Monthly Archives - August 2017

Key things to keep in mind with respect to accounting under GST

With every change in tax laws, there must be certain points which must consider while preparing the accounts or keeping our books and records. So, we are trying to highlight a few key areas & procedures one should know and must keep in mind while creating, maintaining & accounting records under GST 1.Invoicing: What should an invoice include? There is a prescribed format for an invoice under GST. Following things are essential: Your details – Trade name, GSTIN, Registered address. The customer’s details: Trade [...]

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Due date of filing form GSTR-3B for July 2017 has been extended to 28th August. Here’s all you need to know about GSTR 3B.

For months of July and August, the due dates for filing GSTR1 and GSTR2 has been deferred to aid convenience to the taxpayers. GSTR-3B It is a summary return which is to be filed for the month of July & Aug 2017. Its due date is 20th of next month i.e. 20th August & 20th September respectively for July & August. The due date to file GSTR-3B has been extended for July from 20th Aug 2017 to 28th Aug 2017 subject to [...]

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Applicability of GST on sellers in e-commerce market place i.e. sellers registered on Amazon, flipkart, Playstore etc.

E-commerce has emerged as an emerging trend of business in India, there are thousands of suppliers under e-commerce operators, we will discuss about the applicability of GST on the suppliers selling goods or services through an e-commerce platform. An e-commerce platform/operator is an entity which owns, operates or manages digital or electronic facility or platform for E commerce like Amazon, Flipkart, Google Playstore etc. Suppliers on E commerce platform is an entity or individual which supplies goods or services on/through an E commerce platform.  Applicability [...]

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7 common reasons for getting income-tax notices and how to avoid them

Notices from the Income Tax Department are rarely pleasant. The natural reaction of a taxpayer upon receiving a notice is one of panic. However, once the momentary panic has subsided, you should carefully go through the notice and understand what it is about. It may not always be bad news. Often, the I-T department also sends out refunds through notices. Whatever may be the reason behind the notice, you should respond to it as quickly as you can. Remember: never [...]

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Moving to GST: Carry forward of input credit held in unsold stock to GST

One of the key things of discussion for most businesses while transiting to GST is the eligibility pertaining to the transfer of input credit held in the closing stock. This is super-critical for businesses, as the rules will determine the amount of input tax credit available on the closing stock, and based on that, businesses will need to re-organise themselves in the last few days of the current taxation regime to manage their inventory effectively. Transiting rules of carry forward [...]

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Moving to GST: Carry forward of closing balance of Credit under VAT/Excise & Service Tax

Present Scenario The dealers/traders were allowed Input VAT credit but CENVAT Credit levied on Service tax & Excise were not allowed. Now, as they move to GST, they are entitled to take credit of input tax charged on any supply of goods & services. How to deal with the input tax credit? What all am I eligible for? As you move to GST, you must have questions as how would you transfer the input tax credit of VAT, Excise, Service tax etc. [...]

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GSTR 3B: GST Return Filing for July and August 2017

Under current GST regime a normal dealer has to file 3 returns per month and an annual return (making it total 37 returns in a year). However, one should know that out of three returns which are prescribed, only one return has to be filed by the retailer. The remaining two returns are auto-generated by the computer which is only a facility given to them to see so that if there is any mistake they can correct it out. [...]

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How to file your monthly GST Returns

Under GST, a regular taxpayer needs to furnish 3 monthly returns, out of which 2 would be system generated returns & taxpayer would need to verify, modify , confirm & submit these so as to complete the return filing process. Get help with filing GST return at convenient prices Return no. 1: Form GSTR-1: For Every month by 10th of next month. This return signifies the tax liability of the supplier for the supplies effected during the previous month. With Form GSTR-1, one would report [...]

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How to carry forward credit of Input tax which were there in previous laws such as Excise, VAT, Service tax etc.

Elaborate provisions have been made to carry forward the ITC earned under the previous law to the GST. a) Taking credit of closing balance of credit in the last returns In order to claim this credit, declaration in form “GST TRAN 1” is required to be furnished within 90 days. b) Taking credit of un-availed credit on capital goods This can also be taken by filing the declaration in form “GST TRAN 1”. Conditions Such credit would be available only if one had filed returns for the last [...]

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Imports under GST

GST have subsumed the major indirect taxes, however, import duty such as Basic Customs duty, Education Cess, Anti-dumping duty, Safeguard duty etc. will continue. The additional duties of Customs i.e. the Countervailing Duty (CVD) and Special Additional duty of Customs (SAD), would be replaced with the levy of Integrated Goods and Services Tax(IGST). Duties at the time of import IGST and GST Compensation cess will be levied on imports, it would be levied on cargo that would arrive on or after 1st [...]

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