover is more than 2 crores. GST Audit is the examination of records maintained by a registered dealer. The audit will mainly focus on three key areas namely i) correctness of data declared by the taxpayer, ii) taxes paid and iii) compliance with GST law. GST Audit must be conducted by a practicing CA or a CMA.

2018

Frequently Asked Question on Composition Levy Under GST

Q 1. What is composition levy under GST?

Ans. The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 1 crore (Rs. 75 lakhs in case of few States). The objective of composition scheme is to bring simplicity and to reduce the compliance cost for the small taxpayers. Moreover, it is optional and the eligible person opting to pay tax under this scheme can pay tax at a prescribed percentage of his turnover every quarter, instead of paying tax at a normal rate.

2018

Types of Annual Return Forms under GST

In one of our previous blogs, we discussed about the structure of GST Annual Return i.e. GSTR 9. However, apart from GSTR 9 there are other Annual Return forms as well. They are GSTR 9A, GSTR 9B and GSTR 9C. Many of us still wonder what are these different returns? and when to use which form? In this blog, we shall discuss the difference between various GST annual returns.

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:

Financial Management