Part / Table wise Reporting in Annual Return This form was divided in to 6 Parts and tax payers were expected to report the whole year activities into 19 tables. Sr. No. Details required to be filled Part-I Basic Details Part-II Details of Outward and Inward supplies (RCM) declared during the F.Y. Part-III Details of …
NEGATIVE LIST [Sec 7(2) + Schedule III] Neither goods nor services & thus NO GST. Services provided by Employee to Employer in course of or in relation to his employment Service provided by Casual Workers (daily basis) who are employed by employer treated as services provided by worker in course of employment & …
Neither goods nor services & thus NO GST -NEGATIVE LIST (Schedule III) Read More »
Composite Supply [Sec 2(30)] It comprises two or more taxable supplies of G/&S or any combination thereof naturally bundled & supplied in conjunction with each other in ordinary course of business one of which is a principal supply Tax Treatment treated as a supply of such principal supply. GST Rate Rate applicable …
LEVY & COLLECTION OF CGST & IGST [Sec 9 of CGST Act & Sec 5 of IGST Act] Sec Levy & Collection 9(1) Levy of CGST on Intra-State Supply on the value determined u/s 15 [Max @ 20%] There shall be levied a tax called CGST on all intra-State supplies of G/&S, except …
Reverse charge means the liability to pay tax is on the recipient of supply of G/S instead of the supplier. Generally, supplier is liable to pay GST. However, under RCM, liability to pay GST is on recipient of G/S. However, underlying principle of an indirect tax is that burden of such tax has to be …
Punjab Vigilance Department on Friday claimed it has unearthed a massive tax evasion and drugs smuggling racket where a number of officers of the State Excise and Taxation Department were allegedly taking monthly bribes from businessmen and transporters for transporting goods in and out of Punjab without paying the Goods and Services Tax (GST). DGP …
Excise Officers Among Six Arrested in GST Evasion Racket in Punjab Read More »
Notification No. 62/2020 Dated 20.08.2020 Businesses registering under GST can opt for Aadhaar authentication, in absence of which registration would be granted only after physical verification of the place of business. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said when an applicant for GST registration opts for authentication of Aadhaar …
Businesses registering under GST can opt for Aadhaar authentication Read More »
Maximum Rate of CGST can be 20%. Maximum Rate of IGST can be 40% In order to determine the rate applicable on a particular supply of goods or services, one needs to first determine the classification of such goods or services. CLASSIFICATION OF GOODS Classification of goods means identification of the tariff item, …
Aadhaar Authenticatiobn process has been introduced Persons applying for GST registration as Normal Taxpayer/ Composition/ Casual Taxable Person/ Input Service Distributor (ISD)/ SEZ Developer/ SEZ Unit etc, in Form GST REG 01 (refer Notification No 62/2020-CT dt 20.08.2020 ). Under this, Individuals, Authorised signatory of all types of businesses, Managing and Authorised partners of a partnership …
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