The GST Act and rules made there under does not restrict the recipient from claiming the ITC when consideration is paid through book adjustment.
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Need for IRIS Garnet - Large businesses spread across multiple locations face real problems while preparing their GST data.
In order to simplify the taxation process and the cash flow, the GST returns have been segregated as per taxpayers’ registration and business types. Different types of return forms under GST are as follows..
Hyderabad, Apr 23 In a move that would have a significant impact on businesses that use tax credits available on inputs and raw materials to reduce payment in cash.
A registered taxpayer will not be eligible to generate e-way bill on the GST portal if the taxpayer: Paying tax under composition scheme has not furnished the returns for two consecutive tax period;
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simplify tax returns and enable a fairer taxation system, the GST council has put their best foot forward effective April 1, 2019. Now as the fiscal year 2018-19 approaches its end, a new page awaits to be written.
Advance Ruling under GST refers to a decision provided by the authority or the appellate authority to an applicant on matters or on questions specified in sub-section (2) of section 97 or sub-section (1) of section 100 in relation to the supply of goods or services or both being undertaken or proposed to be undertaken by the applicant.
As per the proposed plan, a lottery scheme shall be introduced to lure taxpayers to pay their GST. For the initial period, the GST panel shall hold daily and monthly lotteries for customers who indulge in a B2C transaction and take a copy of the bill after paying applicable GST.
1st April 2019, any person who is engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed forty lakh rupees is exempt from obtaining the registration under GST Act except for the following
CBIC mandates every registered person to specify Place of Supply with the name of State in tax invoice in case of inter-State supply
