KnowyourGST-Blog on Indian Tax and Accountign Laws

Annual Returns under GST

In a growing economy like India, it is very much important to maintain a transparent and fair business environment that can help build a strong foundation for economic progress. With this motto, compliance is required by every Person who is required…

by Tanooj Boddu 05/02/2023 under GST

KNOW SOME INDIRECT TAXES NOT SUBSUMED IN GST

GST ( goods and services tax) is an Indirect Tax which replaced many Indirect Taxes in India. The good and services tax act was passed in 2017 and has been implemented since then. Before GST, taxes such as service taxes, state vats, entry taxes, …

by Renu Singhania 04/03/2022 under GST

DENIAL OF CREDIT/DEBIT OF ELECTRONIC CREDIT LEDGER UNDER RULE 86A OF CGST RULES

The GST policy wing has issued instructions 20/16/05/2021-GST dated 2nd November 2021. Following are the guidelines disallowing debit of Electronic Credit Ledger under Rule 86A of CGST Rules 2017: Commissioner, or an officer authorised by him, no…

by Shailendra Agharkar 04/12/2021 under GST

All About GSTR2B

WHAT IS GSTR2B? It is an auto drafted ITC statement made available to the tax payer on the basis of information furnished by their suppliers by way of GSTR1/IFF, GSTR5 (non-resident taxable person) and GSTR6 (input service distributer). This stat…

by Shailendra Agharkar 03/12/2021 under GST

UNDERSTANDING ON SEC-8, CGST ACT

Section -8 CGST ACT:- Understanding On (Composite and Mixed Supply). Sec -8 – Talks about the Tax liability in case of COMPOSITE AND MIXED SUPPLIES:- The tax liability on a composite or a mixed supply shall be determined in the following…

by Mohit Gupta 29/09/2021 under GST

UNDERSTANDING ON Sec-9 CGST ACT

Section -9 CGST ACT- Understanding On – Levy And Collection Sec-9 of CGST ACT is basically a charging section which ask for charging the tax on intrastate supplies of goods or services, Sec -9 says that GST would be charge on the…

by Mohit Gupta 21/07/2021 under GST

UNDERSTANDING ON Sec-7 CGST ACT

Sec-7-. (1) For the purposes of this Act, the expression “supply” includes–– (a) all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal ma…

by Mohit Gupta 19/07/2021 under GST

6 digit HSN code or 4 digit HSN code

HS Code is an internationally accepted format of coding to describe a product. All around the world same HS codes are used to describe a product. Till now we were using 4 digit HS code in tax invoices, however the rule is changing from April 1, 2…

by Gst Payer 17/03/2021 under GST

Proposed Amendment in Sec: 16 vide Finance Bill, 2021

Section 16 – No Input Tax Credit (ITC) to be availed unless reflected in GSTR-2A / 2B Section 16 (2) (aa) of the CGST Act is proposed to be inserted to provide that ITC on invoice or debit note should be availed only when such details are u…

by Bhagyashree Bhatt 03/03/2021 under GST

E-Invoice in GST

E-Invoicing or ‘electronic invoicing’ is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal. To whom it applicable: From 1st January 2021, e-Invoicing will be applicable…

by Pradyut Bag 22/01/2021 under GST

GSTR 9 Table 4 Information

Many assesses have confusion regarding Table 4 of GSTR 9 to have details from GSTR 3B or GSTR 1. As per the Press Release issued by department it was made clear that even though the auto populated figures of table 4 is tracked from GSTR 1 data but t…

by Mayur Arora 20/04/2020 under GST

New Returns under GST

As we already know that new returns are going to replace the old ones.Under new regime of GST Return system, first of all we have to categorize the tax payers on the basis of previous year's turnover. There will be two types of tax payers: …

by Sarabjeet Kaur 13/03/2020 under GST

Features of Making Payment on Voluntary Basis (Form GST DRC-03) on GST Portal

Making Voluntary Payment on GST Portal: A facility is given to taxpayers to make payment on voluntary basis, through Form GST DRC-03 (refer Rule 142(2) or 142(3) of the CGST Rules, 2017). Login into GST Portal and navigate to Services > User S…

by Suresh Paramasivam 15/11/2019 under GST

Steps to be taken by taxpayers to file GSTR 9C

Steps for filing GSTR-9C are as follow: 1. Digital Signature Certificate (DSC) * Digital Signature Certificate (DSC) must be PAN based * DSC must not be corrupted. …

by Suresh Paramasivam 30/10/2019 under GST

Compulsory to File GSTR 9?

GSTR 9 Annual Return for Turnover less than 2 Crore, is optional, and if taxpayer chose not to filed before 30th November it would be deemed to filed on due date. It means if you chose not to file annual return within due date for the reason that…

by Sonu Chimnani 13/10/2019 under GST