Reading Time: 8 minutesValuation in GST, In This article we have discussed about the Valuation of supply of goods or services. Value of Supply Every fiscal statue makes provision for the determination of value as tax which is normally payable on ad-valorem basis. In GST also, tax is payable on ad-valorem basis i.e percentage of value of the
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Reading Time: 2 minutesRecommendations GST Council, The 36th GST Council Meeting was held here today Via Video Conference under the chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Revenue Secretary Shri Ajay Bhushan Pandey and other
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Reading Time: 6 minutesThe Government of India has been receiving a number of representations regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C). In this regard the following clarifications are issued for information of all stakeholders: – a) Payment of any unpaid tax: Section 73 of the CGST Act provides a unique opportunity of
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Reading Time: 2 minutesTaxpayers have reported some issues in filing their Annual Return Form GSTR 9C, which are clarified below: Turnover for filing Form GSTR- 9C: Form GSTR-9C is to be filed by all those taxpayers whose aggregate turnover has exceeded Rs 2 crore in a financial year. Turnover of complete year i.e. from 1st April, 2017 to
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Reading Time: 2 minutesTaxpayers have reported some issues in filing their Form Annual Return GSTR 9, which are clarified below: 1. Some taxpayers have reported that figures of Input Tax Credit (ITC), as pre-populated in table 8A of Form GSTR-9, do not match with the figures as appearing in their Form GSTR-2A. Please note that this may happen
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Reading Time: 2 minutesThe last date for filing of Annual return in FORM GSTR-9 is 30th June 2019. The trade and industry have raised certain queries with respect to filing of this Annual return which are being clarified as follows: a) Information contained in FORM GSTR-2A as on 01.05.2019 shall be auto-populated in Table 8A of FORM GSTR-9.
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Reading Time: < 1 minuteRs 1,00,289 crore total gross GST revenue collected ;a growth of 6.67% over the revenue in the same month last year The total gross GST revenue collected in the month of May, 2019 is Rs 1,00,289 crore of which CGST is Rs 17,811 crore, SGST isRs 24,462 crore, IGST is Rs 49,891 crore(including Rs 24,875 crore collected on imports) and Cess is Rs 8,125 crore (includingRs 953 crore collected on imports). The
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Reading Time: 2 minutesAs per directions of GST Council, GSTN has partnered with some Billing and Accounting software vendors for providing free software to the Micro, Small and Medium Enterprises, with annual turnover under Rs 1.5 Cr, in a financial year. This facility is made available to the active Normal taxpayers, SEZ Developers/SEZ Units and taxpayers who have
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Reading Time: 3 minutesGST on Real Estate, A number of issues have been raised regarding the new GST rate structure notified for real estate sector effective from 01-04-2019. A compilation of Frequently Asked Questions (FAQs)containing 41 questions was issued on 7thMay, 2019.Part II of the FAQ is presented below. The answers to the FAQs have been given in
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Reading Time: 2 minutesGST Practitioner Examination Schedule , Attention Candidates who willing to make their career as GST Practitioners, the central board of Indirect Tax and Excise has issued a Press Release-cum-Schedule related to Examination for confirmation of enrollment as GST Practitioner dated 10. 05.2019 Examination for confirmation of enrollment of GST Practitioners to be conducted by NACIN.
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