The first section relates to the comparison of credit availed on forward charge by the taxpayer with the credit available as per inward supply uploaded by the suppliers in GSTR 1, duly reflected in GSTR 2A.
The Goods and Service taxation introduced in the country in 2017 is one of the most intricate taxation systems worldwide.
The introduction of GST, has provided a great boost to the manufacturing sector by eliminating the cascading taxes. This has resulted in reducing cost of production.
The Central Board of Indirect Tax and Customs (CBIC) introduced “Manual check” for its Customs and GST formation before the issuance of IGST refunds.
GST council have made amendments that mandates timely and apposite maintenance of account books and ledgers by a taxpayer registered under GST rules.
The GST Council meeting held today under the chairmanship of newly elected Union Finance Minister Mrs. N Sitharaman was long awaited by the tax community.
The taxpayer can adjust these GST liabilities with the available ITC and/or pay the balance through the electronic cash ledger.
While we have already covered the GST registration process and management process in our previous articles, let us look at the payment process under GST.
8th August 2018, Kerala witnessed the worst flood in the century, affecting over one-sixth of the total population of the state.
A registered taxpayer under GST can be liable to following offences and penalties for non-compliance to GST regulations:
The Annual Return in the form GSTR-9 for FY 2017-18 is to be filed by 30th June 2019. However, there have been many inconsistencies in the form requiring suitable amendment therein.
ACES or Automation of Central Excise and Service Tax is a centralised, web-based software that allows a user to automate the processes of Central Excise (CE) and Service Tax (ST) under GST.
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