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GST

Can Buyer Claim ITC If Supplier Has Not Paid His Tax Under GST?

Input tax credit a.k.a. ITC is the tax paid on the purchase of goods or services which can be set off against the tax liability on the sale of goods or services. Under GSTR-1 and GSTR-3B system, the tax credit is claimed by the recipient based on the sales invoices uploaded by the seller/supplier. The provisional credit (without invoice upload) is allowed only to the extent of 10% of ITC… Read More »Can Buyer Claim ITC If Supplier Has Not Paid His Tax Under GST?

GST E-Invoicing System for E-Commerce Operators

E-Invoicing is also known as electronic invoicing’ creates a system through which B2B invoices are electronically authenticated by GST Network for further use. Under the e-invoicing system, an identification no. will be issued against each invoice by the IRP (Invoice Registration Portal) to be managed by the GSTN (GST Network).   The first IRP was launched by the NIC (National Informatics Centre) at the web address einvoice1.gst.gov.in. All information related… Read More »GST E-Invoicing System for E-Commerce Operators

How to Opt Quarterly Return & Monthly Payments (QRMP)

QRMP scheme is also known as Quarterly Returns with Monthly Payment Scheme is for eligible taxpayers to file their Form GSTR-1 and Form GSTR-3B returns on quarterly basis, while paying their due tax on monthly basis by challan. Who are eligible for the QRMP scheme? All taxpayers whose aggregate annual turnover (PAN based) is up to INR 5 Crore in the current FY (financial year) and the preceding financial year… Read More »How to Opt Quarterly Return & Monthly Payments (QRMP)

GST: Quarterly Return Monthly Payment Scheme with Examples

Quarterly Return Monthly Payment Scheme is also known as QRMP, recently introduced initiative by the Government in its initiative to simplify compliance for taxpayers. The CBDT (Central Board of Direct Taxes) had issued notifications which are: Notification No. 82/2020, Notification No. 83/2020, Notification No.  84/2020 & Notification No. 85/2020 Central Tax dated 10-11-2020 and Circular 143/2020 on 10th November, whereby the registered persons having aggregate turnover up to INR 5… Read More »GST: Quarterly Return Monthly Payment Scheme with Examples

Auto Calculation of Route Distance for Generation of E-Way Bill

Electronic-way Bill – associate electronically generated document that is needed to be carried for movement of products price extraordinary Rs fifty,000. The validation of e-way bill is for a definite time-period, supported the sort of merchandise being transported and therefore the distance between supply and destination. Distance between supply and destination was perpetually major issue whereas making E-way bill among alternative issues. Now, E-waybill system is being enabled to machine… Read More »Auto Calculation of Route Distance for Generation of E-Way Bill

National Anti-Profiteering Authority Rules On Passing On Benefits Of Lower GST Rate To Home Buyers

The National Anti-Profiteering Authority aka NAA is the statutory mechanism which come under GST law to check the improper profiteering activities by the registered suppliers under GST law. The core function of authority is to ensure that the compatible advantages of the reduction in GST rates on goods & services done by the GST Council and of the Input tax credit (ITC)are passed on to the recipients by way of… Read More »National Anti-Profiteering Authority Rules On Passing On Benefits Of Lower GST Rate To Home Buyers

Filing CMP-08 Return: Due Date | Eligibility | Penalties

CMP-08 form filing need to be done by all composition taxpayers. Form CMP-08 is a form for quarterly return filing by every taxpayer who comes under GST- Composition Scheme, applicable from FY 2019-2020 onwards. He/she can use a quarterly statement of CMP-08 to affirm or declare the self-assessed details of the tax payable by a composite dealer in the given quarter. This form can also be used as a challan… Read More »Filing CMP-08 Return: Due Date | Eligibility | Penalties

GST on Used Car

GST on Sale of Used Car

With the implementation of GST, tax applicable on sale of old and used vehicles was the same as on new vehicles – 28% + Applicable cess at the rate of 15% – this resulted in a rate of up to 43% being charged on the sale of old vehicles. The used car market was heavily affected with this high rate of tax being charged causing a burden on trade and… Read More »GST on Sale of Used Car

GST Input Tax Credit Restrictions

It is been said that, under the GST, credit would flow smoothly throughout the supply chain – meaning all taxes paid on inputs would be available as credit – and that would diminish tax costs. But that may not be entirely true. The Model GST Law aka MGL, prescribes various restrictions on input tax credit, and there is a lot less being said about them. Let us go through all… Read More »GST Input Tax Credit Restrictions

Recovery of Interest u/s 50 on Net Cash Liability under GST

An amendment was made in the provision of section 50 of the Finance (No. 2) Act, 2019 to provide for charging Interest on the net cash tax liability, which was based on the recommendations of the 35th meeting of the GST Council which came into effect from September 1, 2020. This amendment has been made in the CGST act- section 50 for recovery of Interest only on net cash liability… Read More »Recovery of Interest u/s 50 on Net Cash Liability under GST