Blogs

Introduction

The GST council in its 27^th council meeting on 4^th May 2018 had approved the proposed simplified GST returns format.

In the 31^st GST council meeting dated 22^nd December 2018, the new return filing system has been proposed to be introduced on a trial basis with effect from April 2019 and make it mandatory from July 2019 which is after the results of general elections. The formats along with detailed instructions were made available on the GST portal on 8^th March 2019....

It was previously clarified in Circular No. 7/7/2017- GST dated 1st September 2017 that errors committed while filling Form GSTR-3B may be rectified while filling Form GSTR-1 and Form GSTR- 2 of the same month. Further, the circular had also clarified that the system will automatically reconcile the data provided in Form GSTR-3B with Form GSTR-1 and Form GSTR-2, and the variations if any will either be offset against output tax liability of the subsequent month of the registered person.

Filing of GSTR-3B return is the first formal communication of business transactions with the government machinery in the GST era. It holds lot of importance especially in the current scenario where many businesses are still struggling with the basics of this new law i.e. obtaining provisional id’s, issues in logins, interpretation issues in law, dealing with the procedural aspects and many more… The list can just go on. Amidst all these barriers, the show has to still go on and one has...

Filing of GSTR-3B return is the first formal communication of business transactions with the government machinery in the GST era. It holds lot of importance especially in the current scenario where many businesses are still struggling with the basics of this new law i.e. obtaining provisional id’s, issues in logins, interpretation issues in law, dealing with the procedural aspects and many more… The list can just go on. Amidst all these barriers, the show has to still go on and one...

Background  

Under present State sales tax laws goods moving from place to place or State to State have to pass through several checkposts. The greater the number of checkposts to be crossed, the greater the delay, cost and unhappiness for the tax compliant dealer. This results in more documentation and increased cost of compliance.  

 The check posts are needed to check the non payment of tax. However when the fence itself eats the sheep ( thos in charge are...

Background  

GST is a destination based consumption tax where in the levy of tax moves along with goods and /or services. Destination of export of goods/and services would be outside India and hence there would be no GST liability on such transactions.  

Export of Service:  

Sec 2(6) of the revised model IGST law provides the definition for export of services.   

?Export of services? means the supply of any service when;  

1. the supplier of service is located in...

Introduction:  

The Joint Committee has submitted its report on various business processes in April 2015 and it was made public in October 2015. The report on GST payment process deals with aspects like how the payment would be processed and accounted internally, in a comprehensive manner. It also provides some limited information on types of payment of GST with procedures. The objective appears to be to ensure transparency, responsiveness of the IT infrastructure and...

Goods and Service Tax (GST) upcoming in India is likely to result in widening the tax base substantially by covering large number of potential taxpayers who are hitherto not covered in the tax net either due to their activity not being in the nature of taxable or due to some exemption being claimed. It is talked that the present assessee base on Central side itself is expected to rise to approximately 60 lacs assessees from existing base of apprx. 15 lacs. One of major contributor in...